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BB Finance
Estonia
BB Finance OÜ lends money to people and small businesses in Estonia under the names Raha24 and HyBa. Mintos investors lend it money and earn interest. Our memo scores it 61 out of 100, a C, and puts the chance it fails to pay within a year at about 3.6%.
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- Średnie oprocentowanie
- 8.49%
- średnia, niegwarantowana
- Portfel pożyczek
- €1,530,000
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Analiza AI
AILender memo · BB Finance · Estonia
BB Finance: how likely is it to fail to pay its lenders?
BB Finance OÜ lends money to people and small businesses in Estonia under the names Raha24, for instalment loans, and HyBa, for credit lines and business loans. Investors reach it through Mintos, where it is listed as BB Finance (EE). This memo asks one question: what is the chance that BB Finance OÜ 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
61/ 100
C Watch
ABCDE
About 1 in 28chance of failing to pay in the next 12 months (3.6%)
6%of a portfolio — our framework limit for a C
Our scale
A C carries a portfolio limit of 6%. Estonia is a B country on our separate country scale, which allows 25% for all Estonian lenders added together; that does not bind, so the grade limit governs. No group uplift: the parent has put its own loans behind Mintos in writing and has money in the company, but our method needs the parent's own odds before it will improve a score, and the parent's accounts were not obtained. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
The answer: about 1 in 28 — a small, profitable, fast-growing lender with creeping arrears and a bond we could not confirm as repaid
The strength is that it is clearly profitable and getting more so. Of every €100 of income it kept €13.51 in 2024, up from €7.21 in 2023, and €12.12 in the first nine months of 2025. Income rose 32% in 2024 as the book grew 25%. KPMG signed clean opinions on both audited years.
The first weakness is how thin the margin over interest is. Interest to its own lenders took €28.75 of every €100 in 2024 and bad debts another €25.76 — together more than half of all income. On our own measure of the audited 2024 accounts, earnings covered the interest bill 1.56 times; on the company's own figures, 1.48 times for 2024 and 1.42 for the first nine months of 2025. Any of those is thin for a lender.
The second is the bond, and it is the main open question in this memo. A €7m bond at 13% was issued in 2023 and matures in 2026. The month is not disclosed anywhere we could read, so as this is written it may already have fallen due. We could not confirm whether it has been repaid or refinanced: the 2025 annual report that would say so is filed but we could not open it. What we can say is that the register showed no tax debt when we checked on 16 October 2026, and Mintos has listed no payment delay or suspension.
The third is the loan book, which is the weakest of the four scores. Loans fully up to date fell from 79.70 to 75.52 of the book during 2024, and loans more than 90 days late rose from 2.88 to 3.76 — about a third higher. Bad debts cost €2.06m in 2024, roughly 11% of the average book.
Four things decide the score, and the loan book is what holds it down:
💵Financial strengthC
Keeps €13.51 of every €100 (2024) and €12.12 in nine months of 2025 — but interest is covered only about 1.48 times.
📉Loan bookD
Loans over 90 days late up from 2.88 to 3.76; bad debts cost about 11% of the book a year.
🇪🇪Country: EstoniaB
The euro, courts that work, a sovereign rated A+. New consumer-credit rules from 20 November 2026.
⚖Group and other risksB
Clean KPMG opinions and a parent that ranks behind Mintos in writing — against a 2023 regulator precept and €0.93m owed by connected parties.
The €7m bond matures in 2026 and we could not confirm what happened to it.It pays 13% (described as 14% and linked to Euribor in the 2023 accounts), was issued in 2023, and is secured on €7.7m of loans. The maturity month is not disclosed. Cash was €0.13m at the end of 2024, alongside a €1.05m term deposit placed in connection with the bond. The 2025 annual report, filed on 30 June 2026, should settle it; we could not open it.
Arrears are creeping up on a book that grew a quarter.Only 75.52 of loans were fully up to date at the end of 2024, down from 79.70. The bucket between one and thirty days late is now almost 14.81 of the book, and most of that is 16 to 30 days. On the Mintos prospectus table, loans more than 360 days late went from 2% through 2024 to 3% in the third quarter of 2025. Provisioning on the worst loans is prudent — 90% covered — which is why this is a D and not an E.
The parent has put itself behind Mintos in writing.BB Finance Group OÜ owns 100% and has signed an agreement with Mintos and the issuer, SIA Mintos Finance No. 47, under which its own loans to the company are repaid only after the company's obligations to Mintos. It had €1.51m lent in at the end of 2024 and €2.07m by September 2025. That is real support with money in it. It is not a guarantee, and it does not improve the score.
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. The second depends on the pledge behind the Mintos notes, on where the bondholders stand, and on the parent's written promise to wait.
A 1 in 28 chance of failing to pay in a year is not a promise about any single loan. It is our estimate for the company as a whole, on the figures we could read.
What you own
Notes issued by a Mintos company, which lends the money on to BB Finance OÜ, with a buyback and a pledge.
What stands in front of you
€4.3m of owners' money, 18.0% of everything the company owns, plus €2.07m of parent loans that have agreed to wait.
What would hurt most
Not the arrears themselves. A €7m bond coming due against €0.13m of cash, if it could not be rolled over.
🏦
A licensed creditor
Licensed by the Estonian Financial Supervision Authority since 25 April 2016.
🇪🇪
Estonia only
Two brands: Raha24 for instalment loans, HyBa for credit lines and business loans.
💳
Unsecured consumer loans
Rates of 15.26% to 46.50% a year over 5 to 120 months. The average borrower is about 40.
📈
A €23m gross book
At September 2025; €19.8m net at the end of 2024. 25 people worked there in the last quarter of 2025.
🏢
BB Finance Group OÜ owns it all
Voting rights in the 2024 report: Mart Kolu 51%, Urmo Kokmann 32%, who is also the sole board member.
🟦
On Mintos since January 2024
Listed as "BB Finance (EE)". The notes are issued by SIA Mintos Finance No. 47.
💰
€1.5m outstanding
Read on 5 November 2026 — a platform figure, not independently verified.
📊
8.5% paid to investors
The average rate on its Mintos notes, read on 5 November 2026 — a platform figure.
🔁
Buyback, skin in the game, subordination
A 60-day buyback, 10% kept by the company, and parent loans that rank behind Mintos.
⭐
Risk Score 7.9
Last updated 9 October 2026, up from 7.8 — a platform figure. No delay or suspension since January 2025.
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