Mintos • CashCredit
Mercado P2P
CashCredit
Cash Credit Mobile EAD makes small instalment loans in Bulgaria from 61 offices, most of them with a guarantor. Mintos investors lend it money and earn interest. Our memo scores it 56 out of 100, a C, and puts the chance it fails to pay within a year at about 4.5%.
Key project data
Tasa promedio
9.99%
Inversiones abiertas
5,69M EUR
Would AI invest?
56/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
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<div class="ci-memo" data-ai-score="56" id="cashcredit-memo"><header class="hero">
<div class="kicker">Lender memo · CashCredit · Bulgaria</div>
<h1>CashCredit: how likely is it to fail to pay its lenders?</h1>
<p class="muted">Cash Credit Mobile EAD is the Bulgarian lender Mintos investors know as CashCredit — small instalment loans of about €420 on average, up to €5,000, from 61 offices, <b>most of them requiring a guarantor</b>. 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 13 October 2026</span>
<span class="chip">Based on its audited accounts for 2022, 2023 and 2024, with unmodified opinions</span>
<span class="chip">And on its own unaudited management accounts for the first nine months of 2025</span>
<span class="chip">Also from the Mintos base prospectus of 21 January 2026, Bulgarian rule changes and Mintos data read on 5 November 2026</span>
<span class="chip">Figures in Bulgarian leva, with euros at the fixed rate of 1.95583 leva to the euro</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>56</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="sf-right"><div class="odds">
<div class="odd main"><b class="tabnum">about 4.5%</b><span>that it fails to pay in the next 12 months — about 1 in 22</span></div>
<div class="odd"><b class="tabnum">no second number</b><span>the guarantee comes from an unrated sister, not a rated parent</span></div>
</div>
<div aria-label="Where this number sits on our scale of failure chances" class="bands">
<div class="kicker" data-sf="is6">Where that sits on our scale</div>
<div class="bandbar"><span>0–2%</span><span>2–5%</span><span class="on">5–10%</span><span>10–20%</span><span>20%+</span></div>
</div>
<div class="limit"><b>A C allows 6% of a portfolio.</b> Bulgaria is a C country on our scale and would allow 15%, which does not bind, so 6% is the figure. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.</div>
</div></div>
<div>
<h2 id="ans-h">Well capitalised and getting smaller — and a draft law is aimed at the way it lends</h2>
<p class="muted" data-sf="is7"><b>The cushion is the good news, and it is real.</b> Owners' money is €3.79m against €6.85m of assets — <b>55% at the end of 2024 and 53% by September 2025</b>. Very few lenders in this series are funded that way. The qualification is size rather than proportion: 55% of a small balance sheet is still only €3.79m.</p>
<p class="muted" data-sf="is7"><b>The direction is the worry.</b> Of every €100 of revenue the company kept <b>€23.79 in 2023, €12.92 in 2024 and €8.67</b> in the first nine months of 2025. Profit fell 53% between the two audited years, from BGN 1.09m to BGN 0.52m, and nine months of 2025 brought BGN 0.29m. Revenue fell too. <b>Running the business now takes about €70 of every €100</b>, against €54.68 in 2023.</p>
<p class="muted" data-sf="is7"><b>Late loans tripled in five quarters</b> — from 3.2% of the book more than ninety days late in June 2024 to <b>9.5%</b> in September 2025. The reported cost of bad debts did not rise with them, and the reason is the next paragraph.</p>
<p class="muted" data-sf="is7"><b>The credit risk of this book sits with a sister company.</b> Cash Credit EAD guarantees most of the loans, and CashCredit books no loss on a loan it treats as fully guaranteed. At the end of 2024 that sister owed it <b>BGN 21.0m of overdue guaranteed instalments</b>, up from BGN 18.2m a year earlier — <b>283% of CashCredit's own equity on its own</b>. It is set off against BGN 25.4m that CashCredit owes the sister. The same company also guarantees CashCredit's obligations to the Mintos issuer. <b>It is unrated, it is small, and it is already carrying this book's losses.</b></p>
<p class="muted" data-sf="is7"><b>And a draft law is aimed at exactly how this company lends.</b> Most of its loans require a guarantor and some of its branches are franchises. The bill passed committee at first reading on 16 September 2026, and on 9 October the governing side set out the amendments it will table between the readings: <b>a ban on the franchise model</b>, fees abolished where they are used to get round the cost cap, and a borrower who was not properly assessed repaying <b>only the principal, with no interest</b>. <b>None of it is law yet.</b></p>
<p class="muted" data-sf="is8">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 to this company — but section 4 explains how close one comes. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. Neither applies. There is a written guarantee, but it comes from an unrated sister company rather than a rated parent, so it earns no uplift under our method and there is no second number on this page.</p>
<div class="subs">
<div class="sub"><div class="top"><span>💶</span><b>Financial strength</b><span class="st ok">B</span></div><p>Owners' money is 55% of assets. But profit has more than halved since 2023 and interest cover has fallen to 1.6 times, or 1.7 with depreciation added back.</p></div>
<div class="sub"><div class="top"><span>📉</span><b>Loan book</b><span class="st bd">D</span></div><p>Loans over ninety days late went from 3.2% to 9.5% in five quarters. The low reported losses rest on a sister's guarantee.</p></div>
<div class="sub"><div class="top"><span>🇧🇬</span><b>Country: Bulgaria</b><span class="st wt">C</span></div><p>Grade C (3.30 out of 5). The euro since January 2026, a 52% cost cap, and a new consumer-credit law in parliament.</p></div>
<div class="sub"><div class="top"><span>⚖️</span><b>Group and other risks</b><span class="st bd">E</span></div><p>The whole book's credit risk sits with an unrated sister; there are errors in the audited notes; and the draft law targets guarantors and franchises.</p></div>
</div>
</div>
</div>
<div class="flags">
<div class="flag bd"><strong>The audited 2025 accounts were due on 30 September 2026 and we could not find them.</strong>They would be the <b>first audited by Grant Thornton</b>, which replaces the registered auditor who signed 2022 to 2024. We searched on 13 October 2026 and found nothing published; that is not the same as establishing they do not exist, but the date has passed. <b>Everything newer than December 2024 in this memo is unaudited</b> — and those nine-month figures carry their own problems: the profit statement is headed only "2025" and sets nine months against the full year 2024, and the equity statement dates the September 2025 balance "2024".</div>
<div class="flag bd"><strong>Gross, the claim on the sister company is almost four times the cushion. Net, it is nothing.</strong>CashCredit's claims on Cash Credit EAD come to BGN 27.8m — <b>375% of equity</b> — against BGN 27.6m it owes the same company, leaving a net BGN 0.2m, or 3%. <b>We accept the netting</b>, because these are servicing and guarantee-settlement balances rather than loans and the auditor accepted them presented net, so our connected-lending veto does not fire. <b>If that set-off failed, or the balances turned out to be lending, the gross figure would break the 50% line more than seven times over.</b> The company's low reported losses depend on the offset holding and on the sister staying solvent.</div>
<div class="flag wt"><strong>Mintos money now exceeds the company's own.</strong>Mintos funding rose from BGN 4.0m in 2023 to BGN 6.4m — about €3.3m — by September 2025, and the platform showed <b>€5.7m outstanding</b> on 5 November 2026, against €3.79m of owners' money: <b>1.5 times</b>. Mintos itself cut the buyback-strength part of its score on 9 July 2026 for "higher funding diversification risk", and that is the same observation.</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="is9"><b>For CashCredit:</b> Mintos showed an average investor rate of <b>10.0%</b> a year on 5 November 2026. On our reading the chance of the company failing in the next twelve months is about <b>4.5%</b>. If about 1 in 22 lenders like this one fail in a year and about <b>70%</b> of the money is gone when they do, the risk costs about <b>3.2% a year</b>, and about <b>6.8%</b> is left once the risk is paid for. That is our arithmetic on our own scale, and you are entitled to disagree with the scale; what you should not do is read the 10.0% on its own. <b>One thing the arithmetic cannot price is the draft law</b>, because nobody knows what will be in it.</p>
</div>
<details class="wmore">
<summary>Three things worth holding on to</summary>
<div class="wgrid">
<div class="wcard"><h3>1. A thick cushion on a small balance sheet is still a small cushion</h3><p>55% of assets is excellent. €3.79m is not much money. Both sentences are true and the second is the one that matters if something large goes wrong.</p></div>
<div class="wcard"><h3>2. Reported losses and actual arrears have come apart</h3><p>Loans more than ninety days late tripled while the bad-debt charge stayed near zero. That is the guarantee working as designed — and it moves the question from this company to its sister.</p></div>
<div class="wcard"><h3>3. A law that is not law yet is still worth reading</h3><p>The amendments announced on 9 October would ban the franchise model and strip out fees used to get round the cap. CashCredit uses franchises and guarantors. Nothing has been voted.</p></div>
</div>
</details>
</div>
<!-- GLANCE -->
<div class="glance">
<div class="tile"><div class="k">What it is</div><b>A registered non-bank lender</b><p>On the Bulgarian National Bank's register under article 3 of the Credit Institutions Act. Bulgaria only, 61 offices — <b>some of them run as franchises</b> — with about 25% of its loans in Sofia.</p></div>
<div class="tile"><div class="k">What it sells</div><b>Small instalment loans</b><p>About €420 on average, up to €5,000, at an annual cost of up to 50%. <b>Most require a guarantor</b>, which is the feature the draft law would restrict.</p></div>
<div class="tile"><div class="k">How big</div><b>€7.26m of loans</b><p>BGN 14.2m at September 2025. Revenue was BGN 4.02m — about €2.05m — in 2024, down from BGN 4.60m.</p></div>
<div class="tile"><div class="k">Who owns it</div><b>Cash Credit Invest Holding AD</b><p>Through Cash Credit Bulgaria EOOD, and controlled by Georgi Boyanov Krumov and Plamen Vasilev Petrov. The owner changed in December 2022 from a Cayman Islands company.</p></div>
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<div class="tile"><div class="k">Platform</div><b>Mintos, as "CashCredit (BG)"</b><p>The notes are in euros and are issued by SIA Mintos Finance No. 5. You do not lend to CashCredit directly.</p></div>
<div class="tile"><div class="k">How much is actually lent</div><b>€5.7m</b><p>Outstanding on 5 November 2026 on the platform's own figure.</p></div>
<div class="tile"><div class="k">Rate and protection</div><b>10.0%, buyback plus a sister's guarantee</b><p>A 60-day buyback, a pledge, and Cash Credit EAD guaranteeing CashCredit's obligations to the Mintos issuer — expressly <b>not the issuer's obligations towards investors</b>.</p></div>
<div class="tile"><div class="k">The platform's own score</div><b>Mintos Risk Score 6.6</b><p>As we read it on 5 November 2026. Mintos last updated it on 9 October 2026, up from 6.4, when the portfolio-performance part rose; it had cut the buyback-strength part on 9 July 2026. That is Mintos's number, not ours.</p></div>
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Platform offering this project
Mintos LV
Return Level
Alto
Risk Level
Alto
Risk Return Level
Mediano
Inversión mínima
EUR 50
Financiado
EUR 13100,0M