BB Finance

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}
.ci-memo *,.ci-memo *::before,.ci-memo *::after{box-sizing:inherit}
.ci-memo h1,.ci-memo h2,.ci-memo h3{line-height:1.2;margin:0;color:var(--ink);font-weight:700;letter-spacing:-.01em}
.ci-memo h1{font-size:clamp(1.6rem,4.2vw,2.35rem)}
.ci-memo h2{font-size:clamp(1.25rem,3vw,1.55rem)}
.ci-memo h3{font-size:1.05rem}
.ci-memo p{margin:.6em 0}
.ci-memo a{color:var(--brand-2);text-underline-offset:2px}
.ci-memo .kicker{font-size:.75rem;letter-spacing:.14em;text-transform:uppercase;color:var(--brand);font-weight:700}
.ci-memo .muted{color:var(--ink-2)}
.ci-memo .small{font-size:.86rem;color:var(--ink-3)}
.ci-memo .tabnum{font-variant-numeric:tabular-nums}

/* header */
.ci-memo .hero{border-bottom:3px solid var(--brand);padding-bottom:18px;margin-bottom:18px}
.ci-memo .hero h1{margin:.3em 0 .35em}
.ci-memo .meta{display:flex;flex-wrap:wrap;gap:6px 14px;font-size:.85rem;color:var(--ink-3)}
.ci-memo .chip{display:inline-flex;align-items:center;gap:6px;border:1px solid var(--line);border-radius:999px;padding:3px 10px;font-size:.8rem;background:var(--soft);color:var(--ink-2);max-width:100%}

/* disclaimer */
.ci-memo .nfa{border:2px solid var(--bd);background:var(--bd-bg);border-radius:12px;padding:12px 16px;margin:16px 0;font-size:.9rem}
.ci-memo .nfa strong{color:var(--bd);letter-spacing:.04em}

/* answer card */
.ci-memo .answer{display:grid;grid-template-columns:minmax(0,1.05fr) minmax(0,1.6fr);gap:18px;background:var(--soft);border:1px solid var(--line);border-radius:18px;padding:20px;margin:20px 0}
.ci-memo .score{background:var(--paper);border-radius:14px;padding:18px;border:1px solid var(--line);display:flex;flex-direction:column;gap:12px}
.ci-memo .score .big{display:flex;align-items:baseline;gap:8px}
.ci-memo .score .big b{font-size:3.4rem;line-height:1;color:var(--ink)}
.ci-memo .score .big span{color:var(--ink-3)}
.ci-memo .grade{display:inline-flex;align-items:center;gap:8px;font-weight:700;border-radius:8px;padding:4px 10px;background:var(--ci-level-3-tint,#F8ECCF);color:var(--ci-level-3-text,#7A5410);width:max-content;max-width:100%}
.ci-memo .grade i{flex:0 0 auto;width:22px;height:22px;border-radius:6px;background:var(--gC);color:#fff;font-style:normal;display:grid;place-items:center;font-size:.85rem}
/* Per-grade badge colours. Until 9 October 2026 `.grade i` hard-coded var(--gC), so a
   non-C memo rendered its badge in C's gold unless its body carried an inline override.
   Four published memos were wrong that way (EIZ D, MK Kredit D, Imagina D, ESTO B) and
   seven carried ad-hoc overrides in five different palettes for three grades. The
   template owns it now; bodies carry only `class="grade gX"`. Values are the plurality
   of what was already published (D from creditstar/jetfinance, E from idfinance/luma/
   solva, C the long-standing default); A and B are new and were contrast-checked.
   Every pair clears WCAG AA for body text: A 7.02, B 6.01, C 5.67, D 6.01, E 6.45. */
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.ci-memo .grade.gD{background:var(--ci-level-4-tint,#F8E3D3);color:var(--ci-level-4-text,#9A4A1F)}
.ci-memo .grade.gE{background:var(--ci-level-5-tint,#F7DFD9);color:var(--ci-level-5-text,#9A3524)}
.ci-memo .grade.gA i{background:var(--gA)}
.ci-memo .grade.gB i{background:var(--gB)}
.ci-memo .grade.gC i{background:var(--gC)}
.ci-memo .grade.gD i{background:var(--gD)}
.ci-memo .grade.gE i{background:var(--gE)}
.ci-memo .scale{display:grid;grid-template-columns:repeat(5,1fr);gap:3px;margin-top:6px}
.ci-memo .scale div{height:10px;border-radius:3px}
.ci-memo .scale-l{display:grid;grid-template-columns:repeat(5,1fr);font-size:.72rem;color:var(--ink-3);text-align:center;margin-top:2px}
.ci-memo .scale .on{outline:3px solid var(--ink);outline-offset:1px}
.ci-memo .odds{display:grid;grid-template-columns:1fr 1fr;gap:10px}
.ci-memo .odd{border-radius:12px;padding:12px;background:var(--soft)}
.ci-memo .odd b{display:block;font-size:1.55rem;line-height:1.1}
.ci-memo .odd span{font-size:.8rem;color:var(--ink-2)}
.ci-memo .odd.main{background:var(--ci-moss,#DCE8DF);border:1px solid #C3D9CA}
.ci-memo .limit{font-size:.85rem;color:var(--ink-2);border-top:1px dashed var(--line);padding-top:10px}
.ci-memo .answer h2{font-size:clamp(1.15rem,2.6vw,1.45rem);margin-bottom:10px}
.ci-memo .subs{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:10px;margin-top:12px}
.ci-memo .sub{background:var(--paper);border:1px solid var(--line);border-radius:12px;padding:12px}
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.ci-memo .sub .top em{font-style:normal;font-weight:700;border-radius:6px;padding:1px 7px;color:#fff;font-size:.75rem}
.ci-memo .sub b{display:block;font-size:1.25rem;margin:4px 0 2px}
.ci-memo .sub p{margin:0;font-size:.84rem;color:var(--ink-2)}
.ci-memo .flags{display:grid;gap:10px;margin-top:4px}
.ci-memo .flag{border-radius:12px;padding:12px 14px;font-size:.92rem;border-left:5px solid}
.ci-memo .flag.ok{background:var(--ok-bg);border-color:var(--ok)}
.ci-memo .flag.wt{background:var(--wt-bg);border-color:var(--wt)}
.ci-memo .flag.bd{background:var(--bd-bg);border-color:var(--bd)}
.ci-memo .flag strong{display:block;margin-bottom:2px}

/* status pill */
.ci-memo .st{display:inline-flex;align-items:center;gap:6px;font-size:.78rem;font-weight:700;border-radius:999px;padding:2px 10px;white-space:nowrap}
.ci-memo .st::before{content:"";width:8px;height:8px;border-radius:50%}
.ci-memo .st.ok{background:var(--ok-bg);color:var(--ci-level-1-text,#2E6B45)}.ci-memo .st.ok::before{background:var(--ok)}
.ci-memo .st.wt{background:var(--wt-bg);color:var(--ci-level-3-text,#7A5410)}.ci-memo .st.wt::before{background:var(--wt)}
.ci-memo .st.bd{background:var(--bd-bg);color:var(--ci-level-5-text,#9A3524)}.ci-memo .st.bd::before{background:var(--bd)}

/* glance */
.ci-memo .glance{display:grid;grid-template-columns:repeat(auto-fit,minmax(170px,1fr));gap:10px;margin:12px 0 6px}
.ci-memo .tile{border:1px solid var(--line);border-radius:12px;padding:12px;background:var(--paper)}
.ci-memo .tile .k{font-size:.76rem;text-transform:uppercase;letter-spacing:.06em;color:var(--ink-3);font-weight:700}
.ci-memo .tile>b{display:block;font-size:1.15rem;margin:3px 0}
.ci-memo .tile p{margin:0;font-size:.84rem;color:var(--ink-2)}
.ci-memo .band{font-size:.78rem;font-weight:700;text-transform:uppercase;letter-spacing:.1em;color:var(--brand);margin:18px 0 4px}

/* sections */
.ci-memo section{margin-top:34px}
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.ci-memo .lead{font-size:1.08rem;font-weight:600;margin:10px 0 4px}
.ci-memo .grid2{display:grid;grid-template-columns:minmax(0,1fr) minmax(0,1fr);gap:18px;align-items:start}
.ci-memo .card{border:1px solid var(--line);border-radius:14px;padding:16px;background:var(--paper)}
.ci-memo .card h3{margin-bottom:8px}
.ci-memo .events{display:grid;grid-template-columns:repeat(auto-fit,minmax(220px,1fr));gap:10px;margin:14px 0}
.ci-memo .ev{border:1px solid var(--line);border-radius:12px;padding:12px;background:var(--soft);display:flex;flex-direction:column;gap:6px}
.ci-memo .ev .when{font-size:.75rem;font-weight:700;color:var(--ink-3);text-transform:uppercase;letter-spacing:.06em}
.ci-memo .ev b{font-size:.98rem}
.ci-memo .ev p{margin:0;font-size:.86rem;color:var(--ink-2)}
.ci-memo .ev .st{margin-top:auto}

/* charts */
.ci-memo figure{margin:14px 0;background:var(--paper);border:1px solid var(--line);border-radius:14px;padding:14px 14px 10px}
.ci-memo figcaption{font-weight:700;margin-bottom:8px;font-size:.98rem}
.ci-memo figcaption span{display:block;font-weight:400;font-size:.82rem;color:var(--ink-3)}
.ci-memo svg.viz{width:100%;height:auto;display:block;overflow:visible;font-family:inherit}
.ci-memo svg .lbl{font-size:13px;fill:var(--ink);font-weight:600}
.ci-memo svg .in{font-size:12px;fill:#fff;font-weight:700}
.ci-memo svg .in.dark{fill:var(--ink)}
.ci-memo svg .val{font-size:12px;fill:var(--ink);font-weight:600}
.ci-memo svg .neg{font-size:12px;fill:var(--bd);font-weight:700}
.ci-memo svg .axis{font-size:11px;fill:var(--ink-3)}
.ci-memo svg .side{font-size:12px;fill:var(--ink-2)}
.ci-memo svg .grid{stroke:var(--ci-paper,#F5F1E8);stroke-width:1}
.ci-memo svg .zero{stroke:var(--ci-disabled-text,#8A8F8B);stroke-width:1}
.ci-memo svg .ref{stroke:var(--ink);stroke-width:1.5;stroke-dasharray:4 3}
.ci-memo svg .s1{fill:var(--brand-2)}
.ci-memo svg .s2{fill:var(--ci-mint,#9FD3B4)}
.ci-memo .legend{list-style:none;padding:0;margin:8px 0 2px;display:flex;flex-wrap:wrap;gap:6px 16px;font-size:.82rem;color:var(--ink-2)}
.ci-memo .legend i{display:inline-block;width:11px;height:11px;border-radius:3px;margin-right:6px;vertical-align:-1px}
.ci-memo details.tbl{margin-top:8px;font-size:.85rem}
.ci-memo details.tbl summary{cursor:pointer;color:var(--brand-2)}
.ci-memo table{border-collapse:collapse;width:100%;margin-top:8px;font-variant-numeric:tabular-nums}
.ci-memo th,.ci-memo td{border-bottom:1px solid var(--line);padding:6px 8px;text-align:right}
.ci-memo th:first-child,.ci-memo td:first-child{text-align:left}
.ci-memo .tscroll{overflow-x:auto;-webkit-overflow-scrolling:touch}


/* html charts */
.ci-memo .hb{display:flex;flex-direction:column;gap:12px}
.ci-memo .hb-l{font-size:.82rem;font-weight:700;margin-bottom:4px}
.ci-memo .hb-track{position:relative;display:flex;height:30px;gap:0}
/* The 2px separator between bands used to be a flex `gap`, which is added ON TOP of
   the percentage widths. So every band boundary sat 2px further right than its value,
   and the dashed `hb-ref` -- positioned at a plain percentage -- fell SHORT of the
   true 100 by 2px for every boundary before it: 10px on a six-band row at 390px, where
   it printed straight through the last band's label. Found 13 Oct by measuring the
   IuteMK chart in the browser after seeing the line cross a `10`. A border inside the
   band draws the same 2px of paper without taking any width, so a band's position is
   exactly its value and one line serves every row. */
.ci-memo .sg{box-sizing:border-box}
.ci-memo .sg + .sg{border-left:2px solid var(--paper)}
.ci-memo .hb-track.tall{height:40px}
.ci-memo .sg{display:flex;align-items:center;justify-content:center;border-radius:4px;color:#fff;font-size:.78rem;font-weight:700;min-width:3px;cursor:pointer;font-variant-numeric:tabular-nums}
.ci-memo .sg em{font-style:normal;overflow:hidden;white-space:nowrap;text-overflow:clip;position:relative;z-index:2}
.ci-memo .sg.dk{color:var(--ink)}
.ci-memo .hb-row.has-neg .hb-track{margin-top:16px}
.ci-memo .hb-negs{position:absolute;right:0;top:-18px;display:flex;gap:10px;white-space:nowrap}
.ci-memo .hb-neg{position:absolute;right:0;top:-18px;font-size:.74rem;font-weight:700;color:var(--bd)}
.ci-memo .hb-negs .hb-neg{position:static;right:auto;top:auto}
.ci-memo .hb-neg.pos{color:var(--ok)}
.ci-memo .hb-ref{position:absolute;top:-4px;bottom:-4px;border-left:2px dashed var(--ink);pointer-events:none}
.ci-memo .hb-axis{position:relative;height:16px;font-size:.72rem;color:var(--ink-3)}
.ci-memo .hb-axis span{position:absolute;transform:translateX(-100%);padding-right:4px;white-space:nowrap}
.ci-memo .vb{padding:0 14px}
.ci-memo .vb-plot{position:relative;height:210px;display:grid;grid-template-columns:repeat(3,1fr);margin:18px 0 0;background:repeating-linear-gradient(to bottom,transparent 0,transparent 41px,var(--ci-paper,#F5F1E8) 41px,var(--ci-paper,#F5F1E8) 42px)}
.ci-memo .vb-zero{position:absolute;left:0;right:0;border-top:1.5px solid var(--ci-disabled-text,#8A8F8B)}
.ci-memo .vb-g{position:relative}
.ci-memo .vb-bar{position:absolute;width:30%;border-radius:4px;cursor:pointer}
.ci-memo .vb-bar.s1{left:18%;background:var(--ci-forest,#1E4D3A)}
.ci-memo .vb-bar.s2{left:52%;background:var(--ci-mint,#9FD3B4)}
.ci-memo .vb-bar em{position:absolute;left:50%;transform:translateX(-50%);font-style:normal;font-size:.76rem;font-weight:700;color:var(--ink);white-space:nowrap;font-variant-numeric:tabular-nums}
.ci-memo .vb-bar em.up{top:-18px}.ci-memo .vb-bar em.dn{bottom:-18px;color:var(--bd)}
.ci-memo .vb-x{display:grid;grid-template-columns:repeat(3,1fr);text-align:center;font-size:.85rem;font-weight:700;margin-top:22px}
.ci-memo .bs{display:grid;grid-template-columns:1fr 1fr;gap:22px}
.ci-memo .bs-h{font-weight:700;margin-bottom:6px;display:flex;justify-content:space-between}
.ci-memo .bs-h span{color:var(--ink-3);font-weight:600}
.ci-memo .bs-list{list-style:none;padding:0;margin:10px 0 0;font-size:.86rem}
.ci-memo .bs-list li{display:grid;grid-template-columns:12px minmax(0,1fr) auto;gap:8px;align-items:baseline;padding:4px 0;border-bottom:1px solid var(--line)}
.ci-memo .bs-list i{width:11px;height:11px;border-radius:3px;align-self:center}
.ci-memo .bs-list b{font-variant-numeric:tabular-nums}
.ci-memo .bs-list li.hl{background:var(--ci-level-4-tint,#F8E3D3);font-weight:700}
@container (max-width:640px){.ci-memo .bs{grid-template-columns:1fr}}

/* country meters */
.ci-memo .qrow{display:grid;grid-template-columns:minmax(0,1fr) 110px 18px;gap:10px;align-items:center;padding:7px 0;border-bottom:1px solid var(--line);font-size:.9rem}
.ci-memo .qrow em{font-style:normal;color:var(--ink-3);font-size:.78rem}
.ci-memo .meter{height:10px;background:var(--ci-paper,#F5F1E8);border-radius:6px;overflow:hidden}
.ci-memo .meter i{display:block;height:100%;border-radius:6px}
.ci-memo .meter i.bd{background:var(--gD)}.ci-memo .meter i.wt{background:var(--gC)}.ci-memo .meter i.ok{background:var(--gA)}

/* group diagram */
.ci-memo .flow{display:grid;grid-template-columns:1fr auto 1fr auto 1fr;gap:8px;align-items:center;margin:14px 0}
.ci-memo .flow.f4{grid-template-columns:1.1fr auto 1fr auto 1.2fr auto 1.1fr;gap:6px}
.ci-memo .flow.f4 .arrow{max-width:135px;font-size:.72rem}
.ci-memo .flow.f4 .node{font-size:.8rem}
.ci-memo .flow.f4 .node b{font-size:.88rem}
.ci-memo .node{border:1px solid var(--line);border-radius:12px;padding:10px;text-align:center;background:var(--soft);font-size:.86rem}
.ci-memo .node b{display:block;font-size:.95rem}
.ci-memo .arrow{font-size:.78rem;color:var(--ink-2);text-align:center;line-height:1.2}
.ci-memo .arrow::before{content:"⟶";display:block;font-size:1.4rem;color:var(--brand-2)}
.ci-memo .arrow.back::before{content:"⟵"}
.ci-memo .arrow.red::before{color:var(--bd)}

/* risks */
.ci-memo .risks{display:grid;gap:10px;margin-top:12px}
.ci-memo .risk{display:grid;grid-template-columns:170px minmax(0,1fr);gap:12px;border:1px solid var(--line);border-radius:12px;padding:12px 14px}
.ci-memo .risk h3{font-size:.95rem;display:flex;flex-direction:column;gap:6px;align-items:flex-start}
.ci-memo .risk p{margin:0;font-size:.9rem;color:var(--ink-2)}
.ci-memo .bwc{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:12px;margin-top:14px}
.ci-memo .bwc .card h3{display:flex;gap:8px;align-items:center}
.ci-memo .bwc p{font-size:.9rem;color:var(--ink-2);margin:0}

.ci-memo details.more{border:1px solid var(--line);border-radius:12px;padding:10px 14px;margin-top:10px;background:var(--paper)}
.ci-memo details.more summary{cursor:pointer;font-weight:700}
.ci-memo details.more p,.ci-memo details.more li{font-size:.88rem;color:var(--ink-2)}
.ci-memo .foot{margin-top:28px;font-size:.8rem;color:var(--ink-3);text-align:center}



/* tooltips: pure CSS, anchored INSIDE the chart box so they can never spill outside the memo */
.ci-memo{overflow-x:clip}
.ci-memo figure{position:relative}
.ci-memo .sg,.ci-memo .bs-list li{position:static}
.ci-memo [data-tip]::after{
  content:attr(data-tip);position:absolute;left:0;right:0;bottom:calc(100% + 7px);
  background:var(--ci-ink,#17201B);color:#fff;font-size:.82rem;font-weight:600;line-height:1.35;text-align:left;
  padding:8px 11px;border-radius:8px;z-index:5;font-variant-numeric:normal;
  opacity:0;visibility:hidden;transition:opacity .12s;pointer-events:none}
.ci-memo [data-tip]:hover::after,.ci-memo [data-tip]:focus::after,.ci-memo [data-tip]:active::after{opacity:1;visibility:visible}
.ci-memo [data-tip]:hover,.ci-memo [data-tip]:focus{outline:2px solid var(--ink);outline-offset:1px}
.ci-memo .tip-note{font-size:.8rem;color:var(--ink-3);margin:8px 0 0;min-height:2.9em}
.ci-memo .warn-lbl{display:inline-block;font-weight:600;font-size:.76rem;color:var(--ci-level-3-text,#7A5410);background:var(--wt-bg);border-radius:5px;padding:1px 7px;margin-left:6px}
.ci-memo .blk{font-size:.78rem;font-weight:700;text-transform:uppercase;letter-spacing:.1em;color:var(--brand);margin:20px 0 2px}
.ci-memo .blkq{border-left:3px solid var(--line);padding-left:14px;margin:14px 0}

.ci-memo .bands{margin-top:10px}
.ci-memo .bandbar{display:grid;grid-template-columns:repeat(5,1fr);gap:3px;margin-top:4px;font-size:.68rem;text-align:center}
.ci-memo .bandbar span{background:var(--soft);border:1px solid var(--line);border-radius:5px;padding:3px 2px;color:var(--ink-3);font-weight:600;font-variant-numeric:tabular-nums}
.ci-memo .bandbar span.on{background:var(--ink);border-color:var(--ink);color:#fff}
.ci-memo .why .wlead{font-size:1.02rem}
.ci-memo .why .wbox{background:rgba(255,255,255,.1);border:1px solid rgba(255,255,255,.2);border-left:4px solid var(--ci-mint,#9FD3B4);border-radius:12px;padding:14px 16px;margin-top:12px;font-size:1.02rem}
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<div class="ci-memo" data-ai-score="61" id="bbfinance-memo"><div class="kicker">Lender memo · BB Finance · Estonia</div>
<h1>BB Finance: how likely is it to fail to pay its lenders?</h1>
<p class="muted">BB Finance OÜ lends money to people and small businesses in Estonia under the names <b>Raha24</b>, for instalment loans, and <b>HyBa</b>, for credit lines and business loans. Investors reach it through Mintos, where it is listed as <b>BB Finance (EE)</b>. This memo asks one question: what is the chance that BB Finance OÜ fails to pay the people who lend to it in the next 12 months, and why.</p>
<div class="meta">Written 16 October 2026. Based on its consolidated annual reports for 2023 and 2024, both audited by KPMG Baltics with clean opinions; its <b>unaudited</b> management accounts for the first nine months of 2025; the Estonian business register and two company-data aggregators; the Mintos base prospectus of 20 November 2025; and the Financial Supervision Authority's notice of 27 June 2023. The register was checked on 16 October 2026 and the Mintos figures were read on 5 November 2026. Every figure in euro.</div>
<div class="nfa" role="note"><strong>THIS IS NOT FINANCIAL ADVICE.</strong> This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.</div>
<div aria-labelledby="ans-h" class="answer">
<div class="score">
<div class="kicker">Our score</div>
<div class="big tabnum"><b>61</b><span>/ 100</span></div>
<span class="grade gC"><i>C</i> Watch</span>
<div>
<div aria-hidden="true" class="scale"><div data-sf="is1"></div><div data-sf="is2"></div><div class="on" data-sf="is3"></div><div data-sf="is4"></div><div data-sf="is5"></div></div>
<div class="scale-l"><span>A</span><span>B</span><span>C</span><span>D</span><span>E</span></div>
</div>
</div>
<div class="odds">
<div class="odd main"><b>About 1 in 28</b><span>chance of failing to pay in the next 12 months (3.6%)</span></div>
<div class="odd"><b>6%</b><span>of a portfolio — our framework limit for a C</span></div>
<div aria-label="Where this number sits on our scale of failure chances" class="bands">
<div class="kicker" data-sf="is6">Our scale</div>
<div class="bandbar"></div>
</div>
<div class="limit"><b>A C carries a portfolio limit of 6%.</b> Estonia is a B country on our separate country scale, which allows 25% for all Estonian lenders added together; that does not bind, so the grade limit governs. <b>No group uplift</b>: the parent has put its own loans behind Mintos in writing and has money in the company, but our method needs the parent's own odds before it will improve a score, and the parent's accounts were not obtained. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.</div>
</div>
<div>
<h2 id="ans-h">The answer: about 1 in 28 — a small, profitable, fast-growing lender with creeping arrears and a bond we could not confirm as repaid</h2>
<p class="muted" data-sf="is7"><b>The strength is that it is clearly profitable and getting more so.</b> Of every €100 of income it kept €13.51 in 2024, up from €7.21 in 2023, and €12.12 in the first nine months of 2025. Income rose 32% in 2024 as the book grew 25%. KPMG signed clean opinions on both audited years.</p>
<p class="muted" data-sf="is7"><b>The first weakness is how thin the margin over interest is.</b> Interest to its own lenders took €28.75 of every €100 in 2024 and bad debts another €25.76 — together more than half of all income. On our own measure of the audited 2024 accounts, earnings covered the interest bill 1.56 times; on the company's own figures, 1.48 times for 2024 and 1.42 for the first nine months of 2025. <b>Any of those is thin for a lender.</b></p>
<p class="muted" data-sf="is7"><b>The second is the bond, and it is the main open question in this memo.</b> A €7m bond at 13% was issued in 2023 and matures in 2026. <b>The month is not disclosed anywhere we could read</b>, so as this is written it may already have fallen due. We could not confirm whether it has been repaid or refinanced: the 2025 annual report that would say so is filed but we could not open it. What we can say is that the register showed <b>no tax debt</b> when we checked on 16 October 2026, and Mintos has listed no payment delay or suspension.</p>
<p class="muted" data-sf="is7"><b>The third is the loan book, which is the weakest of the four scores.</b> Loans fully up to date fell from 79.70 to 75.52 of the book during 2024, and loans more than 90 days late rose from 2.88 to 3.76 — about a third higher. Bad debts cost €2.06m in 2024, roughly 11% of the average book.</p>
<p class="muted" data-sf="is8">Four things decide the score, and the loan book is what holds it down:</p>
<div class="subs">
<div class="sub"><div class="top"><span>💵</span><b>Financial strength</b><span class="st wn">C</span></div><p>Keeps €13.51 of every €100 (2024) and €12.12 in nine months of 2025 — but interest is covered only about 1.48 times.</p></div>
<div class="sub"><div class="top"><span>📉</span><b>Loan book</b><span class="st bd">D</span></div><p>Loans over 90 days late up from 2.88 to 3.76; bad debts cost about 11% of the book a year.</p></div>
<div class="sub"><div class="top"><span>🇪🇪</span><b>Country: Estonia</b><span class="st ok">B</span></div><p>The euro, courts that work, a sovereign rated A+. New consumer-credit rules from 20 November 2026.</p></div>
<div class="sub"><div class="top"><span>⚖</span><b>Group and other risks</b><span class="st ok">B</span></div><p>Clean KPMG opinions and a parent that ranks behind Mintos in writing — against a 2023 regulator precept and €0.93m owed by connected parties.</p></div>
</div>
<div class="flags">
<div class="flag wt"><strong>The €7m bond matures in 2026 and we could not confirm what happened to it.</strong>It pays 13% (described as 14% and linked to Euribor in the 2023 accounts), was issued in 2023, and is secured on €7.7m of loans. <b>The maturity month is not disclosed.</b> Cash was €0.13m at the end of 2024, alongside a €1.05m term deposit placed in connection with the bond. The 2025 annual report, filed on 30 June 2026, should settle it; we could not open it.</div>
<div class="flag wt"><strong>Arrears are creeping up on a book that grew a quarter.</strong>Only 75.52 of loans were fully up to date at the end of 2024, down from 79.70. The bucket between one and thirty days late is now almost 14.81 of the book, and most of that is 16 to 30 days. On the Mintos prospectus table, loans more than 360 days late went from 2% through 2024 to 3% in the third quarter of 2025. <b>Provisioning on the worst loans is prudent — 90% covered — which is why this is a D and not an E.</b></div>
<div class="flag ok"><strong>The parent has put itself behind Mintos in writing.</strong>BB Finance Group OÜ owns 100% and has signed an agreement with Mintos and the issuer, SIA Mintos Finance No. 47, under which its own loans to the company are repaid <b>only after</b> the company's obligations to Mintos. It had €1.51m lent in at the end of 2024 and €2.07m by September 2025. That is real support with money in it. It is not a guarantee, and it does not improve the score.</div>
</div>
</div>
</div>
<!-- WHY IT MATTERS -->
<div class="why">
<h2>Why this number matters</h2>
<p class="wlead">Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: <b>how likely is it that this company cannot pay</b>, and <b>what would you get back if it could not</b>. This memo answers the first. The second depends on the pledge behind the Mintos notes, on where the bondholders stand, and on the parent's written promise to wait.</p>
<div class="wbox"><p data-sf="is9">A 1 in 28 chance of failing to pay in a year is not a promise about any single loan. It is our estimate for the company as a whole, on the figures we could read.</p></div>
<div class="wgrid">
<div class="wcard"><b>What you own</b><p>Notes issued by a Mintos company, which lends the money on to BB Finance OÜ, with a buyback and a pledge.</p></div>
<div class="wcard"><b>What stands in front of you</b><p>€4.3m of owners' money, 18.0% of everything the company owns, plus €2.07m of parent loans that have agreed to wait.</p></div>
<div class="wcard"><b>What would hurt most</b><p>Not the arrears themselves. A €7m bond coming due against €0.13m of cash, if it could not be rolled over.</p></div>
</div>
</div>
<!-- GLANCE -->
<div class="glance">
<div class="tile"><span>🏦</span><div><b>A licensed creditor</b><p>Licensed by the Estonian Financial Supervision Authority since 25 April 2016.</p></div></div>
<div class="tile"><span>🇪🇪</span><div><b>Estonia only</b><p>Two brands: Raha24 for instalment loans, HyBa for credit lines and business loans.</p></div></div>
<div class="tile"><span>💳</span><div><b>Unsecured consumer loans</b><p>Rates of 15.26% to 46.50% a year over 5 to 120 months. The average borrower is about 40.</p></div></div>
<div class="tile"><span>📈</span><div><b>A €23m gross book</b><p>At September 2025; €19.8m net at the end of 2024. 25 people worked there in the last quarter of 2025.</p></div></div>
<div class="tile"><span>🏢</span><div><b>BB Finance Group OÜ owns it all</b><p>Voting rights in the 2024 report: Mart Kolu 51%, Urmo Kokmann 32%, who is also the sole board member.</p></div></div>
</div>
<div class="glance">
<div class="tile"><span>🟦</span><div><b>On Mintos since January 2024</b><p>Listed as "BB Finance (EE)". The notes are issued by SIA Mintos Finance No. 47.</p></div></div>
<div class="tile"><span>💰</span><div><b>€1.5m outstanding</b><p>Read on 5 November 2026 — a platform figure, not independently verified.</p></div></div>
<div class="tile"><span>📊</span><div><b>8.5% paid to investors</b><p>The average rate on its Mintos notes, read on 5 November 2026 — a platform figure.</p></div></div>
<div class="tile"><span>🔁</span><div><b>Buyback, skin in the game, subordination</b><p>A 60-day buyback, 10% kept by the company, and parent loans that rank behind Mintos.</p></div></div>
<div class="tile"><span>⭐</span><div><b>Risk Score 7.9</b><p>Last updated 9 October 2026, up from 7.8 — a platform figure. No delay or suspension since January 2025.</p></div></div>
</div>
</div>