Mintos, a Latvia-based financial technology company, has raised 5 million euros in funding which it will use to provide its clients with personal IBAN accounts and debit cards, the company announced November 14.
"Mintos will be magnifying its role in the financial services sector by adding personal IBAN accounts and debit cards to its established global lending marketplace in the near future. The IBAN personal accounts will give 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," the company said.
The company has applied to receive suitable certification to do this from the regulatory authorities and as an Electronic Money Institution, Mintos will protect money held by investors under the European PSD2 legislation.
Martins Sulte, Mintos CEO and co-founder said: “Providing customers with a personal IBAN account and debit card will mark a major leap in our services and significantly improve the user experience. Soon, everybody with their own IBAN accounts will be able to give the account details to their friends, companies or customers to get paid, to pay using a debit card, and to continue using Mintos for investing in loans around the globe.”
The fintech startup has a customer base of 87 000 investors from 71 different countries, with plans to open doors to more users in additional locations. The company has already facilitated more than 1 billion euros in investments in loans through its marketplace.
Mintos has a team of 60 employees at its headquarters in Riga, Latvia, with representative offices in Warsaw, Poland and Mexico City, Mexico.
The new funding comes from the anticlimactically-named "Grumpy Investments" (previously known by the even more painful name of "Skillion Ventures"), a Riga based venture capital firm that is focused on investing in technology companies.
LSM recently met up with Mintos as part of our series focusing on Latvia's exporting companies.