We are pleased to welcome the first loan originator to offer the opportunity to invest in Russian ruble (RUB) on Mintos. Revolutionary e-commerce company PimPay is the second loan originator from Russia to join the marketplace and will be offering to invest in Russia-issued business loans.
Established in 2013, PimPay is a Russian working capital financing service for the e-commerce industry which is changing the game for online shops. Instead of waiting 7-28 days for goods to be delivered to get paid, PimPay allows shops to receive cash before delivery. PimPay offers these low-risk business loans relying on of independently developed scoring model, automatic control and repayment mechanisms.
“This is an important step for PimPay. The Russian e-commerce market is growing rapidly, and has huge potential. The two parties are mutually interested in each other – investors look for a reliable way to invest money, and online stores search for financing to cover the cash gap. We are happy to assist Russian online stores to grow by attracting working capital for development. I am sure that Mintos will become a reliable long-term partner for us,” says Sergey Umentayev, Project Director of PimPay.
The business loans PimPay offers investors on the Mintos marketplace range from RUB 10 000 to RUB 1 million, with a repayment period of up to 30 days. The average net annual return for investors investing in RUB will be up to 17.5%.
PimPay loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days. Historically, the share of PimPay loans late by 60 days or more has been below 1%. To retain its skin in the game, PimPay will keep at least 5% of each loan on the Mintos marketplace on its balance sheet.
PimPay has over 2 000 integrated online stores and API integration with 20 couriers including the Russian Post. The company is run by a team of 23 talented professionals, with the management team having a strong background in the banking industry.
Pimpay’s unique scoring model is based on the purchase rate, which is the main indicator for e-shop performance. The purchase rate is comprised of many parameters, such as the customer’s location, purchase history, type of parcel, gender etc. Along with the close integration with couriers, this allows PimPay to efficiently manage the risk.
By July 2017 the company had originated EUR 20 million worth of loans. PimPay plans to increase its revenue by 10 times during the next five years. The company also aims to take at least a 10% share in the e-commerce market in Russia, which is one of the largest in the world. See more information about the company in this presentation.
Investing in RUB on Mintos
There are two ways to invest in RUB loans on Mintos: by transferring RUB directly to your investor’s account on Mintos or by converting your primary currency into RUB on the Mintos marketplace. For EUR to RUB conversions on Mintos, there is a market-level fee of 0.7%.
If you would like to transfer RUB directly, please use the following bank details:
Bank name: Bank PKO
Bank address: UL.MICKIEWICZA 25 WARSZAWA 01-551 POLAND
Beneficiary: Paysera LT
SWIFT/BIC code: BPKOPLPW
Beneficiary bank account (IBAN): PL94102010260000150203015112
Payment purpose/details: EVP9410001845276 XXXXXX – Add funds to investor account (where XXXXXX is your Mintos investor ID number)
Be sure to indicate the exact payment purpose given in the instructions to ensure that funds reach the Mintos account in time; deviations may cause a delay in the transfer and additional fees may be applied.
If you would like to use the currency exchange on Mintos, go to the “Deposit/Withdraw/FX” section in your investor’s account and choose the “Currency Exchange” tab.
Enjoy this exciting investment opportunity! If you are using Auto Invest to put together your portfolio and would like to invest in new loans issued by PimPay, be sure to add PimPay to your loan originators’ list. Auto Invest saves time and never misses an opportunity.