The key difference between the existing note-backed securities and the new fractional bonds is a shift in ownership. Direct vs. indirect ownership: With the current notes, you own a security issued by a Mintos entity (Mintos Finance No. 45) that is backed by a bond. With the new fractional bonds, you will directly own a piece of the actual bond issued by the end-company (IuteCredit Finance S.à r.l.). For more information, please view the article How does investing in Bonds work at Mintos.