Mintos raises €7.2m as it completes crowdfunding round

Mintos finished its crowdfunding round this week with €7.2m (£6.4m) raised from 7,048 investors.

The final fundraise was 721 per cent above its target.

The European peer-to-peer lending marketplace launched its crowdfunding campaign on Crowdcube earlier this month aiming to raise €1m.

It already beat its initial target in a pre-sale.

This is Mintos’ first crowdfunding campaign and is part of a larger fundraising round planned with venture capital firms.

The funds will help Mintos as it plans to secure an investment firm licence so it can operate in other countries.

It also wants to boost its products to offer loans with lower risk and return levels, and to provide new investment options such as exchange traded funds and financial services including its own debit card.

Read more: Mintos alters originator ratings as risk scores go live

The Latvia-based platform revealed earlier this year that it has applied for an investment firm licence in the country and as part of this will introduce tests to assess whether a chosen investment is suitable and appropriate for the investor’s knowledge, experience, financial situation and objectives.

There will be an appropriateness test used for manual and auto investments to evaluate the investor’s knowledge and experience.