Mintos repays another €2.6m of Russia loans

Mintos has recouped €2.6m (£2.28m) from loans impacted by the Russian invasion of Ukraine, as it continues to manage the war-affected loans in its portfolio.

Russia-based lender OOO Revo Technologies MFC obtained special permission from the Central Bank of the Russian Federation to repay its obligations to Mintos investors.

The first tranche of these repayments has already been made to Mintos, and investors will be reimbursed within the next few days.

“The repayment of Revo’s obligations is a direct result of months-long efforts of the Mintos and Revo teams to identify repayment solutions, allowing Revo to honour its obligations to investors on Mintos despite the restrictions imposed by the Russian and EU regulators,” said Mintos, in a blog post to investors.

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“It is Revo management’s intention to continue to make monthly repayment of its obligations if no new regulatory or financial sector obstacles arise.”

Revos is the only one of Mintos’ lending partners to be able to obtain special permission from the Central Bank of the Russian Federation to repay some of its outstanding obligations to investors.

Following Russia’s invasion of Ukraine in February 2022, Mintos removed loans from Russian and Ukrainian lending companies and has been working to recoup outstanding investments from war-affected loans.

The European peer-to-peer lending platform has predicted a 15 per cent drop in revenue from its lending companies due to the impacts of the war.

Read more: Mintos originator IDF Eurasia updates on Russia-linked payment delays