The alternative lending marketplace had begun limiting investor loan exposure to Belarus after the country supported Russia in its invasion of Ukraine.
Mintos said it is excluding loans from Belarus from the primary market and pausing adding 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 stay open for Belarus loans.
The platform said in an update this week that lending company, Eleving Belarus has transferred all funds due to Mintos.
“This is still possible as Belarus banks are not banned from the transfer of euros to accounts abroad,” Mintos said.
The update also revealed that both Mintos and lending companies from Russia are still working to find ways for alternative and sanction-compliant channels for the transfer of borrowers’ repayments.
It was revealed last week that Mintos is facing a 15 per cent drop in revenue from its lending companies due to the impacts of the war in Ukraine.
Despite this, the European lending marketplace said that it is “confident about weathering the storm” with its available cash balance.
Mintos loan originator IDF Eurasia has taken steps to address disruption to payments due to the Ukraine crisis, and is offering 15 per cent interest rates for its euro-denominated loans over the next two to four weeks.
4 months, 3 weeks ago