Mintos investors earned €36m in interest last year
Mintos investors earned €36m (£32m) in interest last year, with net average returns of 7.8 per cent.
This is despite a year of instability caused by the Russian invasion of Ukraine, which saw the Latvia-based peer-to-peer lending platform make “significant changes” to its payment flows.
“The war in Ukraine led to a trickle-down effect that touched most financial markets negatively,” the platform told investors in a round up of 2022.
“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 we stabilized recovery efforts, despite the challenges we faced.”
Over the course of 2022, 51,000 new users joined the Mintos platform, bringing its total user base to more than 500,000. By the end of the year, €830m had been invested on the platform.
Looking ahead to 2023, Peteris Mikelsons, head of partnerships at Mintos, predicted that inflation would subside but uncertainty is likely to remain.
“Uncertainty is still present, which implies that the high interest rate environment is likely to remain throughout the next year,” said Mikelsons.
“The lending companies on Mintos have therefore implemented risk mitigating activities such as tighter underwriting policies.”
In November 2022, Mintos updated the risk scores on its Notes, to provide a “more granular approach” for investors.
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