Lending firm Mintos repays loans amid platform scrutiny
A Mintos loan company in Belarus has repaid the platform the sums owed to investors.
The alternative lending market had begun to limit investor loan exposure to Belarus after the country supported Russia in its invasion of Ukraine.
Mintos said it was excluding loans from Belarus from the primary market and suspending the addition of new loans from the country until further notice.
Existing loans from Belarus will remain in Mintos’ strategies, so it will be possible to cash out these loans, and the platform’s secondary market will remain open for Belarusian loans.
Read more: Mintos investors can donate to Ukrainians through the platform
The platform said in an update this week that loan company Eleving Belarus has transferred all funds due to Mintos.
“It is still possible because Belarusian banks are not prohibited from transferring euros to accounts abroad,” Mintos said.
The update also revealed that Mintos and Russian lending companies are still struggling to find ways to use alternative, sanctions-compliant channels for transferring borrower repayments.
It was revealed last week that Mintos was facing a 15% drop in revenue from its lending companies due to the effects of the war in Ukraine.
Despite this, the European lending market said it was “confident of weathering the storm” with its free cash balance.