Creamfinance teamed up with Mintos to offer installment loans in Georgia

Creamfinance, the fastest-growing European Fintech, announced that starting from 18th of August a new product on the peer-to-peer marketplace Mintos was introduced – consumer loans issued in Georgia with repayments in several installments.

Up until now Creamfinance issued short-term unsecured loans with repayment in single installment under its CreditON brand. Starting from the end of August, an option for consumer loans with repayments in installments became available.

“We are truly pleased with our cooperation with the peer-to-peer lending platform Mintos. We have noticed that investor interest regarding loans issued by Creamfinance is very significant, and we are searching for opportunities to expand our investment product offering” emphasizes Georgijs Ustinovs, Head of Financial Planning & Control at Creamfinance.

Since joining the platform, more than EUR 15 million in Creamfinance loans have been financed through Mintos. Creamfinance will keep at least 15% of each installment loan put on the Mintos marketplace on its balance sheet.

Creamfinance was founded in 2012, and issues online consumer loans. Creamfinance ensures outstanding and technologically-based lending in five countries — Latvia, Czech Republic, Georgia, and Denmark. To date, the company has issued more than EUR 150 million in loans.

Peer-to-peer lending marketplace Mintos is a financial technology company that began operations in January 2015 in Riga. Mintos brings together investors and non-bank lenders, providing the opportunity for both private individuals and institutional investors to invest in loans originated by non-bank lenders. Since its launch, the company has seen great traction. More than 50 million EUR in funded loans have been traded via the Mintos marketplace.

To date, 14 non-bank lenders have joined the platform; they provide loans in the Czech Republic, Estonia, Georgia, Latvia, Lithuania and Poland. More than 10,000 investors from 49 countries across the world currently use the Mintos marketplace.