monthly update!
When mintos started with shiny monthly updates (and stopped after 2x) I decided to do the same more in line with reality. These small reports are under 'monitoring portfolio' but will continue here. Hopefully it attracts more community members and comments.
November was a disappointing month for the four portfolios I monitor. The main culprit was MFOfintech. After a very long period of time for a repayment plan, Mintos announced mid-November that MFOfintech would repay all overdue payments up to 2 million by the end of the month (at that time almost 11 million within 2 weeks, really Mintos!!). Only a week later, Mintos had to announce that (my interpretation) MFOF is unable to place sufficient new loans on the market due to a reduced credit score and so unable to repay the overdues. In other words MFO says, we have to issue new loans because we cannot repay the current ones. This is remarkable because if you take a closer look at the individual loans, you will see that since mid-September, when the problems arose, many borrowers have simply repaid their loans. So where is the money? Meanwhile, 40% of my MFOF loans are overdue and only 3% of those have been repaid since mid-September. A number of loans is already approaching the 60-day buy-back guarantee. Are we heading for a default? Planet 42 missed the opportunity to repay half of its long term debt within a year but unfortunately no repayments in november.
A number of fixed- loans paying only interest from Pinyam Yuk, Eiz-e Commerce and Evergreen Finance have not been repaid in time, causing huge cash drag to rise to over 10% of the total portfolio .
I have withdrawn 5% of the outstanding portfolios this month because:
- Mintos has no (legal) control over creditors with high overdue amounts. Nor does it have any collateral with which to exert pressure.
- Cash drag too high.
- Low supply and low average interest rates for a diversified portfolio. Currently 8-9% and 4 months ago 12-13%.
- No repayment transparency due to the continued absence of the “repayment date” column.
- There are currently much better platforms with more supply, higher interest rates and no cash drag.
Curious if December will bring a bit more positive news.
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I'm also reducing slowly my exposure. I am afraid of deteriorating credit ratings (actually not so much ratings as the facts, late payments).
I had a small exposure to Planet42, and was happy to see some repayments but still waiting for refund.
With decreasing yields from 14% to 12% while risk increasing I am slowly decreasing my exposure. I am not aware of other platforms, Mintos was EU friendly and one of the biggest 2 years ago when I started.
Thank you for your contributions Ugo and seasons greetings!0 -
Thanks for the addition RAZ, and happy holidays too!. I don't think Mintos would approve of me advertising other platforms here, and DM to advise isn't possible either, unfortunately!
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Hello everyone,
First of all thanks Ugo to take your time to maintain this kind of newletter.
I think that MFO has liquidity issue, they have also KZT bonds listed on kazak market. I won't be surprised that they invest a lot in their portefolio/client and count on raising money than waiting the repayment of loan for repayment.
It's a shit show because it's in fact a partial default. This situation will take time to resolve. I think it's already happenned in 2023 :D
In my opinion it limit liquidity more than money at risk.. Good thing is that MFO is cutting funding cost. It increase like crazy their earning.
But you never know.. Better be safe than sorry.
In addition KZT/EUR has gotten a very bad year. It increase directly the cost of eur bonds by +5%.
We invest in loan issued by compagny that are most B tier in credit rating. Most of the compagnie are or should be CC/CCC/B.
Overall this year is the maturity in the P2P market, many well etablished plateform has lowered this year their rates offered. Across the board Mintos, according to his status of marketplace
As an investor I'll keep my stake as it is and reinvest interest. There is still opportunies above 10% that are worth it (bonds mostly).
I also noted that Pinyam Yuk, Eiz-e Commerce (indonesia, international transfer, currency change) takes a lot of time resulting in pending for 10+days.
Pinyam Yuk has signed a new program with Mintos up to 150M if my memory is good. New loan at 13% are issued. Also we can notice (in their audit report ) that funding cost for Pinyam has eaten the whole increase in their earning in 2024 making their earning amount the same as 2023.
Planet 42, i think that we can expect a hair cut a this stage.
Evergreen Finance is performant however.
Eleving group issues some of their loan in RON (11-12% APY)
For Bonds :
Easy Debt Service had a liquidity issue in November. Looks like they got delay in their projet repayment.
Auga Group I don't follow this situation.
Mintos has performed well to add new bonds/diversity in this segment.
Sun finance Bonds at 10% APY (monthly coupon)
ID Finance 12% (quarterly)
Iute Group 12 % (semi annual)
Credifiel 10% ( discount + principal repayment each quarter)
To end this message, IMO, Mintos doesn't prioritize anymore their loan book, they tend to diversify in bonds, loan estate/renting. We don't know what was in the back log for new compagny in the marketplace ;( we didn't see many new compagny this year.
Happy holidays everyone.0 -
Thank you Nicolas, for your contribution and insight. Personally I find that bonds have too long a maturity and also the interest repayment time for reinvestment. Often 3-6 months. Moreover, I expect that the problems with Mintos loans (at the mercy of lenders' goodwill) will have a similar effect on the bonds.
I do agree with you that loans are no longer a priority, which is why I am reducing my exposure. Despite a weak attempt by Mintos to buy new low-interest loans with a bonus in December, the supply has largely dried up. From recent contact with Mintos, they believe new providers with higher loans are coming. But what is certain with Mintos? Yesterday, I read on the overdue page that Planet 42 made repayments in November. Haven't seen any so far.
Pimjam Yuk offered the highest interest last week, but unfortunately returned 90% of these loans within a week.Season's greetings to you and everyone..
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Quick summary for december :
-1% on Loans
+1% on bondsMeanwhile Mintos achieved 800M euro AUM. The loan primary market is now very dire. Pinjam Yuk is somehow paying back their loan within 15 days.
No repayment from Planet42 this month, should it come in Jan. In 2025 ~50% has been repaided, for 2026 we can expect 30% and 20% in 2027 ?
Overall it looks like one month delay for transfer now, it would be good to have a small summary by Mintos for : Do we still expect 90-100% recovery, what the amount for 2026 to be repaid.
100% is unlikely imo.
Nera Capital is still using their pending days to the extreme and thus 0 penalties.
Mintos may sign a new agreement to refinance their loans/ extend the portefolio. Nera Capital intend to have 1B$ AUM next year.
Easy debt Service is currently late on their bonds for december 2025. I suspect that they have operational execution issue that imped their revenue. I'm confident that they will find a way to resolve that in a timely manner.
For 2025, I saw a lot of improvement overall : bonds offering, less amount in recovery. better portefolio management, Mintos has been online like +99% of the time this year.
But also some retrogradation, the suppresion of the next repayment. For bonds, bonds backed securities (bonds), the next coupon isn't displayed.
There is some choices that Mintos has made that I doesn't like at all. That must increase performance by 0.05 sec when the page loads...
The yield has massively decrease this year, it's the same for the whole sector (minus new plateform).So far it's been a good year with almost 14% APY for me. MSCI EUROPE saw 16.4% this year in comparaison.
Have a good happy new year everyone.1 -
First of all, I wish everyone a wonderful, successful and healthy 2026. Thanks Nicolas' for the monthly update. I agree with all noticed. Here are a few additions. MFOfinance's position was precarious, but it has recovered remarkably well. On the last day of the year, there were no more debts in my portfolios. Am I buying a lot of new MFO now? Not so enthusiastic. I still see the cooperation structure as decisive in determining the extent to which Mintos has legal influence on recovery, and that is low. Incidentally, this is (more than) insufficient for 80% of all creditcompanies. That makes Mintos loans always a bit of a gamble.
I would like to emphasise the Planet 42 comment. When Mintos let go of its monthly repayments, it is time to inform us of a new repayment plan. Transparency remains difficult for Mintos with still 115 million in default. Well at least that is transparent!
I have also scaled back a little, which was easy with the many repayments from Lute Group and MFO Online last days of the year. I am still not very enthusiastic about current low interest rates and minimal supply.
Mintos is trying to stimulate purchases with 1% cashback in December, but this construction is so complicated that it is a bit of a“false” promotion. You have to hold loans for three months and repayments of these loans have to be reinvested (impossible to check if you make a withdrawal that could also be from other repayments).
Good luck to all in January!
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Hello Nicolas Mayer, Ugo and everyone,
Glad to see your messages. I was looking around the community to also complain about this.
So yes it's normal that offer change over the year but now the loan offer seems pretty small. If we want to have some return like you said msci or sp500 was more than +12% last year.
So if we want to target +10% and have diversification now it's impossible.
The largest loan originator also disappear delphin, eleving, planet42, nera, mozipo. All distribute "quality" loan and disapeared.
Can you provide upadate or plan to improve this side Mintos Investor, Martins Sulte (Mintos)?
Thank you and Happy new year everyone1 -
Interest payments for January were moderate. With a relatively high exposure to Nera Capital, my overall monthly return was worse than a year ago. It is unclear why these loans, which are all individually recorded as 'on time payment', have not been paid by mintos for more than 10 days. MFOfinance also still has a large backlog. Many of these loans are overdue but are not even shown as pending. Planet 42 came up with a disappointing repayment. Over the past 15 months, the average debt repayment was 3%. This month, it was only 1%+.
The offer of loans remains extremely limited and at low interest rates, which you can also get from an average lender around the corner. Lower than many other P2P platforms too. Mintos is apparently not very popular with credit companies. The wide range of creditters and relatively high interest rates were always Mintos' USPs.
They themselves have chosen to focus their energy on becoming a real bank. With a genuine deposit guarantee scheme in the long term. But who is going to put €100,000 in cash into their Mintos account? And why they want to offer bitcoins? So many brokers and platforms offer bitcoins and they are clearly not the alternative for a geopolitically turbulent world, given the huge drop in price recently. Good luck everyone for February.0 -
Hello everyone,
Jan was a good month, whatsoever we got an improvement on many metrics. There is still some point that need to be adressed as New partnership with Nera Capital ?
We have Watu credit again which is good.
Mintos is lacking a good Head of partnership with the lending compagny to have a pipeline and new and fresh compagny to get onboard.
We got 2 big hit on bonds this month
Platform group and AirBatlic bonds got obliterared ( High yield bonds so ...). It's not so visible now because bonds on the plateform doesn't reflect market price ( which is for myself a mistake but we can sleep at night without knowing plateform group bonds trade at 70/100 yoink. I may know the reason debt burden due to acquisition and stock at all time low as long as the fundamental doesn't collapse we don't have problem.
Mintos becoming a licensed bank could have super benefit for the whole plateform as a whole, Mintos could have access itself to lower financial cost. Impletement brokerage activities (higher margin), collateralized loan for customer. This vision has a clear interest to improve Mintos as a whole, all-in-one + Direct bonds listing on the plateform. The IT/R&D cost are way too high right now. Mintos is burning a lot of cash. Those developpment are welcomed. we musn't underestimate the average folk that can just sit in money on the plateform for unknown reason.1 -
@ Nicolas, I guess you just bought a lot of Mintos shares :) :)
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Indeed, I do bought some according to my own budget haha.
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Ugo Nicolas Mayer
I am between you too.
I am enthusiast as Nicolas is. I think for mintos investor and valuation it's all good news and great potential ahead. I really do believe we have a +1Billions company in construction here !On the other hand and speak for myself as a huge mintos user too. I was attracted mainly by loans and still my main interest.
Because I already have bonds, share, crypto on other platform that are more advanced or worst speaking as a french have taxe incentive interest account that mintos won't propose soon.
So really enthusiast for my mintos investment little bit worried for a mintos user1 -
I respect each one's choice. But they way I look at it:
The appeal of P2P and P2B platforms is that they democratise the capital market. Same with Bitcoin. Small investors can now get involved at all sorts of levels, whereas before it was just for the big boys (Black Rock etc.) and the banks. They made 12 per cent on your money and gave you 2 per cent back in your savings account. Platforms jumped into that gap to give small investors a chance to earn something from their investment. I admit sometimes it is a bit cowboy country. But what's Mintos doing? It wants to become a regular bank again. Why? So it can get paid well, just like its fellow bank managers. And the private investor...well I guess finally they will go back to the savings account interest :).
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Ugo
Yeah that's a possibility but like I said in that case there is no interst for me to stay on mintos if it becomes yet an other online bank.
Absolutely no interest... And I think no one will come to mintos for saving account interest0
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