Updated: The IFN Extra Finance licence has been revoked

24.03.2020

mintosblog

Update 24 March

IFN Extra Finance Mintos Rating will be downgraded for now from B to C, as the company has a limited competitive position and will not issue new loans. The new rating is effective immediately, until further notice.


We have been informed that the National Bank of Romania has revoked the licence of IFN Extra Finance.

The revocation of licence and exclusion from the General Registry and the Special Registry of the Non-bank Financial Institutions of Romania prohibits further lending activity of IFN Extra Finance.  

What happens next

 The loan originator will continue to service the loans issued until 17 March 2020 without any limitations. Starting from 17 March 2020 new loans are not being issued to borrowers. 

How it affects investors on Mintos

The last time IFN Extra Finance had listed new loans on Mintos marketplace was in October 2019. Going forward, as of 17 March 2020 there won’t be new loan listings on behalf of IFN Extra Finance on the primary and secondary markets. 

Mintos investors with existing investments in loans originated by IFN Extra Finance will continue receiving borrower repayments as they are collected.

The Mintos Rating for IFN Extra Finance might be changed, we will share an update on it as we have more news.

The current amount of IFN Extra Finance outstanding investments on Mintos marketplace is EUR 681 497. The number of investors with active investments in IFN Extra Finance issued loans is 27 377, with an average of EUR 25 investment per investor. 

We will share a detailed update with investors with active investments in IFN Extra Finance issued loans in email, as soon as we have more news. 

More information and the official statement by the National Bank of Romania in Romanian can be found here: Act legislativ

Search

Follow us