Eleving Group has shared its operational and financial updates.
Eleving Group continues “to reduce its portfolio exposure in Belarus.”
The portfolio “has substantially decreased during last year and continues to further amortize.”
The impact of the portfolio reduction “has been minimal on the Group’s financials. In 2022 the company successfully diversified its portfolio across other markets, reducing the weight of a single market on the overall business success.”
There are no changes “in the performance of loan portfolios from other Eleving Group markets on the platform.”
Recently, Eleving Group has “repaid all outstanding Belarus investments and accrued interest in the amount of €1.45 million to investors on Mintos ahead of schedule, which shows that the Group’s guarantee has been honored.”
The funds have already “been disbursed to investors.” The repurchase was “covered from previously accumulated funds, and these costs have no negative impact on the Group’s balance sheet.”
As noted in the update, Eleving Group was “founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia.”
Since then, it has “placed loans on the marketplace from 15 countries in the Baltics and Central, Eastern, and South-Eastern Europe.”
Operating regions also “include the Caucasus and Central Asia” and other world regions.
To date, the company has “issued over €1.2 billion in loans and has a net loan portfolio of over €288 million in 3Q2022.”
Some of the equity investors of Eleving Group and Mintos overlap.
In recent updates shared by Mintos, it was revealed that €6.6 million of war-affected loans have already been repaid (Russia-Ukraine war impact updates can be accessed here).
As covered, 2022 was a year of challenges, but also “huge wins” for Mintos and their investors, the company claims.
During 2022, Mintos launched a new financial instrument, Notes, “benefiting our investors with investor protection mechanisms.” They also celebrated “reaching a milestone of 500 000 registered users.”
With key economic developments like the war in Ukraine and the side effects of the COVID-19 pandemic playing a huge part in how the financial markets performed over the year, it was certainly “a defining year for us,” the team at Mintos noted.
The war in Ukraine “led to a trickle-down effect that touched most financial markets negatively.” At Mintos, the effects were felt too. Significant changes “were seen in our payment flows arising from sanctions following the war.” The good news is that they claim to have stabilized recovery efforts, “despite the challenges we faced.”