P2P lending marketplace Mintos has raised 5 million EUR in a Series A. The money is earmarked to provide new features for investors.
Mintos will be magnifying its role in the financial services sector by adding personal IBAN accounts and debit cards to its established global lending marketplace in the near future. The IBAN personal accounts will give investors the ability to make and receive payments from around the world, including receiving a salary directly to their Mintos account. Meanwhile, the Mintos card will allow investors to make transactions around the world or online and withdraw money at ATMs.
This will be made possible by the e-money licence Mintos is applying to receive. As an Electronic Money Institution, Mintos will protect money held by investors under the European PSD2 legislation.
Martins Sulte, Mintos CEO and co-founder: “Providing customers with a personal IBAN account and debit card will mark a major leap in our services and significantly improve the user experience. 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.”
The fintech startup has a fast-growing customer base of 87 000 investors from 71 different countries, with plans to open doors to more users in additional locations. With 100 000 registered investors forecasted by the end of the year and 300 000 by the end of 2019, Mintos will be focusing efforts on investor acquisition and expanding to additional global markets. To accomplish this, Mintos plans to significantly invest in doubling the size of its team.
The 5 million EUR series A funding comes from existing investors Grumpy Investments (previously, Skillion Ventures), Riga based venture capital firm that is focused on investing in technology companies.
Clearly Mintos attempts to position itself away from a pure investment offer to a broader financial service.