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Any update on Kviku?

Elie Lavigne Descoteaux

Could you provide an update on the loan originator Kviku? I recently read a post that mentioned some confidentiality. In your January 16th blog post on Kviku, it was stated: "To protect the interests of investors, we cannot currently disclose more details about the recovery of outstanding amounts. However, we took action in November to accelerate the recovery." Can you provide more information on how this confidentiality protects current investors holding Kviku loans? I hope for increased transparency. Other Russian loan originators have already established repayment plans. What is the reason for Mintos' decision to keep this information confidential?"

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Comments

78 comments

Date Votes
  • Cyril F

    Marek (Mintos)

    Thanks for you answer but let us be pessimistic without any update from your side!

    We have a big moth ahead until end of Q1 2026. What are the sign that it will magically be solved without news ?

    either you have news that you don't communicate either you have no news and pessimist about why it will be solve magically


    For the second point no problem with risk and loosing sometimes we are aware before investing 

    0
  • Bruno

    Marek (Mintos),

    The question here is that you completely ignore timelines. By end of Q1 2026 you will just push it to end of Q4 2026 and then repeat.

    We are on this for almost 4 years and the progress is zero or close to that.

    0
  • Julien M

    I share the same feeling as Cyril and Bruno. Let's be realistic, the deadline has been postponed for years with very little or no communication, how can we be sure that things will magically resolve themselves in the next month.... Who can believe that ? ?

    0
  • Marek (Mintos)

    Dear investors,

    Please keep in mind that we have never shared a fixed timeline due to the fact that big part of the mentioned processes is out of our direct conrol. However, the estimation remains as it is at the moment.

    0
  • Julien M

    Thanks Marek (Mintos),

    Do you have good reasons to be confident about this resolution estimate? Indeed, after so many years of hoping, I think we deserve your level of confidence (Poor / Moderate / High), otherwise we will all end up becoming very frustrated with the lack of progress : (

    1
  • Bruno

    They have now changed the expected timelines for Russian companies to 2026-2027, and Kviku in particular to "Expected timeline to be determined", confirming that previous estimations were completely random.

    Mintos is by far the worst P2P platform.

    1
  • Julien M

    omg... this is so insane Mintos..... seriously : (

    0
  • JL

    Hi Marek,

    As Q1 2026 ends at the end of this month, can we expect the matter to be finalized and the funds transferred by then? Do you already have a confirmed date?

     

     

    0
  • Bruno

    Hi JL,

    I'm sorry to tell you that you are dreaming. They don't even have a "planned" solution date now for Kviku, and what they had before was completely random as you can see now.

    I will report them to their supervisor (Bank of Latvia - info@bank.lv), and I encourage all of you to do the same. Hopefully they can suspend Mintos and prevent them to scam more people.

    Best Regards,

    Bruno

    0
  • JL

    Hi Bruno,

    I plan to wait until the end of Q1 2026 just to be sure.

    If nothing changes by then, I also intend to report them to their supervisor (Bank of Latvia - info@bank.lv) for misleading practices. I agree that it would be best to coordinate our reports as a group to ensure the greatest possible impact.

     

    Best regards

    Jakub

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  • Bruno
    • Edited

    Hi JL,

    I would say the impact would also be high if they receive a high number of individual complaints towards Mintos.

    I won't wait until the end of the month as they already changed the resolution date of Kviku to "Expected timeline to be determined".


    Best Regards,
    Bruno

    1
  • Julien M

    Totally agree with you guys, lets coordinate our reports as a group to ensure the greatest possible impact.

    2
  • René Etienne Thiel

    Urgent: A call for accountability for Mintos investors!
    ​It is time for the Bank of Latvia (Latvijas Banka) to take decisive action regarding the protection of retail investors on the Mintos platform. While the Russia-Ukraine conflict has created undeniable challenges, the "market reality" argument no longer holds when we look at how Mintos’ direct competitors have successfully protected their users.
    ​While thousands of Mintos investors remain in limbo with frozen assets (notably with Kviku), other major P2P players have proven that solutions exist when there is a will to act.
    ​🔍 The evidence of a double standard:
    ​PeerBerry (The Gold Standard): * Action: Used the profits of its parent company, Aventus Group, to gradually repay all war-affected loans.
    ​Result: 100% of investors have been repaid for their Russian and Ukrainian exposure as of late 2025/early 2026.
    ​Source: PeerBerry Official War-Affected Loans Repayment Reports.
    ​TWINO (The Proactive Exit):
    ​Action: Offered a voluntary buyback of Russian claims at a significant portion of the capital (up to 80%) to provide immediate liquidity.
    ​Result: Investors were given a choice between waiting or exiting with a managed haircut, cleaning up the portfolio significantly by March 2026.
    ​Source: TWINO Investor Updates & Buyback Offer Announcements.
    ​Robocash (The Corporate Safety Net):
    ​Action: Leveraged the UnaFinancial Group guarantee to ensure that the change in the platform’s status did not affect the repayment of liabilities to investors.
    ​Result: Maintained consistent repayments throughout the crisis thanks to their integrated business model.
    ​Source: Robocash Transparency Reports / UnaFinancial Group Audit.
    ​⚖️ Our Demand:
    ​Why is Mintos, a regulated Investment Brokerage Firm under the supervision of the Bank of Latvia, failing where others succeeded? We request that the regulator investigates:
    ​The lack of corporate intervention from Mintos to offer similar buyback schemes.
    ​The transparency of the ongoing legal battles with Russian originators.
    ​The implementation of a clear, time-bound compensation plan.

    -1
  • Sven Rasser

    I have been actively following this blog. I am also joining the complaint to Latvijas Bank due to a breach of duty of care. Where are we organizing?

    2
  • Paweł Andrzej Lechowicz

    I have serious reservations about the way Mintos protects our interests. I've also sent a complaint to the regulator.

    1
  • Julien M

    I've also sent this complaint to : Bank of Latvia - info@bank.lv

    Dear Sir or Madam,

    I am a retail investor on the Mintos platform, and I am writing to urge the Bank of Latvia (Latvijas Banka) to take decisive action regarding the protection of retail investors affected by unresolved assets on Mintos.

    While the Russia–Ukraine conflict has undoubtedly created serious challenges, the argument of “market reality” is no longer sufficient when compared with the actions taken by other major platforms in the same sector. Several direct competitors of Mintos have demonstrated that concrete solutions are possible when there is a willingness to protect investors.

    Today, thousands of Mintos investors remain stuck with frozen or unresolved assets, notably in relation to Kviku and other problematic exposures. At the same time, other leading P2P platforms have implemented meaningful measures to safeguard investor interests.

    The contrast is striking:

    PeerBerry set a strong example by using the profits of its parent company, Aventus Group, to gradually repay all war-affected loans. As of late 2025 / early 2026, investors had reportedly recovered 100% of their Russian and Ukrainian exposure.

    TWINO took a more proactive approach by offering investors a voluntary buyback of Russian claims at a substantial share of principal, reportedly up to 80%. This gave investors a real choice between waiting indefinitely or exiting with managed losses, and significantly reduced the affected portfolio by March 2026.

    Robocash, through the backing of UnaFinancial Group, maintained repayments despite the crisis and ensured that changes in platform status did not undermine investor repayment expectations.

    These examples raise a fundamental question: why has Mintos, a regulated Investment Brokerage Firm under the supervision of the Bank of Latvia, failed to implement comparable measures to protect its retail investors?

    In light of this, I respectfully request that the Bank of Latvia investigate the following points:

    1. The absence of meaningful corporate intervention by Mintos, including the lack of any structured buyback or investor relief mechanism comparable to those offered by competitors.
    2. The level of transparency surrounding the legal proceedings and recovery actions involving Russian loan originators and other problematic counterparties.
    3. The absence of a clear, time-bound compensation or recovery framework for affected retail investors.

    Given Mintos’ regulated status, investors are entitled to expect a higher standard of accountability, transparency, and investor protection.

    I would appreciate your attention to this matter and hope the Bank of Latvia will assess whether Mintos is meeting its obligations toward retail investors under its regulatory framework.

    Yours faithfully,

    [Your Name]

    3
  • Ignacio Nieto Carvajal

    I also joined the proposal and sent the communication to info@bank.lv.

    I'd like to join any organized efforts to defend and protect our rights in this case.

    If someone's organizing this, please contact me at hello [at] ignacionietocarvajal [dot] com.

    Let's make this happen.

    2
  • redbullsuechtig

    Thank you, Julien M, for creating the sample email. Since there's been no response from Mintos itself again, I'm curious to see if the Latvian bank can achieve anything.

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