November 2018 Income Report

Hello Everyone,

For the month of November 2018 I made 2 deposits on Mintos, one for €150,00 on November 02, 2018 and a second one also for €150,00 on November 30, 2018.

Big news for Mintos in November. First of all, Mintos has raised EUR 5 million Series A round to provide their users with personal IBAN accounts and debit cards. The IBAN personal accounts will give its 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 is not yet something set in stone as Mintos is currently applying for the e-money license that will make this possible. If the license gets approved as an Electronic Money Institution, Mintos will protect money held by investors under the European PSD2 legislation.

Unfortunately, there is no set timeframe for the implementation of the plan.

Also, Mogo successfully places EUR 25 million tap on existing 9.50% corporate bond. The settlement is expected on November 16, 2018. Mogo will use part of the bond’s proceeds to refinance some of the loans funded through Mintos Marketplace. That is not so good news for Mogo investors. There will still be a decline in the profitability of Mogo loans and last time mogo issued a corporate bond back in July there was a very tangible dip in loan yields Mintos for 2 months. I don’t know if that’s going to be the case this time around since the previous time there was some seasonality involved (lower loan volume during summer months).

On the following screenshot of my monthly account statement, you will be able to see all the details.

11.november statement

For the month of November 2018 I deposited €300,00 and the total return from cashback, interest, late fees and secondary market transactions was €42,29.

I also made a withdraw from my account this month for €0,59 just to check how fast it would be processed and I am happy to report that it was pretty speedy.

Until Next Time,

Peter

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