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OnlineKazFinance (Solva)
Kazajistán
JSC MFO OnlineKazFinance lends money online to small businesses and people in Kazakhstan under the Solva brand. Mintos investors lend it money and earn interest. Our memo scores it 25 out of 100, an E, and puts the chance it fails to pay within a year at 25% or more.
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- Tipo medio
- 13.94%
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- Cartera de préstamos
- €76,668,916
- Desde
- €50
Capital en riesgo. El tipo está pactado, no garantizado: si un prestatario incurre en impago, puede perder una parte o la totalidad de su dinero.
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IA 25 BajaNuestra IA da a este proyecto 25 de 100: Baja. Cómo funciona la puntuación de la IA
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Análisis de la IA
IALender memo · OnlineKazFinance (Solva) · Kazakhstan
OnlineKazFinance (Solva): how likely is it to fail to pay its lenders?
JSC Microfinance Organization OnlineKazFinance lends money online to small businesses and people in Kazakhstan under the brand Solva. Investors reach it through Mintos, where it is listed as IDF (OnlineKazFinance) and is the platform's largest Kazakh exposure. This memo asks one question: what is the chance that OnlineKazFinance fails to pay the people who lend to it in the next 12 months, and why.
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
25/ 100
E Avoid
ABCDE
At least 1 in 4chance of failing to pay in the next 12 months (25% or worse)
0% — nothingof a portfolio — our framework limit for an E
Our scale
An E carries a portfolio limit of 0% — nothing. Kazakhstan is a D country on our separate country scale, which allows 5% for all Kazakh lenders added together; that does not matter here, because the grade limit is nothing. No group uplift: the two guarantors named in the Mintos prospectus are unrated companies under the same control, one of them itself suspended on Mintos, and the shareholders' letters of support come from holding companies thinner than this company. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
The answer: at least 1 in 4 — three separate findings in the company's own audited accounts override the score
Start with what is not our judgement. The three findings below are quotations from the company's own 2025 accounts and from PwC's report on them, signed 24 June 2026. We did not infer them, and the company does not dispute them — it published them.
One: the auditor doubts the company can continue. PwC's report states that "a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern". The opinion itself is unmodified — PwC signed the accounts as a fair presentation — but that paragraph is one of the findings our method treats as overriding any score.
Two: its lenders can call their money. Covenants on capital adequacy, return on assets and loans more than 30 days late were breached, and KZT 53.2bn of borrowings is therefore shown in the accounts as repayable on demand. Mintos investors' KZT 24.2bn is inside that figure. Waivers have been given, and they expire between June and December 2026 — one of them "subject to net profit for 2026".
Three: a large part of the cushion is owed back by sister companies. Balances with related parties were KZT 9.98bn against owners' money of KZT 16.7bn — 60%, where our method overrides the score above 50%. KZT 5.3bn of it went in 2025 to FintechFinance, the Moneyman lender that Mintos has since suspended.
And the business behind those findings lost half its equity in a year. Of every €100 of income in 2025, interest took €49.76 and bad debts €44.18; the loss was €−21.12 of every €100, or KZT 12.0bn — about €20m. On the numbers alone the score is 25, which is an E before any veto is applied — that score on its own gives about 23.0%. The vetoes put a floor of 25% under the answer, and we publish the floor, because it is the higher of the two and because a floor is the honest shape for a company whose next year depends on what individual lenders decide to do.
Four things decide the score, and three of the four are at the bottom of the scale:
💵Financial strengthE
Lost KZT 12.0bn in 2025, about half the owners' money. Interest was covered 0.59 times — less than once.
📉Loan bookE
Loans 30 or more days late doubled to 24.5% of the book in 2025; 27.7% of the book is credit-impaired.
🇰🇿Country: KazakhstanD
A 46% cost cap, a 10% bad-loan cap it already sits at, and a regulator that questioned its provisions.
⚖Group and other risksE
Going-concern doubt, callable debt, KZT 5.3bn lent at 8% to a sister company Mintos has suspended.
Three vetoes, all of them in the audited 2025 accounts.In PwC's own words, "a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern". Covenants on capital adequacy, return on assets and 30-day arrears breached on KZT 53.2bn, now shown as payable on demand. Related-party balances of KZT 9.98bn against equity of KZT 16.7bn — 60%. Three of them apply, and all three are in the company's own audited accounts rather than in anything we worked out: the auditor's material uncertainty about the company continuing, borrowings in covenant breach, and lending to connected companies above half the owners' money.
Payments to Mintos investors were running late when we looked.On 13 September 2026 Mintos's own performance page showed €1.67m of payments pending, an average of 12 days, and 20.4% of the €72.2m shown there as late. That is not a declared default, and we are not calling it one. It is the specific signal we watch for, and it was present.
The owners are reported to have changed, and we could not verify it.Forbes Kazakhstan reported on 10 August 2026, citing notices on the AIX exchange, that the founders transferred their Class A shares in the holding company to AG Holding Ltd on 6 August 2026. We have not seen the AIX notices or the register entry. We report it because a change of owner during a going-concern uncertainty matters, and we mark it unverified because it is.
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 cannot pay, and what would you get back if it could not. This memo answers the first. On the second, the honest answer here is that we do not know: the two guarantees in the prospectus run to the Mintos company and not to investors, and the lenders who can call their loans on demand would be in the queue first.
At least a 1 in 4 chance of failing to pay in a year is not a prediction that it will happen. It is the floor our method puts under the odds once findings like these appear, and it is deliberately a floor rather than a best guess.
What you own
Notes issued by a Mintos company, in euro, tenge or roubles, which lends the money on to OnlineKazFinance.
What stands in front of you
KZT 16.7bn of owners' money — 11.0% of what the company owns, and 60% of it owed back by sister companies.
What would hurt most
One lender calling its loan when a waiver expires. KZT 53.2bn is already repayable on demand.
🏦
A licensed microfinance lender
Licence 02.21.0004.M from the Kazakh regulator since 1 March 2021; a joint-stock company since December 2023.
🇰🇿
Kazakhstan, online
The Solva brand. It was the third-largest Kazakh microlender by assets in 2025.
💼
Unsecured business loans
73% of the 2025 book is to small businesses, the rest to individuals. Car-secured lending has only just started.
📉
A KZT 161.0bn gross book
At 31 December 2025, audited — about €271m — with KZT 35.2bn set aside against it.
🔄
Owners reported changed, August 2026
The founders' holding-company shares are reported to have passed to AG Holding Ltd. Not seen in a primary document.
🟦
On Mintos
Notes issued by SIA Mintos Finance No. 27, in euro, tenge and roubles.
💰
About €77m on Mintos
On 9 November 2026 — a platform figure, not independently verified. The platform's largest Kazakh exposure.
📊
13.94% paid to investors
The average rate on its Mintos notes on 9 November 2026 — a platform figure.
⏳
20.4% shown as late
Of the €72.2m on the platform's performance tab on 13 September 2026, with €1.67m of payments pending 12 days on average.
⭐
Risk Score 4.8
Mintos, 9 October 2026 (5.3 on 9 July 2026). Three of its subscores were cut in April 2026, and its buyback-strength part again in October, “due to overdue payments and worse financial performance” — platform figures.
El análisis completo cubre al prestatario o la empresa, la garantía, el flujo de caja, los riesgos y un veredicto. Inicie sesión para leerlo.
Información, no asesoramiento personalizado de inversión. La puntuación IA valora los documentos que publica la plataforma, puede equivocarse y no predice la rentabilidad.
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