Regulated
Bonus running
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- Risk level
- High
- Risk-return
- Medium
- Start from
- €50
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mogo rent
Latvia
AS mogo rent rents cars in Latvia and belongs to Eleving Group; nothing is lent to it on Mintos. Our memo scores it 62 out of 100 but grades it E, because most of its own money is lent to its parent, and puts the chance it fails to pay within a year at 25% or more on its own.
Key figures
- Start from
- €50
Capital at risk. The rate is agreed, not guaranteed: if a borrower defaults you can lose some or all of your money.
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AI 62 MediumOur AI gives this project 62 out of 100: Medium. How the AI score works
Information, not personal investment advice. The AI score rates the documents the platform publishes, can be wrong, and does not predict returns.
AI review
AILoan originator memo · mogo rent · Latvia
mogo rent: how likely is it to fail to pay its lenders?
This memo answers one question: the chance that AS "mogo rent" — the Latvian car-rental company listed on Mintos, formerly AS Renti — fails to pay its lenders in the next 12 months, and why. Nothing is outstanding on the platform today, so this memo is the starting point if it returns rather than a reading on money already lent. It replaces our memo of 13 September 2026, which described the group's support as a letter of comfort; the prospectus shows a guarantee.
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 mogo rent by its investors, as on 13 September: nothing has been on Mintos since at least September. The company is still listed as active on Mintos, but there is 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. Eleving also said in October 2026 that its 13% bonds due 2028 would be exchanged or repaid early by 2 November 2026; what this memo says about those bonds dates from before that.
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
62/ 100
E By veto
ABCDE
3.0%about 1 in 33 with its parent group's guarantee to the Mintos issuer
at least 25%about 1 in 4 on its own, because a veto applies
Where the company's own number sits on our scale
An E carries a portfolio limit of 0% — nothing at all. With the guarantee it would instead count inside its parent group's 12%, and Latvia's country limit of 25% is slacker than either. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
A company whose cushion has been lent to its own parent — standing behind a guarantee from the group above it
On its own figures this is one of the better-looking balance sheets in the group. Owners' money is €4.12m of a €4.60m balance sheet — 90% of everything it holds — it has almost no debt, it has never paid a dividend, and it made €0.68m in 2025 after €0.87m in 2024.
And then you ask what the cushion is made of. About 85% of it is lent to its own parent, AS mogo: €3.52m of €4.14m on its own balance sheet at 30 September 2025. Our line is half the cushion, so this is a veto: at least 1 in 4, grade E, limit nothing. The marks themselves come to 62, which would be a C at about 1 in 29; the veto replaces that answer rather than adjusting it.
A guarantee applies as well, and both can be true at once. The Mintos prospectus for its notes says Eleving Group S.A. guarantees this company's obligations to the SPV, the issuer and Mintos. Our method then takes the better of the two sets of odds, and the parent group's are better: 3.0%, about 1 in 33. The letter does not move — the veto comes from this company's own accounts, and a guarantee does not change those accounts.
The business underneath is small and winding down. It rents used cars — the average one is 19 years old — on long contracts, and it has bought no new cars for rent since December 2021. The fleet is €0.35m and the unpaid balance on its contracts €1.67m. Income of €2.69m in 2025, against €2.24m in 2024, was more car trading than renting, and 15.1% of it was interest paid by the parent it lent the money to.
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. One of them does apply, on the company’s own filed accounts, and it is what the headline grade on this page is published on. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. One of them applies too, and both can be true at once: Eleving Group S.A. guarantees this company’s obligations to the Mintos issuer, so the odds move to the parent’s while the letter stays where the veto put it.
💶Financial strengthC
Profit €0.68m in 2025 and €0.87m in 2024, almost no debt, interest covered 10.7 times.
📉Rental bookD
A run-off book of old contracts: 8% of the unpaid balance more than sixty days late in September 2025, down from 18%.
🇱🇻Country: LatviaA
Marked 4 out of 5 inside this score. Our country memo weighs Latvia 3.74 of 5, a B on that scale.
⚖️Group and other risksB
Guarantor of its parent group's bonds, and its cushion sits with its parent.
The veto: about 85% of the cushion is a loan to its own parent.The company's own balance sheet at 30 September 2025 shows €3.52m of loans to related parties against €4.14m of owners' money — 84.9%. The audited 2024 notes show what that loan is: €3.01m lent to AS mogo at 12% under an agreement of 27 September 2024, repayable by 30 September 2029, against €3.44m of owners' money (87.6%). The filed 2025 accounts show long-term investments of €3.53m against €4.12m (85.7%) but give that line no breakdown, so we read it as mainly the same loan. The interest it earned, €0.41m, is about 11.5% of that balance, close to the 12% the loan carries. The facility runs to €10m, so AS mogo could draw a further €6.5m — more than this company's entire equity. Repayment would lift the veto.
It guarantees its parent group's bonds, and in Latvia that guarantee is uncapped.It is a joint guarantor of Eleving's bonds — €270.0m and €72.6m outstanding at the end of 2025, of €275m and €90m issued — with pledges over its shares, receivables, trademarks and accounts. Together that is about 83 times its own equity, and unlike the bond terms in some other countries, Latvian law does not cap a guarantor's liability at its own assets. The guarantee that helps a Mintos investor and the guarantee that endangers this company are two different documents pointing in opposite directions.
Nothing is outstanding on Mintos, and the 2025 numbers are filed rather than audited by us.Investors had €0.84m here at the end of 2024 and have €0 today; the base prospectus was renewed on 8 January 2026 but nothing has been listed since. On the figures: the 2024 accounts are audited and clean, the 2025 ones are the filed summary — we did not obtain the audit report or the notes. One thing we can check does hold exactly: €3.44m of equity at the end of 2024 plus €0.68m of 2025 profit is €4.12m, which is the 2025 equity to the euro — so no money was taken out.
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 mogo rent the usual sum cannot be finished, and the reason is simple. Nothing is on offer, so there is no rate to weigh anything against. What we can give is our half of it: at the guaranteed odds of 3.0% and about 70% of money lost in a failure, the risk costs about 2.1% a year; on the company's own vetoed odds it would be far more. If notes appear again, that is the number the rate has to beat — and the rate to look for is one that pays for the guarantee being needed, not just for the company.
Three things worth holding on to
1. A veto and a guarantee can both apply
The veto comes from this company's own accounts and fixes the letter at E. The guarantee comes from the group above it and moves the odds to 3.0%. Neither cancels the other, and the page shows both.
2. "Almost no debt" is not the same as "safe"
This company owes almost nothing and is 90% owners' money. It is still vetoed, because what it owns is a claim on the company that owns it.
3. A renamed company is a new memo, not a new company
AS Renti became AS "mogo rent" in March 2025. The platform still shows the old name in its listing. Same company, same history, different label.
What it is
A Latvian car-rental companyFormerly AS Renti, renamed in March 2025. 11 staff on the 2025 filing. It is not a lender.
What it does
Long rent-to-own contracts on used carsThe average car is 19 years old, plus some Teslas. No new cars have been bought for rent since December 2021 — 1 new contract was signed between July 2024 and September 2025.
How big
€1.67m of unpaid rental balanceWith a fleet of €0.35m, at September 2025. Income was €2.69m in 2025.
Who owns it
AS mogo, outrightWhich is part of Eleving Group S.A., rated B with a positive outlook. Its shares are pledged to the group's bondholders.
Platform
Mintos, under its old nameListed as "Eleving Group LV (Renti)", with notes issued by SIA Mintos Finance No. 1.
How much is lent through it
€0Nothing outstanding on 9 November 2026, read from Mintos's public list, as on 13 September 2026; €0.84m at the end of 2024.
What investors are paid
Nothing is on offerNo rate is shown because there is nothing to buy. If notes return there is a buyback, a pledge to the lending vehicle and the group guarantee.
The platform's own score
9.4 of 10Updated by Mintos on 9 October 2026 and read on 9 November 2026 (9.3 in September) — the highest score on Mintos's list, shared with two of its sister companies, for a company our own method vetoes. Worth holding both numbers in mind at once.
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Information, not personal investment advice. The AI score rates the documents the platform publishes, can be wrong, and does not predict returns.
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