ID Finance, the rapidly growing data science and digital finance company, announced joining Mintos and has begun placing personal unsecured loans issued in Spain under its MoneyMan brand on the marketplace.
Mintos’ cross-border marketplace connects investors with borrowers of a number of loan originators. The marketplace gives investors a much broader choice of investment opportunities than traditional P2P lending companies. These opportunities vary both in geographic terms as well as loan types depending on the loan originator, ranging from agricultural loans to secured car loans, small business loans and unsecured loans. The number of investors using Mintos’ marketplace has grown from 2,000 a year ago to 22,000 investors from 63 countries.
ID Finance joins Mintos having issued over 800,000 loans since it was founded in 2012. The core of the business is its advanced IT and risk and management systems – which collects and analyzes thousands of data points in order to evaluate the credit-worthiness of a borrower in real time.
ID Finance will initially be listing loans issued in Spain on Mintos’ marketplace, with additional markets being added in near the future. The loans will range EUR 300 to EUR 1,200 and with a repayment period of 30 days to 4 months. The loan originator will initially offer investment opportunities in euro (EUR).
It is expected that the average net return to investors will be around 11%. ID Finance will offer a buyback guarantee for loans that are delinquent for more than 60 days and in order to retain “skin in the game,” ID Finance will keep at least 5% of each loan available on the Mintos marketplace on its balance sheet.
“The interaction between ID Finance and Mintos is a logical step towards the development of a global ecosystem of online lending and сross-border capital flow. We look forward to a fruitful and long-term cooperation with Mintos that will include the entire range of consumer credit products provided by ID Finance in all six countries of operation. It joint project supports our strategy of further diversifying our sources of capital and reducing financing costs,” says ID Finance co-founder Boris Batine.
“We are truly excited that ID Finance has joined the Mintos marketplace. Thanks to its advanced credit scoring and risk analysis technology, ID Finance’s credit scoring is fast, efficient and effective. Investors who invest in ID Finance loans thus receive an enhanced income-and-risk ratio, as compared to conventional investment instruments. ID Finance is also the first loan originator to offer loans issued in Spain, allowing Mintos investors to further diversify their portfolios,” says Mintos co-founder and CEO Martins Sulte.