Mintos • ID Finance Spain
P2P marketplace
ID Finance Spain
ID Finance Spain lends small, short-term loans to people in Spain under the MoneyMan name. Mintos investors lend it money and earn interest. Our memo scores it 58 out of 100, an E, and puts the chance it fails to pay within a year at 25% or more.
Key project data
Average Rate
9.86%
Outstanding Investments
22.3M EUR
Would AI invest?
58/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
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<div class="ci-memo" data-ai-score="58" id="idfinance-memo">
<header class="hero">
<div class="kicker">Lender memo · ID Finance Spain · Spain</div>
<h1>ID Finance Spain: how likely is it to fail to pay its lenders?</h1>
<p class="muted">IDFinance Spain, S.A.U. lends small, short-term loans to people in Spain under the MoneyMan name. It has been doing so since 2015, it takes no deposits, and Spanish law does not require it to hold a licence. Mintos lists it as "ID Finance". This memo asks one question: what is the chance it fails to pay its lenders back in the next 12 months, and why.</p>
<div class="meta">
<span class="chip">Written 28 September 2026, updated 5 November 2026</span>
<span class="chip">Based on its accounts for 2023, 2024 and 2025, audited by EY, and its own unaudited figures for the first half of 2026</span>
<span class="chip">Checked line by line by a separate reviewer</span>
</div>
</header>
<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>
<!-- ANSWER -->
<div aria-labelledby="ans-h" class="answer">
<div class="score"><div class="sf-left">
<div class="kicker">Our score</div>
<div class="big tabnum"><b>58</b><span>/ 100</span></div>
<span class="grade" data-sf="is1"><i data-sf="is2">E</i> Highest risk band</span>
<div>
<div aria-hidden="true" class="scale"><div data-sf="is3"></div><div data-sf="is4"></div><div data-sf="is5"></div><div data-sf="is6"></div><div class="on" data-sf="is2"></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="sf-right"><div class="odds">
<div class="odd main" data-sf="is7"><b class="tabnum">25% or more</b><span>chance it fails to pay in the next 12 months</span></div>
<div class="odd"><b class="tabnum">1</b><span>finding that stops us at once, and it is in the company’s own audited accounts</span></div>
</div>
<div aria-label="Where 25% sits on our scale of failure chances" class="bands">
<div class="kicker" data-sf="is8">Where that sits on our scale</div>
<div class="bandbar"><span>0–2%</span><span>2–5%</span><span>5–10%</span><span>10–20%</span><span class="on">20%+</span></div>
</div>
<div class="limit"><b>Our framework caps this lender at nothing at all.</b> An E grade means no place in a portfolio on our scale, whatever the rate on offer. That is a convention we apply to every lender we cover, not advice about your money.</div>
</div></div>
<div>
<h2 id="ans-h">It earns well and it earns consistently — but most of the owners’ safety cushion is money owed back to it by its own group</h2>
<p class="muted" data-sf="is9">By the ordinary measures the business is doing well: it made a profit in every year we looked at, it kept about €10.50 of every €100 that came in, and Mintos has not suspended it. One finding stops us anyway: three years running, the money owed to it by companies in the same group was larger than half of the owners’ money in the business, and all three years come from accounts EY audited. A cushion made of claims on your own family cannot absorb your losses. The score of 58 is what our six questions give before that finding is applied; it takes the answer to at least 25%. Each figure below shows the odds as if that were the only risk the company faced.</p>
<div class="subs">
<div class="sub"><div class="top">💶 Earnings and safety cushion <em data-sf="is5">C</em></div><b class="tabnum">about 3%</b><p>Good earnings, thin real cushion: take out a tax saving it can only use if it keeps making profits, and everything the group owes it, and the owners’ money is about 1.5% of what is then left.</p></div>
<div class="sub"><div class="top">📉 Are its loans repaid? <em data-sf="is6">D</em></div><b class="tabnum">about 12%</b><p>A third of everything it had lent out was more than six months late at the end of 2025, and had been at every quarter-end we can see. The price it charged covered that — but the whole business depends on being allowed to charge it.</p></div>
<div class="sub"><div class="top">🇪🇸 How risky is Spain? <em data-sf="is5">C</em></div><b class="tabnum">about 4%</b><p>A rich, stable euro country — but nobody licences this kind of lender, a draft law would change the price it may charge, and courts have been cancelling high-cost loans.</p></div>
<div class="sub"><div class="top">⚖️ Anything else? <em data-sf="is5">C</em></div><b class="tabnum">about 4%</b><p>Its own 2025 accounts are now audited, with a clean opinion; but a €12m bond falls due in October 2026, and the yearly charge for borrower claims rose 73%.</p></div>
</div>
</div>
</div>
<div class="flags">
<div class="flag bd"><strong>1. The finding that stops us: it has lent more to its own group than half of the owners’ money in the business, three years running.</strong>At the end of 2023 companies in the same group and other related parties owed it €19.6m, against owners’ money of €25.0m — half of that money would be €12.5m, so the claims were 79% of the whole cushion. At the end of 2024 it was €18.5m against €27.5m (67%). At the end of 2025, €21.0m against €34.8m (60%). All three years’ figures are from accounts audited by EY. This matters for one plain reason: if the company’s own loans go wrong, the owners’ money is what absorbs the loss — and money owed back to you by your own parent and sister companies cannot do that, because the same trouble that hits you tends to hit them. The audited note names the related parties the company dealt with: the parent, IDF Capital in Mexico, and three Spanish companies, Debt Management Partners, ID Finance Plazo and Plazo Credit. But it gives one combined total for all five instead of a figure for each (€2.8m of unpaid amounts owed to it, and €15.6m of loans, at the end of 2024), so it does not say which company owes what, or on what terms. The audited 2025 note drops Debt Management Partners from the list and adds Lending Go. Two of those names carry the group’s Plazo brand, which the group’s audited report describes as lines of credit given to people in Spain through a card: a different product from this company’s, but the same country, the same courts and the same draft law, even if a cap aimed at high-cost lending would not necessarily reach a card.</div>
<div class="flag ok"><strong>2. Its own 2025 accounts are now audited, by EY, with a clean opinion.</strong>EY’s report on the company’s own 2025 accounts is dated 15 April 2026 and says they "give a true and fair view of the financial position of the Company as at 31 December 2025". It carries no qualification and no warning about the business’s ability to continue. Mintos lists it as "Audited Financials 2025", and we read it on 5 November 2026. Every 2025 figure in this memo is the same in the audited accounts as in the company’s earlier unaudited file. The only differences we found are of €1,000 to €2,000 inside two notes, and the audit fee: €72,000 for 2025 and €73,000 for 2024, where the unaudited file said €70,000 and €60,000. Two cautions remain. Like the 2023 and 2024 reports, it covers accounts drawn up for a particular purpose rather than the official Spanish filings. And on 28 September 2026 the file on the company’s own website labelled "Financial Statements ID Finance Spain 2025 - Audited" was EY’s report on the <em>consolidated</em> accounts of the parent, ID Finance Investments, S.L. — consolidated meaning the parent and every company it owns added together into one set of figures, which is a different set of numbers (interest and related income €243.1m, assets €267.1m) from the company’s own (€190.3m and €147.9m).</div>
<div class="flag wt"><strong>3. A €12m bond falls due on 26 October 2026, and we found no plan for it.</strong>It held €4.6m of cash at 30 June 2026. At the last year-end, €41.6m of its borrowings fell due within twelve months; its total borrowings fell by €7.2m over the first half of 2026, though the file does not show how much it paid back and how much it newly borrowed, and it publishes no updated table of what falls due when. In September 2026 the group announced a €21m facility from the German asset manager nordIX, described as being "to finance new consumer loans" — the announcement does not say which company in the group borrows it, how much has been drawn, or that any of it repays the bond.</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 fails</b>, and <b>how much of your money would you lose if it did</b>. Put those together and you can see whether the reward is worth it.</p>
<div class="wbox">
<p data-sf="is10"><b>For ID Finance Spain:</b> at least a <b>25% chance</b> of failing in the next 12 months. If we assume about 30% of the money comes back in that case, the risk costs at least <b>17.5% a year</b> — more than the <b>9.86%</b> the loans pay. On these numbers the rate does not cover the risk it carries.</p>
</div>
<details class="wmore">
<summary>Show how this works</summary>
<div class="wgrid">
<div class="wcard"><h3>1. The rate is a promise, not a result</h3><p>An advertised 9.86% is what you are promised if everything goes well. What you keep is that rate minus what failures cost you. So the rate on its own tells you very little — and the highest rates on a platform are usually the ones being paid for a reason.</p></div>
<div class="wcard"><h3>2. Put a price on the risk</h3><p><b>Risk cost = chance of failing × share of your money you would not get back.</b> Nobody knows the second number in advance. How much comes back has varied widely from case to case. We use 30% back, 70% lost, as our own working assumption so that memos can be compared with each other — it is not a measured figure, and the answer moves a lot if you choose differently.</p></div>
<div class="wcard"><h3>3. Compare like for like</h3><p>Take two imaginary lenders. One pays 14% but has a 17% chance of failing within the year: the risk costs about 11.9% a year, leaving roughly 2%. The other pays 9% with a 2.5% chance: the risk costs about 1.8%, leaving about 7%. The bigger number on the screen can easily be the worse one.</p></div>
</div>
<div class="sum">
<b>ID Finance Spain, worked through</b>
<div class="tscroll"><table>
<thead><tr><th> </th><th>On our numbers</th></tr></thead>
<tbody>
<tr><td>Chance of failing in a year</td><td>at least 25%</td></tr>
<tr><td>Loss if it fails (70%)</td><td>× 0.7</td></tr>
<tr><td><b>Risk cost a year</b></td><td><b>at least 17.5%</b></td></tr>
<tr><td>Rate offered on Mintos</td><td>9.86%</td></tr>
<tr><td><b>Left after the risk cost</b></td><td><b>less than nothing</b></td></tr>
</tbody>
</table></div>
<p data-sf="is11">Two things this arithmetic leaves out. Our 25% is a floor, not an estimate — once a finding of this kind appears we stop counting, so the true figure could be higher, and it could also be lower than the floor if the finding turns out to be harmless. And a real failure does not arrive as a yearly cost; it arrives all at once, which is why how much you put in one place matters as much as the rate.</p>
</div>
<p class="fine"><b>Where our number comes from:</b> we score six questions out of five, weight them into a score out of 100, and convert that score into a chance of failure using the long-run default rates that S&P publishes for companies of each credit quality. Some findings override the score entirely and set the answer to at least 25%: lending more than half the owners’ money to people or companies connected to it, an auditor who will not sign off cleanly, an audit report carrying a material uncertainty about the business continuing, a broken financial promise to lenders — a minimum the company has to stay above — late payments to investors, or owners taking out more than the business earned two years running. A finding has to be about the company itself, not about its owner or the platform it lends through. This company has one of them. It is our own estimate from public documents — not a credit rating, not a market price, and not a promise about what will happen.</p>
</details>
</div>
<!-- GLANCE -->
<div class="band">The company at a glance</div>
<div class="glance">
<div class="tile"><div class="k">What it is</div><b>A lender that needs no licence</b><p>Spanish law does not require a licence for this kind of lending, so no financial regulator supervises it. It takes no deposits. A draft law published in January 2026 would put lenders like it under the Bank of Spain; in September 2026 it was still a draft.</p></div>
<div class="tile"><div class="k">Who it lends to</div><b>People, in small amounts</b><p>Loans of €100 to €1,600, for five days to four months, averaging about €430. Late-payment charges run to 1.32% a day. Everything is done online, with about 180 staff.</p></div>
<div class="tile"><div class="k">How much it lends</div><b class="tabnum">€403m in 2025</b><p>Across 939,222 loans, up from €330m across 785,548 loans in 2024 — the figure in the audited 2024 report; the 2025 accounts restate 2024 as €334m without saying why. What it still held at the end of 2025, after setting money aside for losses, was €101.5m.</p></div>
<div class="tile"><div class="k">Who owns it</div><b>One holding company in Barcelona</b><p>ID Finance Investments, S.L. owns all of it. Registered share capital is €60,000.</p></div>
</div>
<div class="band">Where an investor can lend to it</div>
<div class="glance">
<div class="tile"><div class="k">Platform</div><b>Mintos</b><p>Listed there as "ID Finance".</p></div>
<div class="tile"><div class="k">Borrowed from investors</div><b class="tabnum">€22.3m</b><p>4 November 2026 — Mintos’s own figure. It was €25.2m on 20 September 2026 and €23.0m on 13 September 2026. Mintos also publishes a €31.7m "loan portfolio" figure for it, which is neither the company’s own book (€101.5m at the end of 2025) nor what investors hold, and which Mintos does not define anywhere we could find.</p></div>
<div class="tile"><div class="k">Average rate</div><b class="tabnum">9.86%</b><p>4 November 2026 — Mintos’s own figure.</p></div>
<div class="tile"><div class="k">Payments to investors pending</div><b class="tabnum">€0.18m</b><p>13 September 2026 — €183,600 across its three positions, three to four days behind on average. That is 0.8% of what investors had lent it. Platform-wide the figure was 1.0% that day, but that average is pulled up by a handful of lenders in real trouble: the midpoint of the 32 lenders was 0.15%, and nine of the 32 were worse than this one. So it reads as ordinary settlement delay rather than a stoppage — though not as unusually clean. It is not one of the findings that stops us either way: those come only from a company’s own accounts, never from platform data. It does not appear on Mintos’s suspension or recovery lists, checked 21 September 2026.</p></div>
<div class="tile"><div class="k">Mintos Risk Score</div><b class="tabnum">7.5</b><p>Updated 9 October 2026 — Mintos’s own score, not ours. Its four parts: how the loans are performing 7.4, how well it runs collections 9.0, how good its promise to buy back late loans is 7.8, and how the deal is put together 4.0.</p></div>
</div>
</div>
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Platform offering this project
Mintos LV
Return Level
High
Risk Level
High
Risk Return Level
Medium
Min. Investment
EUR 50
Total Funded
EUR 13100.0M