Mintos, an online marketplace that provides individuals with a simplified way to invest in loans originated by a variety of alternative lending companies around the world, announced on Tuesday it has welcomed its first loan originator from the UK. This news comes less than two weeks after the company reported that half a billion euros have been invested through its platform.
“It is our pleasure to welcome the first British loan originator to Mintos. 1pm is an FCA accredited non-bank finance provider which is publicly listed on the AIM market on the London Stock Exchange. The company provides various loan types to small and medium enterprises (SMEs) in Britain. On Mintos 1pm now offers business loans for investment in British pounds (GBP), and you can enjoy a net return of up to 11%.”
Founded in 2000, 1pm is described as a company that is dedicated to helping the UK’s economy grow by providing finance to businesses. It now offers financial solutions to SMEs within the UK, which includes asset and vehicle finance, hire purchase, commercial loans, and invoice financing. Mintos reported:
“1pm currently operates from eight sites across the United Kingdom. The company employs 170 people and has more than 16,000 small businesses as clients. 1pm offers its customers great flexibility, high-quality service and a personal approach. Based on customer surveys 1pm is seen as flexible, personal, trusted and fair.”
CEO of 1pm plc Ian Smith shared:
“An important part of our strategic growth plan is to harness the benefits of financial technology. By joining the Mintos marketplace, we will now be able to accelerate the amount of loans that are originated by our business and to access retail global investors efficiently, a funding source that would be unavailable to us without this digital capability.”
Mintos also noted that 1pm will maintain 10% of each loan placed through the platform on its balance sheet. Loans from the company have a low level of risk, historically net bad debt has been less than 1% of its total loan portfolio. All loans from 1pm are secured with a personal guarantee from the owner or director of the company which the loan is provided. Martins Sulte, CEO and Co-founder of Mintos, added:
“The United Kingdom has one of the largest alternative finance markets in the world. We are very excited to have expanded Mintos into this geography by launching 1pm on the marketplace. The company is a great addition and offers investors on Mintos a new geography and further opportunities in GBP investments. We look forward to this partnership with 1pm and to seeing further partnerships arise in this market.”