Mogo Group adds loans for investment from its 10th country on Mintos – Belarus!
Mogo Group, one of the largest used-car financing companies in Europe, has expanded its presence on Mintos once again by adding car loans from Belarus. With this development, Mogo Group now offers investment opportunities from 10 different countries on the marketplace.
Mogo Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, Mogo Group’s presence on the marketplace has grown substantially and now places loans on the marketplace from Bulgaria, Estonia, Georgia, Latvia, Lithuania, Poland, Romania, Moldova, Armenia and now Belarus.
Mogo Belarus: Strong, profitable and Sustainable
For its operations in Belarus, Mogo Belarus was founded in 2018. Since its inception, the company has issued EUR 7.8 million worth of loans, as of June 30, 2019, and has a net loan portfolio of EUR 7.0 million, as of the same date. Mogo Belarus is already profitable on a monthly basis after forex. For the Group as a whole, Mogo has disbursed EUR 405 million worth of loans.
“In 2018 Mogo Belarus launched their activities. Since then the company showed exceptional but sustainable and profitable growth and Mogo Group’s strategy for successfully launching into new markets was proven once again. Because of that, it was decided to launch Mogo Belarus as a loan originator and share the company’s success with Mintos investors. I also hope that investors will notice the strong but sustainable growth of our loan portfolio, payment discipline of Mogo Belarus as well as the Mogo Finance group guarantee and Fitch B- (Stable outlook) rating. Taking all of that into account I am sure that it will be multi-beneficial cooperation for all the parties involved.” said Ivan Lagutin, the CEO of Mogo Belarus.
Mogo Belarus on Mintos
Mogo’s Belarus-issued loans on Mintos are listed in the Euro (EUR) currency and range from EUR 50 to EUR 15 000, with a maturity from 1 to 84 months. You can expect a net annual return of up to 12%.
For all loans placed on the marketplace, Mogo Group will retain 5% on its balance sheet, to ensure its interests are aligned with our investors. In addition, all Belarus-issued loans from Mogo Belarus come with a buyback guarantee, so if a loan is delinquent for 60 days or more, it will be repurchased.
Because of the Mogo Group’s long–standing solid financial performance and the fact that Mogo Finance guarantees the obligations for all its entities on the marketplace, the rating for all Mogo Group entities is A. As of June 30, 2019, Mogo Group had a net loan portfolio of over EUR 160 million across its operations. Mogo Group also saw a significant uptick in its client base of around 53,8% from December 2018 until the end of June 2019.
For more information, please contact:
Simonas Jurgionis, Investor Relations Manager
About Mogo Finance:
Mogo Finance is one of the largest and fastest-growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 14 countries issuing over EUR 405 million up to date and running a net loan portfolio over EUR 170 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,800 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Uzbekistan, Kazakhstan and North Macedonia.
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