Valuation

Daniel Donath

• 21 januari 2026 10:50

Can you please explain bit better how you set your valuation? While it is helpful that you were able to sell shares previously at a similar valuation, I note that your revenue per funded account has stayed relatively flat since 2022 (increased by less than 10%), yet the value of Mintos seemed to have increased significantly since 2020. Or am I not thinking about this correctly?

Are there any comparisons to publicly traded companies in terms of Mintos' valuation? Do you have more insights on how the revenue per funded account is expected to develop in the future with the banking license? If you obtain the banking license, can you think of some publicly traded competitors and their valuations that can be used as comparables to get a sense of your future valuation?

Thank you!

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  Martins Sulte (Mintos)

  • 21 januari 2026 15:35

  Our valuation is determined by balancing current funded accounts, assets under management (AUM), and
  forward revenue with the significant strategic milestones reached since 2020. Over this period, Mintos has successfully transitioned from a single-product loan marketplace into a regulated, multi-asset platform managing over €800 million in AUM.

  Publicly traded companies like Robinhood, Wealthfront, Nordnet, and FlatexDEGIRO are some examples, but they are much further along in their journey, so I would be careful to draw direct comparisons. 

  By becoming a bank, we can provide more products and secure a larger share of each investor's total investment portfolio (or even all of it), which we expect will naturally increase our revenue per account.

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