Mintos Receives License from the Latvian Financial Watchdog

Mintos, one of the largest European platforms for investing in loans, announced on Thursday that it obtained an investment firm and electronic money institution licenses from the Latvian regulator Financial and Capital Market Commission (FCMC). According to the press release shared with Finance Magnates, the manoeuvre allows the firm to target retail investors.

As of press time, the company has granted around €7 billion in loans through over 90 alternative lending companies globally. “Adjusting the business setup and aligning all of the regulatory and licensing requirements has been a unique journey for us and the regulator. It took us almost two years to get here, and I am very pleased to see this come to fruition. The work with the regulator has been very constructive, ensuring that we and those that will follow and implement best practices when it comes to the regulated setup and investor protection,” Martins Sulte, Mintos’ CEO and Co-Founder, commented on the announcement.

Licensing Taking Effect Immediately

Starting today, Mintos is now under the supervision of Latvia’s FCMC, allowing clients with investments in Notes to get protection by the MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term investor protection framework, Prospectus Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, Packaged retail investment, and insurance products (PRIIPs), Investor Protection Law and other regulations.

“The licenses will allow us to offer investors even more investment opportunities and will pave our way to becoming the go-to investment platform for retail investors in Europe who are looking to build their wealth long term,” Sulte added. Also, with the new license, the loans investing platform could start offering new products such as ETFs to retail investors.

Looking ahead, Mintos, launched in 2015 and with over 420,000 registered users, expects to passport its operations across the EU/EEA at any time this year. “Meanwhile, the electronic money institution license will allow Mintos to offer a payment account and other payment services,” the company pointed out.