Any update on Kviku?
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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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 investing0 -
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.
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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 ? ?
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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.
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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 -
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.
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omg... this is so insane Mintos..... seriously : (
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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?
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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
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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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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,
Bruno1 -
Totally agree with you guys, lets coordinate our reports as a group to ensure the greatest possible impact.
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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 -
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?
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I have serious reservations about the way Mintos protects our interests. I've also sent a complaint to the regulator.
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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]
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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.
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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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Hello everyone,
Like you I want my money back and want mintos to improve it's communication.But sry to say I don't understand your action ?
Mintos neither the latvian bank is responsible. The problem is kviku. And sry to say that but if you can't afford loss don't invest here you know the rule and risk before 🤷♂️0 -
Dear investors,
As mentioned previously, we have never shared a fixed timeline due to the fact that big part of the mentioned processes is out of our direct conrol. Furthermore, it is important to keep in mind that the overdue funds originate from a jurisdiction currently subject to international sanctions However, the recovery processes are still ongoing and nothing has changed in that matter.
Mintos does not use its own capital to repay the overdue funds. We believe that using platform resources to cover external credit risks is not a sustainable long-term strategy. Our focus remains on the direct recovery from lending companies to ensure the continued stability and transparency of the marketplace for all investors.
As soon as there are any material updates, we will share these accordingly.-1 -
Marek (Mintos),
Please note that your answer contrast wih the previous one were you seems confident with q1 2026.
We can absolutely understand that the process is long and uncertain. But please at least communicate on the process.
We understand that debt was sold and then what is expected ? How often are you in conact with them ? What are the next step ?
We know nothing nothing. From our point of view it seems that you send a mail 6month ago and agreed for q1 2026 and then wait until now....
If you were confident what do you negociate with them ? who is them ?
Please just information and stop saying you have no information.
If you have no information then send them an email, give them a phone call, send them a letter whatever you want. and then tell us you do it and tell us when you have there answer or when you retry to contact them or something.
It so so frustrating from our point of view to just have no information. It seems nothing happen behind!0 -
Cyril F with due respect, at this point, many of us don't believe Mintos is making any progress in this case, and don't trust they are giving us faithful information but simply trying to get more time. I honestly think it is time for us to start organizing to protect our rights and get a chance at getting back part of our investment.
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Ignacio Nieto Carvajal
For this part I don't agree with you. I am on mintos for a long time now and have seen progress slowly on every case ! And sometimes at the end it's marked as loss so why this one would be different ?
My main complaint is about communication ! I am sure there is more that could be tell.
For the rest you know the rules sorry if you can't support loss that's the game. I let you whatever you think is appropriate0 -
Hi Cyril F, I appreciate your concerns. I understand the risks of investing, but this is not about that. It is about how Mintos is dealing with the situation compared to other providers who are making a better job at protecting their customers' rights and interests.
I have investments in many other platforms and haven't had any problem with them like I am having with Mintos, or lack of support, or opacity on the actions being taken to protect our interests. That "progress" is not nearly enough.
Still, I respect and appreciate that you have faith in them. I wish you the best of lucks and hope you won't regret that faith.
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Cyril F
Slow progress in the case? Are you kidding?
Over almost four years, the "Recovered" amount has increased from approximately €908 to €1,130. That's an increase of only €222 on a debt exceeding €38 million.
I have serious doubts about the legitimacy of the representation of our interests.
Mintos has taken Kvik to court. Our money is located here:https://bonds.finam.ru/issue/details0345200002/default.asp
Yes, the maturity date is the end of 2026.
Kviku didn't convert them into bonds because he wanted to.
The Central Bank of Russia (CBR) forced them to adopt this form of debt restructuring for large foreign creditors: interest-free bonds.I'm furious that Mintos is handling the bonds (which I'm sure we'll recover), but what about the rest of the debt?
Sorry, Mintos, you have nothing to say in your defense.
Selling our bonds for 50-75%? Unfortunately, that's not a success.
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You seems pretty well informed. I don't know where you find this bond and know that's kviku one.
Anyway like you I want my money back. I have probably more than you in this case.
So yeah go ahead if you think your complaint have any chance to succeed!
But I know there is a war, transfer are limited restricted. And decision don't go in our favor from a russian stand point.
So yeah i want more information but really sceptic about everything else
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Paweł Andrzej Lechowicz
I'm furious that Mintos is handling the bonds (which I'm sure we'll recover), but what about the rest of the debt?
I admire your optimism.
But seriously, thanks for pointing that out and offering some data on what's going on. I am now looking for a lawyer to take care of the case. Anyone interested in joining is welcome to send me a message.
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My complaint was also sent to the supervisor. Let's hear what they have to say.
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I am reading everyone's comments with interest. Of course, everyone's entitled to have their own opinion, so here's mine:
I am very far from defending Mintos in this case. It's been more than 4 years since the beginning of the war in Ukraine, so this recovery process is taking way longer than what it should have. In addition, Mintos has very little to say in defense of their transparency. I think that they could do much better in that department, so to speak, but let's take into account that transparency only helps our minds, not our pockets.
That being said, I have experience in debt recovery processes and I am not seeing anything here that seems unexpected to me, given the circumstances. This is a very delicate recovery process, under a very complex jurisdiction (likely, more complex than we can imagine) and against a company (Kviku) that is doing everything at their hand not to pay a dime with a total lack of shame.
The essence of a recovery plan is to be patient (wait), perseverant (not let go) and flexible (negotiate), and to disclose as less information as possible to any party that is not involved in the negotiation. I am confident that going public with certain aspects of this process would perhaps calm the investors, but would not help their interests at all.
IMHO, Mintos does not need additional pressure to solve this case. I believe this is the biggest default case that they have, representing more than 7% of their total AUMs. Their reputation is at stake, and also literally millions of funds of investors that will stop investing with them if this does not play well, including those who already went away.
According to that, I do not think it is a good idea to flood the Latvian Central Bank with claims at this point, so I won't be submitting mine for now. With all that said, I totally respect if you guys prefer doing it. As I said above, everyone is entitled to their own opinion.
Best,
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In my opinion, their customer service is very poor (e.g., I have submitted a simple question more than 1 month ago and no answer so far, with several follow-ups - and this happens every time). And this doesn't help customers trust they are doing their best to recover our funds, together with unrealistic (expected) timelines that they change constantly with no justification at all - it is quite frustrating to read month after month "no updates since last month".
If they don't want to disclose relevant information in their website, I understand that, but they could share it privately with affected investors, stating that disclosing that information could harm eventual recovery efforts.
That said, I don't regret my decision to escalate to the supervisor. Hopefully they will chase Mintos to clarify somethings they have failed to do in the last years.
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