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19/05/2021
Sneakypeer Newsletter Week 20
Welcome back to the Sneakypeer newsletter! Below you will find industry news from last week.
Swiss Capital and Acema leaving Mintos
Mintos, a peer-to-peer lending platform based in the Baltics, announced that it would be terminating its cooperation with two lending companies, Swiss Capital and Acema. According to Mintos' blog post on April 17, this decision was directly influenced by the platform's strategy of only prioritizing collaboration with lending companies that can offer investors a large number of investment opportunities.
Swiss Capital had begun its cooperation with Mintos in early 2020, offering investors a promised return rate of 11.5% by investing in car loans issued in Kazakhstan. The partnership between Mintos and the lending company Acema began in 2016, which offered users the chance to engage in investment opportunities involving car loans and mortgage loans issued in the Czech Republic. Mintos investors have made a total of €52 637 on Acema and €15 538 on Swiss Capital during the lending companies' partnership with the peer-to-peer platform.
Mogo Finance publishes Q1 report and implements changes to its corporate name
Mogo Finance, a fintech group, specializing in used car financing and consumer lending, has recently published its Q1 report, revealing revenue of 32.8 million euros. Compared to the revenue of 2020, which was 23.2 million euros, Mogo Finance has increased it by a whopping 41.4%.
In addition to displaying positive Q1 results, the car loans finance provider has also announced that it will be changing its corporate name to Eleving Group. Since its founding in 2012, the company has expanded to 14 countries and developed into a multi-brand group that offers a number of consumer lending products. According to the newly established Eleving Group, the name originates from the word "elevate," symbolizing the company's aim of maintaining constant growth and offering financial inclusivity to various communities worldwide.
