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Mogo Georgia
Georgië
Mogo LLC leases and lends against cars in Georgia and belongs to Eleving Group. Mintos investors lend it money and earn interest. Our memo scores it 77 out of 100, a B, and puts the chance it fails to pay within a year at about 1.3%.
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AILender memo · Mogo Georgia · Georgia
Mogo Georgia: how likely is it to fail to pay its lenders?
Mogo LLC leases and lends against cars in Georgia. It is owned by Eleving Group, the Luxembourg company behind the Mogo lenders, and Mintos lists it simply as Mogo LLC. This memo asks one question: what is the chance that Mogo LLC fails to pay the people who lend to it in the next 12 months, and why. The answer is one number. Its parent guarantees it to the Mintos issuer, but the parent's own odds are worse than this company's, so the guarantee does not improve the answer; we say why below.
Update, 9 November 2026In October 2026 Eleving Group repaid most of its Mintos borrowing with a new €200 million bond (9%, due 2032). Mogo Georgia still has €3.0 million from Mintos investors (9 November 2026; 13 September: €4.7 million), so less is on offer than this memo’s figures suggest.
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
77/ 100
B Sound
ABCDE
About 1 in 80chance of failing to pay in the next 12 months (about 1.3%), on its own numbers
About 1 in 33Eleving Group's own odds (3.0%). It guarantees this company to the Mintos issuer, but its odds are worse, so they do not replace ours
Our scale
On our scale a B carries a portfolio limit of 12%. That sits inside Georgia's country limit of 15%, and it is counted inside the 12% we allow for all Eleving companies added together. The guarantee does not change the number: Eleving carries a Fitch rating and the Mintos prospectus says it guarantees this company's obligations to the issuer, but Eleving's own odds are worse than this company's. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
The answer: a B, about 1 in 80 — the strongest numbers in this series, with one audit caveat we could not see resolved
Start with the numbers, because they are the best in this series. On them, Mogo LLC scores 77 — a B. It kept €43.09 of every €100 of income in 2024, which makes it the most profitable lender in this series. Owners' money is 91% of everything it owns. It has almost no debt: interest took €0.59 of every €100. Those are the best figures in the corpus.
The caveat is the audit opinion. BDO Audit in Tbilisi qualified its opinion on the 2024 accounts, as it did on 2023 and 2022, and the previous auditor qualified 2021 — 4 years running. The reason is specific and small in money: the company has not booked a disputed transfer-pricing tax assessment. Had it done so, tax liabilities would be GEL 2.73m higher and retained earnings GEL 2.73m lower at the end of 2024 — about 4% of the owners' money.
Why this is not a veto. A qualified opinion is one of the findings that can stop us scoring, and we apply one only when we are sure the risk is real and current. The latest qualified opinion we hold is on the 2024 accounts. The 2025 audit report should be out by now and we could not find it, so we do not know whether the opinion is still qualified. The item behind it is small against the cushion, the company has appealed, and the qualification does not say the rest of the accounts are unreliable. So the grade comes from the score, and the caveat is in the warning signals below. In plain words: Its auditor qualified the accounts for 2021 to 2024 because a disputed tax bill of about GEL 2.7m (about 4% of the company’s own money) is not booked, and we could not see the 2025 audit report; if the court rules against the company, that money would come out of its cushion, and if the 2025 opinion is qualified again, the accounts carry the same caveat for a fifth year.
The second number is the parent's. Mintos's base prospectus of 12 March 2026 states that Eleving Group S.A. — rated B by Fitch, with a positive outlook — guarantees this company's obligations towards the issuer, SIA Mintos Finance No. 1. Under our method a guarantee from a rated parent replaces the subsidiary's odds with the parent's: about 1 in 33. This company's own odds, about 1 in 80, are better, so the guarantee does not improve the answer. It also runs to the Mintos company, not to you directly.
Four things decide the score, and three of them are strong:
💵Financial strengthA
Keeps about €43.09 of every €100 and has almost no debt. GEL 12.2m (€4.16m) of profit in 2024.
📉Loan bookC
About 10.83 of car loans more than 60 days late, steady for two years, and every loan secured on a vehicle.
🇬🇪Country: GeorgiaC
Grade C (2.86). Strong growth and a strong lari, against a government with weak checks on it.
⚖Group and other risksD
Qualified audits, it holds its own parent's bonds, and it guarantees those bonds too.
Qualified audits, four years running — and the 2025 report not found.BDO Audit (Tbilisi) qualified 2022, 2023 and 2024, and the previous auditor qualified 2021, all over a transfer-pricing tax assessment the company has not booked — GEL 2.73m, about 4% of equity. Eleving's 2025 report says the tax was withheld from an overpayment, the case is at Tbilisi City Court, and further audits of 2019 to 2022 have been opened; it expects no significant outflow, having assessed the possibility as remote. Its auditor qualified the accounts for 2021 to 2024 because a disputed tax bill of about GEL 2.7m (about 4% of the company’s own money) is not booked, and we could not see the 2025 audit report; if the court rules against the company, that money would come out of its cushion, and if the 2025 opinion is qualified again, the accounts carry the same caveat for a fifth year. We re-test when the 2025 audit report appears.
Part of the cushion is lent back to the owner.At June 2025 the company held GEL 13.4m of its own parent's bonds — about €4.2m — plus GEL 0.3m of coupons owed and GEL 0.4m in an Uzbek subsidiary. Together 18% of the owners' money, below the 50% line that would be a veto. Money a subsidiary lends to its parent is not a cushion against the parent's trouble.
And it guarantees its parent's bonds.Mogo LLC is a joint guarantor of Eleving's 2028 bonds (€72.6m outstanding at end-2025, of €90m issued) and 2030 bonds (€270.0m, of €275m). The guarantee is capped only where Georgian law requires it, and then at €100m and €250m — both many times this company's size. The support runs both ways, and the direction that would hurt is the larger one.
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: about 1 in 80 on the company's own numbers. Its parent's guarantee would set the odds at Eleving's own, about 1 in 33, which is worse, so the company's own number is the one we publish.
On our numbers: about a 1.3% chance of failing in a year. If about 70% of the money were gone in a failure — our working assumption, not a measured figure — the risk costs about 0.9% a year, against the 10.38% average rate Mintos showed on 9 November 2026. That leaves about 9.5% once the risk is paid for. It is our estimate from public documents, not a promise.
What you own
Notes issued by a Mintos company, which lends the money on to Mogo LLC, with the receivables pledged to the issuer.
What stands in front of you
GEL 76.5m of owners' money — 91% of what the company owns — and Eleving's guarantee to the Mintos company.
What would hurt most
Not this company's own trading. Trouble at its parent, whose bonds it holds, or a call on the guarantees it has given that parent.
🏦
A car leasing company
Leasing needs no licence in Georgia. Based in Tbilisi, trading since 2014.
🇬🇪
Georgia
Leasing and leaseback on cars. The average loan is about €3,195 over 46.5 months.
📈
A €26.1m gross book
At 31 December 2025, from the Mintos prospectus. Eleving reports €27.0m net at 30 June 2026, up 18% in six months.
💪
Owners' money is 91% of assets
At June 2025, unaudited. No dividends have been paid since at least 2021.
🏢
Owned by Eleving Stella UAB
100%, in Lithuania. The ultimate parent is Eleving Group S.A. in Luxembourg.
🟦
On Mintos as "Mogo LLC"
The notes are issued by SIA Mintos Finance No. 1.
💰
€3.0m outstanding
Read on 9 November 2026 — Mintos's own figure, not independently verified. See the update at the top for the September figure.
📊
10.38% paid to investors
The average rate on its Mintos notes, read on 9 November 2026 — a platform figure.
🔁
A pledge and a parent guarantee
The receivables are pledged to the issuer, and Eleving guarantees Mogo LLC to that issuer — not to investors.
⭐
Risk Score 9.0
Mintos, updated 9 October 2026, read on 9 November 2026 — a platform figure. Its parts: loans performing 10.0, collections 8.5, buyback 9.3, structure 5.5. It was 8.9 in July.
De volledige analyse behandelt de lener of het bedrijf, de zekerheid, de kasstroom, de risico's en een oordeel. Log in om deze te lezen.
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