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Tigo Finance
Nordmazedonien
Tigo Finance makes fast and instalment loans in North Macedonia and belongs to Eleving Group. It is listed on Mintos, where nothing was outstanding on 9 November 2026. Our memo scores it 69 out of 100, a B, and puts the chance it fails to pay within a year at about 2.2%.
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KI-Analyse
KILoan originator memo · Tigo Finance · North Macedonia
Tigo Finance: how likely is it to fail to pay its lenders?
This memo answers one question: the chance that Tigo Finance DOO Skopje — Eleving Group's lender in North Macedonia, called Finmak until recently — fails to pay its lenders in the next 12 months, and why. It replaces our memo of 13 September 2026.
Update, 9 November 2026In October 2026 Eleving Group repaid most of the money its companies had borrowed on Mintos, using a new €200 million bond (9%, due 2032). On 9 November 2026 Mintos showed €0 lent to Tigo Finance by its investors (13 September: €8.6 million). The company is still listed as active on Mintos, but there is little or nothing to invest in now. Eleving uses Mintos as a flexible source of money and has come back before. This memo describes the risk if its notes return or if you still hold some.
THIS IS NOT FINANCIAL ADVICE. 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.
Our score
69/ 100
B Sound
ABCDE
2.2%about 1 in 45 for Tigo itself
3.0%about 1 in 33 for its parent group, which is worse — so its guarantee confirms this answer rather than improving it
Where that sits on our scale
A B carries a portfolio limit of 12%, which is tighter than North Macedonia's country limit of 15%, so the grade limit governs. It counts inside the Eleving group's own limit. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
Small, very profitable, very well cushioned — with a high-loss product and one liability nobody has named
It makes a great deal of money for its size. It kept 26.10 denars of every 100 in 2024 and about 24.97 in 2025 — profit of 350.6m denars (€5.70m) and then 271.7m (€4.42m), against 161.0m (€2.62m) in the hard year of 2023. Owners' money funds 53.6% of the balance sheet, up from 49.5% a year earlier, and nothing is lent to its group.
A quarter of its loan book has defaulted, and that is close to the business model. Loans more than ninety days late were 27% of the book at the end of 2024 and 24% at the end of 2025. It keeps defaulted loans on its books, provided for, until it sells them in bulk — so the share looks alarming by construction. What matters is the cover: 34.7% of the whole book was set aside at the end of 2024, which the audited accounts put at 93% of their own defaulted loans — a wider set than the ageing table above.
The thing we cannot settle is on the funding side. The 2025 summary shows 741m denars of liabilities and names only 128m of them. The other 613m denars — €10.0m, and the largest single item on that side of the balance sheet — is not labelled at all. It is not platform money: the group's own table shows none in North Macedonia at that date. A loan from the group is the likeliest reading, and the audited accounts would say.
And the 2025 figures are not audited. They come from a one-page management summary in the group's format, which counts only customer interest as income — so it is not like-for-like with the two audited years. The figures filed with the company register agree with it on profit to within 0.11%. In earlier years, filed and audited profits differed by 12% to 17%, so agreement between two unaudited sources is not the same as an audit.
Six things would stop us scoring at all and send the answer straight to E — a default, a missed payment to a platform, a regulator pulling a licence, an auditor doubting the company can continue, a broken promise to a lender, or accounts we cannot rely on. None of them applies, on the accounts we have. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. One of them exists — its parent group guarantees this company’s obligations to the company that issues the notes — but this company’s own odds are better than its parent’s, so the guarantee confirms the answer rather than improving it.
💶Financial strengthA
Kept about a quarter of its income in each of the last two years; owners' money 53.6% of assets; interest covered 4.13 times.
📉Loan bookD
24% of the book is more than ninety days late — down from 27%, provided for, and sold on in bulk.
🇲🇰Country: North MacedoniaC
3.09 out of 5. A currency pegged to the euro, and a state that rewrites the rules for fast loans.
⚖️Group and other risksC
Guarantor of its parent's 2030 bonds with its own shares pledged, and the unnamed liability above.
It guarantees its parent's bonds, and its own shares are pledged against them.Tigo is a joint guarantor and pledgor of Eleving's 9.5% bonds due 2030 — €270.0m outstanding at the end of 2025 of €275m issued — with the parent's 94.55% stake in it, its receivables and its trademarks pledged to the bond trustee. It also guaranteed the 2028 bonds (€72.6m of €90m) under a 2023 contract; other group companies' accounts show that contract ended on 24 October 2025, and whether Tigo still guarantees those is not confirmed. North Macedonian law sets no euro cap. Harmless while the parent pays, and more than this company's whole equity if it does not — which is the main way this lender could fail while perfectly solvent on its own.
€10.0m of liabilities with no name on them, and no 2025 audit to ask.The one-page summary gives 741m denars of liabilities and identifies 128m. The rest — 613m denars — is the largest single item on the funding side and is simply not described. We can say what it is not: the group's half-year report shows no platform funding in North Macedonia at the end of 2025, so it is not money owed to investors. A loan from the group is the likeliest reading and we have not assumed it. The audited accounts would settle it in one line, and we could not obtain them.
A cushion this thick is rare in this series, and it has been built rather than injected.Owners' money of €13.9m funds 53.6% of a €25.9m balance sheet, up from 49.5% a year before. Nothing is lent to group companies — the only related-party balance is 7m denars, about €0.1m — so none of our related-party vetoes is in sight. Owners have taken money out every year, 29% to 73% of profit, and never more than the company earned: 197.6m denars (€3.21m) for 2025, 73% of that year's profit.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For Tigo the sum looks like this. Our odds are 2.2% — about 1 in 45. If a lender fails, our house assumption is that about 70% of the money is lost, so the risk costs about 1.5% a year. The average rate on the platform was 7.4% in September 2026, when notes were on offer, which leaves about 5.9% once the risk is paid for. That is one of the thinner margins in this series — not because the company is weak, but because the rate is low: this is a B-grade lender paying less than several D-grade ones.
Three things worth holding on to
1. A quarter in default is not the same as a quarter lost
This lender holds its bad loans, provided for, until it sells them in bulk — 14,990 of them in 2024 for €6.1m, at a gain. A lender that wrote them off monthly would show a far prettier book and the same economics.
2. Two unaudited sources agreeing is not an audit
The management summary and the filed figures agree on 2025 profit to 0.11%. In earlier years, filed figures differed from audited ones by 12%–17%. Agreement tells you the filing was consistent, not that it was right.
3. The biggest risk here is not this company
It guarantees €270.0m of its parent's bonds with its own shares pledged. That is many times its equity, and it is the one exposure its own good management cannot reduce.
What it is
A licensed financial companyMinistry of Finance licence held since August 2017. Renamed back to Tigo Finance from Finmak by April 2026. 26 branches plus online, 178 staff.
What it does
Fast loans and instalment loansThirty-day loans and three- to forty-eight-month instalment loans, from 500 to 400,000 denars. A first home-secured loan was launched in August 2026.
How big
€21.7m of loansAfter provisions, at the end of 2025 — €25.8m by June 2026 on the group's figures, 19% more in six months.
Who owns it
Eleving Group, 94.55%Through a Latvian holding company, with 5.45% held by minority shareholders.
Platform
Mintos, under the group's nameListed as "Eleving Group MK (Tigo)", with the notes issued by SIA Mintos Finance No. 6.
How much is lent through it
€0Read on 9 November 2026 — Mintos's own figure, not independently checked. On 13 September 2026 our capture showed €8.6m (another sheet of it €8.9m); the group reported €5.9m at June 2026 and at 30 September 2026.
What investors are paid
7.4% on averageAs read on 13 September 2026; on 9 November 2026 Mintos showed no average rate, because nothing was outstanding. With a buyback, the receivables pledged to the issuing company, and the parent group's guarantee to that company.
The platform's own score
8.0 of 10Mintos, updated 9 October 2026, read on 9 November 2026 — a platform figure. Its parts: loans performing 7.9, collections 7.8, buyback 9.3, structure 5.5. It was 7.9 in September.
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