Mintos Marketplace Adds ID Finance Loans Issued in Kazakhstan

Mintos, an online marketplace that provides individuals with a simplified way to invest in loans originated by a variety of alternative lending companies, announced on Wednesday that fintech firm ID Finance has further diversified investment opportunities on the Mintos marketplace by launching personal loans listed in Euro (EUR) and Kazakhstani tenge (KZT) under its Solva brand in Kazakhstan.

According to the companies, Solva uses a scoring system built around machine learning, advanced risk assessment techniques, multiple search technologies, big data and text mining. The system also evaluates the device on which the loan application is being filled out and the user’s behaviour when filling out the application.

“The average Kazakhstan-issued loan on Mintos from Solva Kazakhstan is 650. Investors can expect an average net annual return of up to 11% for the company’s loans listed in euro and 17% for KZT loans. Solva Kazakhstan loans are secured with a buyback guarantee and will be repurchased if they are delinquent for more than 60 days. In addition, the company will retain 10% of each loan placed on the marketplace.”

ID Finance notably joined Mintos marketplace in 2017 and has since funded 21 million worth of loans issued in Spain and Georgia. ID Finance now lists loans in three currencies, which are EUR, KZT and the Georgian Lari (GEL).  The operations of Solva Kazakhstan are regulated by the National Bank of Kazakhstan. ID Finance Group has two fully-owned lending companies operating in Kazakhstan, Solva Kazakhstan and MoneyMan Kazakhstan. ID Finance co-founder and CEO, Boris Batine, stated:

“Solva closely resembles traditional bank loans, but with a focus on transparency, ease and convenience of service. Thanks to our powerful data science technology, we can offer investors a high annual net return with a buyback guarantee for non-performing loans.”

Martins Sulte, CEO and co-founder of Mintos, added:

“ID Finance uses advanced data science technology to manage risk while offering a very attractive return to investors. We’ve seen strong demand for the company’s loans on our marketplace so we are excited to further broaden the markets available to our customers.”

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