Riga-based peer-to-peer lending marketplace startup Mintos has raised a €5 million Series A funding round from the existing investor Grumpy Investments (formerly known Skillion Ventures), a local VC firm. The company plans to use the funding to add personal IBAN accounts and debit cards to its offering in the near future; in order to do that, Mintos has applied for an e-money license.
“Providing customers with a personal IBAN account and debit card will mark a major leap in our services and significantly improve the user experience,” said Martins Sulte, Mintos CEO and co-founder. “Soon, everybody with their own IBAN accounts will be able to give the account details to their friends, companies or customers to get paid, to pay using a debit card, and to continue using Mintos for investing in loans around the globe and earning great returns. Our upcoming mobile app will make it even more convenient.”
Mintos boasts a customer base of 87,000 investors across 71 countries. By the end of 2019, the startup plans to increase this number to 300,000 by expanding to new markets. The company employs 60 people at its headquarters in Riga, Latvia, with representative offices in Warsaw, Poland and Mexico City, Mexico.
In the photo: Mintos's headquarters in Riga