Gabriela Bergmane


We have added the 2021 Q2 financial report of $Debitum Network.

Key figures:

Profit/loss: € -21k
Assets: € 313k
Equity: € 286k
Debt: € 27k

We've added Investly Technologies OU financial report 2020, key figures:

Loss = € -0.1m
Assets = € 0.1m
Equity = € 0.0m
Debt = € 0.1m

$Mintos published an update on Notes:

Key takeaways:
- Loans on Mintos will be classified as regulated financial instruments called Notes
- By investing in Notes, investors will gain diversification across 6-20 underlying loans
- Each Set of Notes will have its own International Securities Identification Number
- There will be no changes to how accrued interest is calculated
- Investments in Notes will be governed by prospectuses and final terms
- User experience on Mintos will largely remain the same as it is now

Notes are financial instruments emitted by a special purpose entity within the Mintos group that acts as the issuer. There are 2 ways how Notes will be created based on loans:

- In the direct structure, the issuer acquires the title in loan receivables from the lending company that extended these loans to the borrowers.
- In the indirect structure, the loans underlying the Set of Notes are issued to the lending company by a special purpose entity within Mintos group. These loans are collateralized with loans the lending company issued to its borrowers. The indirect structure is applied when there are reasons why the issuer can’t acquire the loans against the borrowers.

Currently, whenever an investor invests in loans on Mintos, a custom loan assignment agreement is made between the investor and the lending company. Investments via assignment agreements do not fall under regulatory oversight.
Notes, on the other hand, are regulated financial instruments. Once Notes are released, investors on Mintos will be protected by the MiFID II investor protection framework, Prospectus Regulation, Packaged retail investment and insurance products (PRIIPs), and Investor Protection Law.
In addition, investors on Mintos will be protected by a national investor compensation scheme established according to the requirements of EU Directive 97/9/EC. If Mintos fails to provide investment services, retail investors are entitled to a compensation of 90% of the irrevocable loss resulting from the non-provision, up to a limit of €20 000.

The investor compensation scheme does not compensate investors for losses resulting from:
- Changes in the price of an investment
- The default of a borrower, lending company, or issuer
- The lack of a market for the purchase or sale of an investment

The minimum investment is €50 per Set of Notes. Each investment provides exposure to all underlying loans in the Set proportional to the loan amount.

Mintos plans to introduce the first Notes this month.

#iutecredit CEO Tarmo Sild was interviewed by BondGuide Magazine:

BondGuide : The last two years 2020 and 2021 were certainly not ordinary years. How did IuteCredit experience these two Corona years?

Sild: Let me be selfish for a moment: I love that we make money. Big changes are taking place on the planet in how we live here and I think we are part of it. We managed to grow our business despite the pandemic and all the pressures. We create and, in return, have benefited from the increasing social acceptance of digitization in the credit and payments industry. We ended the 2020 financial year above the 2019 figures. At the end of 2020, we had more than 130,000 high-performing loan customers in four countries and achieved a net profit of over EUR 5 million. Most gratifying, however, was the vote of confidence from our investors, which enabled us to use a further EUR 10 million from the existing EUR 40 million bond for future growth.

BondGuide : And the look ahead?

Sild: In 2021 we will see the trend of irreversible and constantly accelerating digitization. In the second quarter of 2021, we achieved more than 6% of total sales with various services related to payments, cards and cash transactions via the ATMs developed by IuteCredit, which can be easily and quickly accessed with a smartphone. And all without the need for a debit or credit card. What's more, more than half of all customer signatures in the second quarter were smartphone-based, either with one-time passwords or biometric. The MyIute app has already been downloaded by more than 80,000 people, even though it started from scratch in the first quarter. And to top it off, our customers continued to take out and repay more loans. Thanks to digitization, we earn more money with economies of scale, which are reflected in an improved sales / OPEX ratio. Consolidated assets increased from 116 to 123 million euros as the net loan portfolio grew from 81 to 88 million euros. There was similar growth in the gross loan portfolio. In contrast, liabilities to investors only rose from EUR 94 to 98 million.

BondGuide : In order to finance the growth, IuteCredit had issued a bond with a four-year term in 2019, which is also listed and traded here in Germany. Why a 'short-term' bond with a term of just four years?

Sild: Four years is not short, but I agree that five years is longer. Back in 2019, four years were long enough to make about four full portfolio reallocations as the average life of our product was about one year. By 2021, we've shown that IuteBond is a good addition to any fixed income portfolio or mixed capital portfolio as it provides stability and predictability despite the storms everyone has seen in the markets. The next issue should therefore be longer, for example five years, especially since the average term of our customer loans has also been extended to over 20 months.

BondGuide : Is the planned new bond just about refinancing the existing bond, reducing borrowing costs or providing additional growth capital - or a mixture of both?

Sild: We do not refinance existing bonds. It's a good asset that doesn't need to be withdrawn prematurely as long as it still has a useful life. Let's let the investors benefit from it. Of course we are watching the evolution of the aftermarket returns, which are around 10% - but that's not the issue either. The point is that we want to expand our credit and product portfolio, the demand is there. This demand arises from the growing customer base and from extending loan terms, both of which lead to an increase in the loan portfolio. This has to be financed. An amount of EUR 50 million would mean around 50,000 additional customers for us. This is what we want to achieve as the next milestone.

$Bondster to enable investing in loans secured by bitcoins:

''P2P investing in loans is becoming increasingly popular. To increase security, loans are usually secured by, for example, movable property or real estate. From now on, people can also invest in bitcoin-secured loans on the Czech investment platform with a 10% return.
The advantage of such an investment is that it is hedged against bitcoin price fluctuations and investors get a stable return from it every month. This way, they achieve an annual return of 10-11% with the duration of the investment being 1–12 months. Thanks to this, investors can quickly appreciate their savings and then reinvest them.
The principle of investing in these loans is no different from other types of secured loans on Bondster. The only difference is in the method of securing, where instead of movable or immovable property, borrowers pledge their bitcoins.

Moreover, investors are protected in the event the value of bitcoin on world markets falls sharply. In such a case, borrowers have to make up the difference otherwise they lose their bitcoins. Should such a situation nevertheless arise, the loan originator, which is the Czech company Acema, immediately sells the collateral on the exchange and pays investors out.
Here lies one of the advantages of cryptocurrencies - bitcoin, unlike other types of collateral (e.g. real estate), can be immediately and easily converted into money.
Loans secured by bitcoins are also subject to the so-called buyback guarantee, which is applied in the event the borrower ceases to repay the loan. In such a case, the originator pays the investors the entire amount invested, including the interest earned.
''The number one priority for us was maximum safety. The LTV ratio for this type of secured loans is therefore 50-70%. At the same time, loans come with the buyback guarantee which applies both to the event of default and early termination, so that investors will not lose their money or interest. These will always be paid out to them in full, “explains Bondster’s CEO Pavel Klema.''

$Robocash has published a 2021 H1 financial report, prepared in accordance with IFRS.

Key figures:

Profit = € 13.0m
Assets = € 111.4m
Equity = € 48.6m
Debt = € 62.8m

DN Operator SIA has released its 2020 annual report.

Key figures:
Loss = € -3k
Assets = € 315k
Equity = € 307k
Debt = € 8k

''Considering that SIA DN Operator, as the Platform Operator, does not assume the credit risks related to these assets or liabilities, but earns only commission income for their servicing, referring to the requirements of regulatory enactments, these assets and liabilities are off-balance sheet and are not reflected in the balance sheet of these financial statements, but are provided only as additional information to provide a true and fair view and a clear picture of the Company's operations.''

Off-balance sheet (serviceable) assets 31.12.2020:

Claims on creditors for investments in assignment agreements: 3 754 581
Claims on creditors for accrued interest and fines: 25,046
Current settlements with credit issuers: 211 803
Settlements with the previous platform operator: 6 313
Total off - balance sheet assets: 3 997 743

Off-balance sheet (serviceable) liabilities 31.12.2020:

Free balance of investors' contributions: 218 116
Investors' investments in assignment agreements: 3 754 581
Accrued interest and fines: 25 046
Total liabilities: 3,997,743

$EstateGuru raises 5.8M EUR Series A Funding:

EstateGuru, the pan-European marketplace for short-term, property-backed loans headquartered in Tallinn, Estonia, today announces the successful closure of its Series A funding round, with investments coming from Switzerland, United Kingdom, Czechia, Austria, Germany and Cyprus.
The lead investor for the round is TMT Investments Plc, a UK VC, and a public company that was also an early investor in both Bolt and Pipedrive. Among other VCs, there are the Swiss VCs Verve Ventures and Swiss Immo Lab, and J&T IB and Capital Markets, the investment banking arm of the Czech investment bank J&T.
The total amount raised is €5,8M (ca $7M). This follows a successful equity fundraising round on the Seedrs platform in May this year. The round exceeded its initial target by 260%. The campaign’s maximum target was achieved within just four days, instead of the initially planned 40-day-campaign.

‘We have an ambitious technology and expansion roadmap for the next few years, and the success of this fundraising round will position us perfectly to deliver on this and continue providing all investors and borrowers with the very best real estate financing platform. We are developing a modern ecosystem for market participants and believe that very soon, traditional financiers will also prefer to use our platform in order to stay competitive. The fact that the same investors who have invested in two of Estonia’s leading startups, Pipedrive and Bolt, have now chosen to put their faith in EstateGuru is the perfect affirmation that our business model is robust and that we are ready to seriously accelerate our growth,’ says Marek Pärtel, CEO and Co-Founder of EstateGuru.

‘We are happy to support EstateGuru in the new round. It solves important problems – attracting money to real estate and at the same time making it possible to invest investors’ funds at a profit and at the most modern level. According to various estimates, the p2p lending market will grow by 2025 from $ 350 billion to $ 0.5 trillion. We strongly believe in EstateGuru’s prospects’, – says Artyom Inyutin, Co-founder & Head of Investments, TMT Investments.

Lithuanian Association of Property Appraisers made an assessment on $Nordstreet projects in April and found high valuations and low selling prices:

''Because the loan-to-value ratio (LTV) of money lent on this platform is calculated from the assets the market values ​​of the assets in the valuation reports, we believe that there is a high probability that loans granted by investors are not adequately covered by collateral, contrary to what is stated to investors. We emphasize that the association has not conducted a comprehensive investigation and the list below is not exhaustive. This is random objects from said platform that stand out the most. We also assume that the companies mentioned in this letter may prepare valuation reports for the purpose of collateral and other credit instances that do not make their assessments public and therefore do not have the possibility to compare the values ​​with the market information.''

Molėtai district municipality., Inturkė eldership., Kamužė 3, 3A, 3B
Company UAB Nill Nill, report no. N2102S10.
- Valuation date: 10/02/2021, market value: EUR 724,000.
- Transaction date: 2021-04, transaction price: 246,000 Eur.
- Selling ad found: 239.000 Eur.

Visaginas municipality, Karlų village, Dūkštas road 11
(Project canceled and refunded to investors after LinkedIn comments on the value of the collateral and the reality of the loan repayment)
Company UAB Vertinimo partneriai, report no. VP21N03-23.
- Valuation date: 12/23/2021, market value: EUR 297,000.
- Transaction date: 2021-02, transaction price: 25,000 Eur.
- Transaction date: 2021-03, transaction price: 125,000 Eur.
- Selling ad found: 33.000 Eur.

Elektrėnai municipality, Elektrėnai sen., Kakliniškių village, Migūčionių st. 2A
Company UAB Vertinimo partneriai, report no. VP20N11-07
- Valuation date: 03/11/2020, market value: EUR 596,000.
- Transaction date: 2020-09, transaction price: 33,000 Eur.
- Selling ad found: 34.000 Eur.


Scam platform's $Envestio website is back up and running.

The website is promoting cryptocurrency investments and allowing new sign-ups. It has the same design/theme as the previous Envestio website, suggesting the same team is behind it. Some parts of the website are non-functional, e.g. Privacy Policy, Terms of Use, FAQ etc.

The website displays the same company name Envestio SI OÜ, which is declared bankrupt.

There is a new address shown in the homepage: Laeva 2, Tallinn, Estonia, 10111 (previously Harju maakond, Tallinn, Nõmme linnaosa, Rännaku pst 12, Eesti, 10917).


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