ID Finance, the emerging markets fintech company, has further diversified investment opportunities on the Mintos marketplace by launching personal loans listed in Euro (EUR) and Kazakhstani tenge (KZT) under its Solva brand in Kazakhstan. This is in addition to the loans already available for investment from Georgia and Spain.
Solva’s scoring system is built around machine learning, advanced risk assessment techniques, multiple search technologies, big data and text mining. The system also evaluates the device on which the loan application is being filled out and the user’s behaviour when filling out the application. These techniques allow Solva to identify credit-worthy consumers that have been denied loans by banks.
The average Kazakhstan-issued loan on Mintos from Solva Kazakhstan is €650. Investors can expect an average net annual return of up to 11 per cent for the company’s loans listed in EUR and 17 per cent for KZT loans. Solva Kazakhstan loans are secured with a buyback guarantee and will be repurchased if they are delinquent for more than 60 days. The company will also retain 10 per cent of each loan placed on the marketplace.
ID Finance joined Mintos in 2017 and has since funded €21 million worth of loans issued in Spain and Georgia. ID Finance now lists loans in three currencies – EUR, KZT and the Georgian Lari (GEL). The operations of Solva Kazakhstan are regulated by the National Bank of Kazakhstan. ID Finance Group has two fully-owned lending companies operating in Kazakhstan – Solva Kazakhstan and MoneyMan Kazakhstan.
Established in 2012, ID Finance is a pioneer in the fin-tech industry in emerging markets and is the largest online consumer lender in the CIS region. Headquartered in Barcelona, the company now operates in Spain, Kazakhstan, Georgia, Poland, Russia, Brazil and Mexico. The group has originated loans worth more than €275 million with a net loan portfolio of around $77 million as of Dec. 31, 2017. ID Finance came 36th in Financial Times’ FT 1000 Europe 2018 list of fastest growing companies in the region.
“Solva closely resembles traditional bank loans, but with a focus on transparency, ease and convenience of service. Thanks to our powerful data science technology, we can offer investors a high annual net return with a buyback guarantee for non-performing loans,” said ID Finance co-founder and CEO Boris Batine.
“ID Finance uses advanced data science technology to manage risk while offering a very attractive return to investors. We’ve seen strong demand for the company’s loans on our marketplace so we are excited to further broaden the markets available to our customers,” said Martins Sulte, CEO and co-founder of Mintos.