Mintos nets €5m in its Series A to support creation of IBAN accounts and debit cards

P2P lending marketplace Mintos has pulled in €5m for its Series A round, which will help provide its customers with personal IBAN accounts and debit cards.

Funds were deployed into the FinTech by its existing backers which includes Latvia-based investor Grumpy Investments, which was formerly Skillion Ventures.

Mintos is looking to use this fresh equity to add personal IBAN accounts and debit cards to its lending marketplace. These IBAN accounts will enable investors to send and receive transactions from around the world, as well as receiving a salary directly to the Mintos account.

The new debit card will give users the ability to complete payments globally or via online services. The card will also let them withdraw money from ATMs. These new features will be possible once Mintos receives the e-money license it is currently applying for.

Capital from the round will also be put towards hiring more staff and expanding into Latin America, Africa and Southeast Asia.

Latvia-based Mintos is a P2P lending marketplace which empowers retail investors to invest into loans originated by a mix of alternative lending companies around the world. Users can invest into loans for cars, invoices, businesses, personal, short-term, agricultural and mortgages.

Mintos has facilitated more than €1bn in investments on loans, with investors having earned a total of €26.7m in interest, the company said. There are currently 87,000 investors on the marketplace, spanning 71 countries, and forecasts predict it to hit 100,000 by the end of the year and 300,000 by the end of 2019.

Mintos CEO and co-founder Martins Sulte said, “Providing customers with a personal IBAN account and debit card will mark a major leap in our services and significantly improve the user experience.

“Soon, everybody with their own IBAN accounts will be able to give the account details to their friends, companies or customers to get paid, to pay using a debit card, and to continue using Mintos for investing in loans around the globe and earning great returns. Our upcoming mobile app will make it even more convenient.”

Earlier in the year, Mintos partnered with cross-border payments provider Trustly. Through the deal, Mintos can give its investors an easy way to transfer funds from bank accounts in 29 European countries, all in real-time.

Copyright © 2018 FinTech Global

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