HomeFundingLatvian peer-to-peer lending platform Mintos raises €5 million to provide users with...

Latvian peer-to-peer lending platform Mintos raises €5 million to provide users with personal IBAN accounts and debit cards

The Latvian startup Mintos, a peer-to-peer lending marketplace for retail investors, has raised €5 million Series A round from Grumpy Investments. The fintech startup will use the financing to provide its users with personal IBAN accounts and debit cards, and to double the size of its team as it expands globally.

With their own personal IBAN accounts, investors will be able to make and receive payments from around the world, and to receive a salary directly to their Mintos account. The Mintos card will also allow investors to make transactions around the world or online and withdraw money at ATMs.

This will be made possible by the e-money licence Mintos is applying to receive. As an Electronic Money Institution, Mintos will protect money held by investors under the European PSD2 legislation.

The fintech startup has a fast-growing customer base of 87,000 investors from 71 different countries. With 100,000 registered investors forecasted by the end of the year, and 300,000 by the end of 2019, Mintos will be focusing efforts on investor acquisition and expanding to additional global markets.

Martins Sulte, Mintos CEO and co-founder said: “Providing customers with a personal IBAN account and debit card will mark a major leap in our services and significantly improve the user experience. Soon, everybody with their own IBAN accounts will be able to give the account details to their friends, companies or customers to get paid, to pay using a debit card, and to continue using Mintos for investing in loans around the globe and earning great returns. Our upcoming mobile app will make it even more convenient.”

Martins Sulte, Mintos CEO and co-founder added: “We have been profitable since January 2017, but we see a huge opportunity to expand on a much larger scale and speed. Additional funding will help us to even faster execute on building great products and new services to our clients globally, invest in hiring the best team and expand geographically, to Latin America, Africa, and Southeast Asia.”

The company has already facilitated more than €1 billion in investments in loans through its marketplace, putting it as the largest marketplace of its kind globally. Investors have received a total of €26.7 million in interest through loans to individuals and businesses and have attained an average net return of nearly 12%.

Mintos has a team of 60 employees at its headquarters in Riga, Latvia, with additional offices in Warsaw and Mexico City.

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Mary Loritz
Mary Loritz
Mary served as Head of Content at EU-Startups.com from November 2018 until November 2019. She is an experienced journalist and researcher covering tech and business topics.

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