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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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 Verfasst am: 17.12.2019, 19:21 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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| carnold hat Folgendes geschrieben: | I still dont see how Banknote/Vizia are conencted to this. Thoughts? This is somewhat exciting to figure this out, like a P2P puzzle  |
In a post in the page 1 of this thread:
| Rick Lusitano hat Folgendes geschrieben: | It seems that Varks belongs to ExpressCredit Group (at least some %), also the owner of Lendo and other LO.
From the website of Varks:
| Zitat: | Board member
Agris Evertovskis
Agris Jintz Evertowski (born 08․10.1984) has held the position of Board Member of "VARCS AM" CJSC since 2016. Since 2009 up to present he is a Founder and Board Member of Express Credit CIA Company (Latvia, Riga). |
https://www.varks.am/ejer/kazmakerputyan-masin |
https://www.p2p-kredite.com/diskussion/mintos-related-loan-originatorsverbind-zwischen-anbahnern-t7036.html
Evidence 1:
So we see that a Varks Board Director is a Founder and Board Member of Express Credit (Latvia). So a connection between the ExpressCredit and Finko Group. (And Lendo, a LO that belongs to Varks/Finko Group, but was previous owned by SIA EC Investments.)
Evidence 2:
The Finko Group legal name is SIA Finko Invest, but it's previous name was SIA EC Investments.
SIA EC Investments, was a subsidiary company of ExpressCredit, 100% controlled by ExpressCredit (Latvia) till 01.02.2016 (Source: ExpressCredit Financial Statements 2017 Q3).
The EC Investments shared the same address of ExpressCredit (Latvia).
https://www.p2p-kredite.com/diskussion/mintos-related-loan-originatorsverbind-zwischen-anbahnern-t7036.html
| Rick Lusitano hat Folgendes geschrieben: | Lendo was sold to Varks. Varks have a participation from ExpressCredit. Expresscredit was also the owner of Lendo indirectly by the SIA EC Investments (later renamed to SIA Finko Invest).
This same Finko Invest is the owner of Varks (Varks Financial Statements, page 9):
| Zitat: | | The Organization is wholly-owned by Finco Invest SIA. |
https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/B59FF51F-F634-1ACD-3B9A-5CCBD2646ED8.pdf
It seems a reorganization of the structures. Lendo and Varks were controlled by SIA Finko Invest (a ExpressCredit company), and now Lendo went from the Finko Invest to Varks. ExpressCredit continue to control this way Varks and Lendo. Probably the Dindin Holdings was also controlled by ExpressCredit, and now Dindin Holdings breaks apart.
About Sebo, it was owned by the Dindin Holdings ltd, (Maltese group) at least until 31.12.2017, at 31.12.2018, Sebo was 97% owned by SIA Tig Invest (see page 30), a company with links to ExpressCredit Group:
https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/A5F3D64C-425A-8CCD-220E-C9EFA612FF49.pdf |
https://www.p2p-kredite.com/diskussion/mintos-related-loan-originatorsverbind-zwischen-anbahnern-t7036.html
So it's an another connection.
Evidence 3:
The third connection, Aigars Kesenfelds is a shareholder and founder of both LO in the Finko Group and in LO of ExpressCredit (Latvia). And also there are other common shareholders:
http://mintos-independent-review.blogspot.com/2016/10/peer-to-peer-lending-platform-mintos.html
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/
Zuletzt bearbeitet von Rick Lusitano am 17.12.2019, 19:36, insgesamt einmal bearbeitet |
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j789
Anmeldedatum: 09.01.2019
Beiträge: 1373
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| Verfasst am: 17.12.2019, 19:26 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Da kann einem ja Angst und Bange werden wenn man das liest...
_________________
Investiert in: Mintos* und Iuvo
auslaufend: Bondora*, Bondster*, Reinvest24* und Linked Finance |
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carnold
Anmeldedatum: 20.05.2018
Beiträge: 998
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| Verfasst am: 17.12.2019, 19:33 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Thanks Rick, I am now more convinced and I see the indirect links! So it looks like Finko + Latvian ExpressCredit are also heavily linked. Or were? Do you feel that the recent reorganizations made them more or less independent?
Then the last remaining question before investigating other LO not yet in the list is, how the Latvian ExpressCredit is connected to the African one... |
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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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| Verfasst am: 17.12.2019, 20:42 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Before Mintos* reveals another Group, perhaps because it's first revealed here. So Mintos* will have some will to expose officially more information to the investors.
The Finko Group page mentions already 9 open markets, but there is also other markets in standby. We already know today 6 LO (there is a new Ukranian LO in the Finko Group page at Mintos). So there are at least 3 LO unknown to the group.
So the my news about LO and Holding groups related to Mintos:
In LinkedIn profiles, I found out that the ExpressCredit have branches in Latvia, Georgia, Zambia, Botswana, Malawi.
- Latvia: Bankonte; Vizia  ExpressCredit Group
- Georgia: Lendo Finko Group
- Zambia, Botswana, Malawi: ExpressCredit YesCash Group
Also found that Una Hewitt already mentioned before by me in 03.11.2019, the COO of Peachy, have left Peachy (Cash On Go Ltd), during that month:
| Rick Lusitano hat Folgendes geschrieben: | Peachy (Cash On Go) is a possibility of an LO related to Mintos:
According to FCA, Cash On Go have 2 representatives:
Kristjan Novitski (Estonian) => Kristian is the CEO
Una Hewitt (Latvian) => Una is the COO
Una is also the CEO Orange Sky Finance, a Latvian company with the legal name of Puzzle Finance AS. This Orange Sky Finance/Puzzle Finance AS shared the same address with Mintos* (LinkedIn), but now moved to Riga, Skanstes iela 52, LV-1013, as did the Fintera Group, a Mintos* related Group.
| Zitat: | Orange Sky Finance
Financial Services | Riga, Rigas
Fast growing fintech company based in Europe but operating mainly in the region of Southern Africa. |
Also with the same address move is Smart Finance Holding AS, a Latvian company, officially the owner of Cash On Go (Peachy) as seen on the Cash On Go Financial Statements page 30:
| Zitat: | | The ultimate parent company is AS Smart Finance Holding (former SIA Smart Finance Holding) a company registered in Latvia. |
References:
FCA - Cash on Go (Peachy): https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000khgLmAAI
Orange Sky Finance - https://orangesky.finance/
Orange Sky Finance - https://www.linkedin.com/company/orangeskyfinance/about/
Cash on Go (Peachy) - Financial Statements: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/ACC887B2-FB8C-657A-EF73-D187892B640E.pdf
Lursoft: https://www.lursoft.lv/?l=en |
https://www.p2p-kredite.com/diskussion/posting,mode,quote,p,128348.html
On the Financial Statements of ExpressCredit (Botswana) and ExpressCredit Zambia (Zambia), Una Hewitt is mentioned as one of the Directors:
Expresscredit (Zambia) - Financial Statements: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/3C709CD8-A54A-688A-C98D-45DBAC8EB84A.pdf
In the Expresscredit (Zambia) - Financial Statements, page 4, mentions the nationality of the Directors, of the 3 Directors, 2 are Latvian:
Una Hewitt - Latvian
Girts Suberts - Latvian
So who is Una Hewitt?
Is a Latvian citizen living in the UK but she is a Board Director in several African LO, is the CEO of the Holding Group with headquarters in Latvia, and was until last month, COO of a British LO:
- CEO - Orange Sky Finance (Mar 2018 – Present) Holding group of African LO (legal name: Puzzle Finance AS)
- COO - Cash On Go Ltd (Dec 2018 – Nov 2019) Peachy => is a subsidiary of Smart Finance Holding AS
- Director - ExpressCredit (Proprietary) Limited ExpressCredit (Botswana)
- Director - YesCash Zambia Limited ExpressCredit (Zambia)
So we see connections between Peachy (legal name: Cash On Go Ltd, a subsidiary of Smart Finance Holding AS) and Orange Sky Finance Group (legal name: Puzzle Finance AS) that owns the ExpressCredit Africa LO.
Also in some LinkedIn profiles, we can see people working in various other groups. There are people working at the same time in the Finko Group and in the Puzzle Finance AS (a.k.a. Orange Sky Finance Group). So there is a connection between the ExpressCredit Africa LO and Finko Group LO. Remember that are unknown open markets in the Finko Group (9 LO mentioned in their website).
Also thanks to @Pyro439, we can see that ExpressCredit Botswana had loans from related parties (page 35):
- Yescash Group confirmed owner of ExpressCredit Zambia
- Finitera Finitera Group thats owns Kredo, Monego, Tigo and Moneda (not present in Mintos).
Thanks to @carnold website post, we see that are connections between several LO Holding Groups:
| carnold hat Folgendes geschrieben: | https://178.16.28.157/hub/2/2/ suggests that Finitera consists of two more companies not on Mintos*, namely Moneda.ba and mindi.ro.
Further, Finko lists the following companies: https://178.16.28.157/hub/1/: Varks, sebo, Dinero and Metrokredit.
In Hubs, there is also Orange Sky Finance, but it lists only the African ExpressCredit entities.
Not sure what this site is, any thoughts? I find the additional Finitera companies interesting as well as the Finko list... |
Finally, the "conclusion", there are proven connections between LO and their Holding Groups:
Sun Finance Group (headquarters: Riga, Latvia)
- Latvia: Bino
- Poland: Kuki
- Denmark: Simbo
- Czech Republic: Nuko Not in Mintos
- Kazakhstan: Tengo
- Mexico: Dineria
- Kyrgyzstan: New Country
Finko Group (headquarters: Riga, Latvia)
- Armenia: Varks
- Georgia: Lendo
- Moldova: Sebo
- Ukraine: Dinero
- Russia: Metrokredit
Finitera Group (headquarters: Riga, Latvia)
- North Macedonia: Tigo
- Bosnia: Moneda
- Kosovo: Monego Not in Mintos
- Albania: Kredo
- Romania: Mindi Not in Mintos
Orange Sky Finance Group (legal name: Puzzle Finance AS) (headquarters: Riga, Latvia)
- Zimbabwe: ExpressCredit Not in Mintos
- Malawi: ExpressCredit Not in Mintos
- Namibia: ExpressCredit
- Botswana: ExpressCredit
- Zambia: ExpressCredit
"Unknown Holding Group"
- United Kingdom: Peachy (legal name: Cash On Go Ltd, a subsidiary of Smart Finance Holding AS)
ExpressCredit Group (headquarters: Riga, Latvia)
- Latvia: Banknote
- Latvia: Vizia
Puzzle Finance AS (a.k.a. Orange Sky Finance Group) seems an important piece, because there is connections with several LO in different Holding Groups:
- Peachy "Unknown Group"
- Metrokredit Finko Group
- ExpressCredit (Botswana) YesCash Group
- ExpressCredit (Zambia) YesCash Group
- ExpressCredit (Namibia) YesCash Group
https://tinyurl.com/tg4lbcp
PS: Also the LO and the Holding Groups have the same shareholders.
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/
Zuletzt bearbeitet von Rick Lusitano am 17.12.2019, 22:48, insgesamt 3-mal bearbeitet |
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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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| Verfasst am: 17.12.2019, 21:36 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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| carnold hat Folgendes geschrieben: | | Do you feel that the recent reorganizations made them more or less independent? |
The owners of the several LO, Holding Groups and Mintos* are the same. Do you think that they are independent? 
These reorganizations are only "visual", all stays the same. They are only reorganizations in the structure of the Holding companies. It's a huge family, with the 4 founding fathers. Or as sometimes I mention in other places, they all belongs to the "Mintos tribe". 
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/ |
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carnold
Anmeldedatum: 20.05.2018
Beiträge: 998
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| Verfasst am: 20.12.2019, 22:41 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Interesting names, maybe worth to study more or at least take note:
| Zitat: | | Iutecredit Europe had a turnover of EUR 22.6 million in 2018 and a profit of approximately EUR 7.3 million. The company is owned almost 90% by OÜ Alarmo Kapital. One half belongs to Allar Niinepuu and the other half belongs to Tarmo and Kristi Silla. |
But Iute is independent and not connected to any other LO on Mintos* or otherwise, or are they?
Source: https://m.arileht.delfi.ee/article.php?id=88446967&fbclid=IwAR2Z_hJTLmq0gdAvuIKpFAgocL92V0_zLSWryNMj4IxqeuB4eh143SjXgXE |
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carnold
Anmeldedatum: 20.05.2018
Beiträge: 998
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carnold
Anmeldedatum: 20.05.2018
Beiträge: 998
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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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Pyro439
Anmeldedatum: 08.03.2019
Beiträge: 227
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| Verfasst am: 26.12.2019, 13:16 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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And also on Grupeer. |
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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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| Verfasst am: 26.12.2019, 13:24 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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| Pyro439 hat Folgendes geschrieben: |
And also on Grupeer. |
Yep. Lime Loans South Africa. Loan Structure is indirect (at Mintos* is also indirect), the loans are originated by Finsputnik Platforma SIA to Lime Loans South Africa.
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/ |
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carnold
Anmeldedatum: 20.05.2018
Beiträge: 998
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| Verfasst am: 26.12.2019, 20:03 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Potentially another link between Finitera and Finko:
See the post in the Metrokredit post, this is the relevant piece:
| Zitat: | Looking at Kiva, it was owned by a company that owned positions in a ton of Microfinance companies called Finitera (their Tree Graph is huge - https://www.list-org.com/company/8008393/graph). Sound familiar? It should. It's the company that bought Monego and is providing the buyback guarantee for all their loans. Kiva is now owned by EAG Finance.
Now, I have not been able to find who owns it, but the space where this EAG Finance is currently situated has a lot of familiar faces - https://www.lursoft.lv/…/riga-skanstes-iela-52-l…/companies…. Just from the names, you see Finitera (the org that owned Kiva), Finko, Mogo, Sun Finance, Zenka. All of this on the same building - Skanstes iela 52. And adjacent to it, you have Skanstes iela 50, the building where Mintos' office is located. |
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carnold
Anmeldedatum: 20.05.2018
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| Verfasst am: 20.02.2020, 12:40 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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Hey Rick, long time no new stuff . Any idea what the secret connection of Zenka is with Mintos?
"Some of the equity investors in the loan originator and Mintos* overlap." |
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Rick Lusitano
Anmeldedatum: 19.03.2019
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| Verfasst am: 24.02.2020, 21:58 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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I know that there is a topic already about this, but to concentrate all the information in the same place, I post here the more relevant information from the excellent interview from Kristaps Mors of Martins Sulte, CEO of Mintos:
| Kristaps Mors hat Folgendes geschrieben: | 1. Who came up with the idea about Mintos? How was it financed in the beginning?
After I finished my INSEAD MBA, initially I wanted to create a venture capital fund, but at that point there were not that many startups to invest in. Idea about Mintos* came after reading about Landbay on TechCrunch and it seemed that this angle - loans backed by real estate makes sense and we could replicate it in Europe. It was financed by 4 guys, who I knew from studying together in SSE Riga. They had already sold their first company and were looking for projects to invest in. Mintos* investors (now mentioned in About Us page as well):
Maris Keiss (co-founder of 4finance and Mogo)
Aigars Kesenfelds (co-founder of 4finance and Mogo, investor in Artsy and Madara Cosmetics)
Kristaps Ozols (co-founder of 4finance and Mogo)
Alberts Pole (co-founder of 4finance and Mogo)
2. Can you comment on the structure of Mintos* legal entities?
The main entity is AS Mintos* Holdings, all other legal entities are daughter companies. There are companies that hold technical IP, or are used for financing, and we have several local companies to employ people - in Poland, German and Mexico.
3. Who owns Mintos? And how has it changed over the years?
It is owned by already mentioned 4 investors, me and other co-founder Martins Valters, and also our employees - who own stock options. Mintos* has raised a total of € 7 million - € 2 million seed funding in 2016 and € 5 million Series A funding in 2018, all by the same investors. We don't plan to publish our cap table, but to clear up one misconception - yes, Aigars Kesenfelds shows up as a beneficial owner of Mintos* and that means he owns more than 25% of Mintos*, but it is not like many believe - that he owns 100% of Mintos*, he owns much less than 50% of Mintos.
4. Can you comment about AS Hipocredit? You and Martins Valters are listed as Members of the Council there, and previously it was named "AS Mintos"? Are you or Martins Valters involved in any other Loan originators as well?
In the beginning the idea behind Mintos* was to fund real estate loans as a typical P2P lender, but later we pivoted to the idea about creating a marketplace to connect investors with Loan Originators, and also changed all the structure. Since we were involved in Hipocredit in the beginning and helped to set it up, we sold most of our shares, but we still own a very small share of this company and we are passive shareholders. We are not involved in any other Loan Originator on Mintos.
5. Aigars Kesenfelds is connected to at least 13 Loan Originators on Mintos: Mogo, Hipocredit, Lendo, Banknote, Finko, SunFinance, ExpressCredit, Peachy, Tigo, Monego, Kredo, Zenka, Vizia. And recently in Estonian news there was an article claiming: “The platform has provided loans of more than EUR 4.5 billion, but investors are unaware that nearly half of the money that goes there goes to Aigars Kesenfelds, the owner of Mintos”. Any comment?
Even if there is some shareholder overlap in these Loan Originators, investors should focus on loans and their performance - what is the underlying loan they buy? Loans in different countries have very different situation, and only if the performance of loans is bad, then the question about BuyBack Guarantee and shareholders might come into question.
(...)
7. In explorep2p review of Mintos* there is an interesting question: Can Finitera afford to buyback €8 million of Monego's bad loans? Any insight, why there are delays in making these buybacks?
Finitera is a bigger group, Monego is part of it. It was an unexpected situation. But Finitera understands that if they won't stand behind a local problem in one country, funding loans in other countries might become an issue. It is a cash flow problem and money needs to be collected from borrowers and administrator, but our understanding and expectation at this point - that the promise will be kept and investors will be paid back.
8. Last question about Aigars Kesenfelds – in Latvia he is shareholder of about 100 companies, so he must be quite busy managing all of these investments. But for Mintos* investors it could be more assuring if they would get an opportunity to learn more about him or meet him. Can we expect some interviews or appearances in events, for example in P2P conference in Riga?
He is not actively involved in daily operations, so you should look at him and other investors as a angel/seed investors that provide capital, but at later time we might attract funding from a different source, and we don’t expect that, for example, Index Ventures would appear in P2P events or elsewhere talking about us in case if they would become our investor. And probably Aigars should answer this by himself, but in my view this is not something we expect from him. |
Source: Kristaps Mors - Who owns Mintos? Interview with Martins Sulte [Podcast + Video]
https://kristapsmors.substack.com/p/who-owns-mintos-interview-with-martins[/i]
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/ |
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Rick Lusitano
Anmeldedatum: 19.03.2019
Beiträge: 85
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| Verfasst am: 24.02.2020, 23:06 Titel: Re: Mintos related Loan Originators(Verbind. zwischen Anbahn |
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In the above interview, Martins confirmed that Monego is a part of the Finitera Group, and with that it goes against what was said in the Mintos' blog post of 30.12.2019.
| Kristaps Mors hat Folgendes geschrieben: | (...) Can Finitera afford to buyback €8 million of Monego's bad loans? Any insight, why there are delays in making these buybacks?
Finitera is a bigger group, Monego is part of it. |
| Mintos hat Folgendes geschrieben: | | Finitera, an international fintech group operating in four markets with 122 branches employing 718 employees and with a share capital of 8 million EUR, was in the final stage of changing Monego shareholding structure and adding it under Finitera direct ownership. Although the work on reorganization was not finalized and as such Monego is not part of Finitera, Finitera has decided to grant a guarantee for certain obligations that Monego holds towards investors on Mintos. |
Who believed that an independent group will do charity, paying 9+ million EUR (December/2019) of a company that doesn't owns?
| Mintos hat Folgendes geschrieben: | | In the unlikely case when Monego would not make the contractual payments to investors and, as a result – all loans would become late, Finitera as a guarantor will cover scheduled borrower payments to investors having investments in Monego loans once these payments are delayed for 60 days. |
https://blog.mintos.com/monego-no-longer-issues-new-loans-finitera-group-to-cover-investors-repayments/
_________________
Asset Allocation - https://financialawarenessforall.wordpress.com/
Zuletzt bearbeitet von Rick Lusitano am 24.02.2020, 23:53, insgesamt einmal bearbeitet |
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