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07/05/2021
Sneakypeer Newsletter Week 18
Welcome back to the Sneakypeer newsletter! Below you will find industry news from last week.
Mintos suspends E-cash loans
Mintos, a peer-to-peer lending platform based in the Baltic region, has recently suspended the Ukrainian lender E-cash from its primary and secondary markets. According to Mintos, the financial company had missed its regular settlement payments towards investors for the last seven days. Additionally, it announced its upcoming plans to gradually wind down the company, resulting in the decision to suspend the company until the wind-down process is more apparent.
There are currently 11,516 Mintos investors with active investments totaling €407,263 in E-Cash loans. While Mintos attempts to fix the situation alongside E-cash management, no new investments can be made until the suspension is lifted.
The House Crowd spends £283,000 in administration
At the end of February of 2021, The House Crowd, a UK-based property lending platform, entered administration due to its ongoing financial complications. The company has now been undergoing an administration process for over two months and has reached £283,000 on solicitors’ fees, expenses, and joint administrators’ time costs.
The total amount of the administration is currently difficult to estimate, as it is still in its beginning stages, and it also largely depends on the administration costs of the company’s four subsidiaries. Unfortunately, The House Crowd’s administrators have also mentioned that they are unsure if the platform’s creditors will be repaid all their losses, although they had previously stated that investors should not expect to face any material impact from the ongoing administrative process.
