Mintos hits €10.2m in revenue as 2020 lending reaches €1.6bn

European loan marketplace Mintos reached a revenue record last year, even as the costs of Covid pushed its losses to more than double.

Overall some €1.6bn worth of loans were funded via Mintos, taking its cumulative lending since 2015 to a whopping €5.9bn.

“We swiftly switched our focus from expansion and growth to ensuring business continuity and operational sustainability as we set out to endure the macro-economic recession,” said CEO and co-founder Martins Sulte.

The response helped Mintos return interest earnings of €53.3m to its customers, and saw the platform itself reach €10.2m in revenue across the year.

“Over the last year, we developed and implemented many projects, edging closer to our vision of making investing in loans as common as investing in other popular assets like stocks or real estate,” said Sulte.

However, the costs of growth, especially in the first quarter of 2020, pushed Mintos’s losses from €0.97m in 2019 to €1.96m last year.

Unlike most other peer-to-peer lenders, Mintos merely operates a platform for investing in loans, letting its users buy fractions of everything from short-term loans to mortgages and small business loans.

During the last year Mintos raised €7.2m from its successful crowdfunding campaign, cash the company says will form part of a larger upcoming funding round.

At the end of 2020 Mintos won AltFi’s People’s Choice Award 2020 for the fifth consecutive year, something the platform celebrated in its annual report as “evidence of its strong and loyal community”.

Looking ahead Mintos reported Q1 2021 trading volumes are already up 26 per cent on last year, and expects to secure the Investment Firm and Electronic Money Institution licences it applied for in 2020 shortly.