Mintos swung into revenue final yr, regardless of a fall in income and challenges from the Ukraine battle.
The European lending market reported complete revenue of €188,000 (£163,271) for the yr, up from a €2.5m loss in 2021.
“Revenue was largely the results of steady web fee revenue in addition to different revenue generated,” Mintos stated in its annual report.
Nevertheless, income fell by 5.6 per cent year-on-year to €9.192m.
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“In 2022, we confronted obstacles just like the battle in Ukraine and the advanced transition to a regulated set-up below MiFID II,” Mintos stated. “Regardless of these challenges, we reached 500,000 registered customers, expanded our regulated companies to France, and made progress in overdue quantities from suspended lending firms.”
In February 2022, Mintos stopped cooperating with lending firms in Russia because of the invasion of Ukraine. The affect of the battle, and subsequent sanctions, led to an 18 per cent drop in month-to-month income, Mintos stated.
Learn extra: Mintos recovers €10m from Russian lenders
“To get better traders’ funds, we’ve been working carefully with the lending firms and native consultants for the reason that begin of the battle to establish methods of transferring debtors’ repayments,” Mintos stated. “In the direction of the tip of the yr, we began to obtain funds from lending firms, and this may proceed supplied exterior elements don’t change.”
Mintos transitioned from a mortgage funding product into loan-backed securities – which it calls notes – after it secured its funding agency and digital cash establishment licence in August 2021.
Underneath its new, regulated construction, Mintos traders are protected by the MiFID II investor safety framework. In addition they have entry to in-depth prospectuses concerning the notes, giving them elevated transparency.
Mintos stated it spent the primary half of 2022 remodeling its enterprise below the brand new regulatory construction.
It stated that it noticed slower progress of its investor base final yr, as its advertising and marketing actions had been restricted resulting from regulatory restrictions, however reached the five hundred,000 milestone nonetheless.
“In 2023 we plan to passport to different EU international locations, opening up new alternatives for growing our buyer base and accelerating progress,” Mintos added.
It additionally plans to begin together with conventional belongings like ETFs on its market subsequent yr.
“By remodeling Mintos right into a multi-asset funding platform, our objective is to change into a one-stop resolution for passive, long-term investing for traders throughout Europe,” it stated.