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IuteCredit Bulgaria
Bulgarien
IuteCredit Bulgaria EOOD makes consumer loans in Bulgaria and belongs to Iute Group of Estonia. Mintos investors lend it money and earn interest. Our memo scores it 30 out of 100, an E, and puts the chance it fails to pay within a year at 25% or more on its own, about 6% with its parent's guarantee.
Nyckeltal
- Genomsnittlig ränta
- 8%
- genomsnitt, inte garanterad
- Låneportfölj
- €518,775
- Börja från
- €50
Ditt kapital är i riskzonen. Räntan är avtalad, inte garanterad: om en låntagare inte betalar kan du förlora en del av eller alla dina pengar.
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AILender memo · IuteCredit Bulgaria · Bulgaria
IuteCredit Bulgaria: how likely is it to fail to pay its lenders?
IuteCredit Bulgaria EOOD lends up to 10,000 lev — about €5,100 — to consumers for up to forty-eight months, from offices in Sofia, Plovdiv, Varna and Stara Zagora, with forty-three staff. It is wholly owned by Iute Group AS of Estonia, which is also its lender, its service provider and its guarantor. Mintos investors first funded it in 2025. This memo asks one question: what is the chance it fails to pay its lenders back 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
30/ 100
E On its own
ABCDE
at least 25%on its own — the auditor's going-concern warning is a veto
about 6%with the parent's guarantee to the Mintos companies — about 1 in 17
Where those sit on our scale
On its own an E grade carries a portfolio limit of nothing at all. With the guarantee the odds become the parent's, and the limit that matches those odds is 6%, counted inside whatever room the Iute group as a whole is given. Bulgaria is a C country and would allow 15%, which does not bind. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
Its auditor has warned about survival two years running — and the only thing that makes the answer bearable is a guarantee from its parent
Start with what the auditor wrote. HLB Bulgaria, on the 2024 accounts: "there is significant uncertainty that could raise substantial doubts about the Company's ability to continue as a going concern". The same warning appears on 2023. Net assets were 14.2m lev below registered capital at the end of 2024, which under Article 742 of the Bulgarian Commercial Act is over-indebtedness. The opinions themselves are unmodified — the accounts are reliable — but the warning is a veto under our method, and on its own that puts the odds at 1 in 4 or worse.
Then the thing that changes the answer. Iute Group AS, rated B− by Fitch with a stable outlook, last affirmed on 25 July 2025, has signed a guarantee in favour of the Mintos companies that hold these loans for investors. A confirmed guarantee from a rated parent is one of only two things in our method that improve the odds, and it brings them to the parent's own: about 1 in 17. The amount and terms of the guarantee are not disclosed, and it runs to the Mintos companies rather than to you directly.
So this memo gives two numbers rather than one, and the gap between them is the whole story. Everything rests on Iute Group AS. Section 4 therefore spends as much time on the parent as on the company, and the thing to watch there changed on 6 October, when the bond carrying the tighter of its two covenants was repaid.
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: the auditor's going-concern warning. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. One of them does apply, and it is the only reason this memo gives a second number.
💶Financial strengthE
It has lost money every year. The loss widened again in 2025, and owners' money was down to €0.66m by September — 3.7% of what it owns.
📉Loan bookE
A quarter of the book was in default at the end of 2024. Bad debts took €43.93 of every €100 of income that year.
🇧🇬Country: BulgariaC
The euro since January 2026, so no currency risk. A cost cap of about 52%. A tighter consumer-credit law is in draft.
⚖️Group and other risksD
The going-concern warning two years running, at least five management changes in two years, and a parent loan that fell due eleven days before this memo.
An update to this memo, made on 12 October 2026: the covenant that binds this group changed six days ago, and the headroom is 0.30 rather than the 0.05 we first reported. When we wrote on 21 September we said the group had 0.05 of headroom on an interest-cover covenant of 1.50, and flagged that our reading of the 2030 bond terms had recorded 1.25 instead. The two figures belong to two different bonds. The 11% bond of 2021 carried the 1.50 minimum — the figure the group’s own quarterly release names. The 12% bond due 6 December 2030 sets a minimum of 1.25 at Condition 12.1 of its listing prospectus of 1 June 2026, with a capitalisation ratio of at least 15%. The 2021 bond’s remaining €47m matured on 6 October 2026 and has been paid, as this memo reports below. So from that date the binding minimum is 1.25, and the group’s 1.55 leaves 0.30 of room, not 0.05. What is worth watching instead is a separate test in the same terms, which the group does not currently meet, and which section 4 now sets out. Our answer does not change — neither figure moves the odds or the grade. What changes is the sentence a reader would most likely have carried away, and the old one was wrong in the direction of alarm. The lesson is one we have written down before: a company’s own summary of a covenant is not the covenant, and two bonds may not set the same one.
The auditor warns about survival, two years running. HLB Bulgaria signed the 2023 accounts on 25 September 2024 and the 2024 accounts on 16 July 2025, and both carry a material uncertainty about going concern. Net assets were 14.2m lev below registered capital at the end of 2024 — over-indebtedness under Article 742 of the Commercial Act. The parent gave the company, in the auditor's words, "a formal guarantee … to provide the necessary support".
Its main funding fell due on 1 October 2026, and we do not know what happened. A loan of 28.8m lev — about €14.7m, and almost everything the company has borrowed — was due from Iute Group AS on that date. It is eleven days before this memo and we found nothing published either way: no extension, no repayment, no announcement. The company's 2025 accounts would normally tell us something; their filing deadline was 30 September 2026 and we did not find them filed.
By September 2025 owners' money was €0.66m — 3.7% of what the company owns. That is after 3m lev of fresh capital in June 2025. The parent has put money in every year since 2023, and the cushion has stayed above zero only because it keeps doing so.
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 IuteCredit Bulgaria there are two answers, and you should decide which one you believe. Taking the company on its own, at least a 25% chance of failing and about 30% of the money coming back: the risk costs roughly 17.5% a year. Taking the parent's guarantee at face value, about a 6% chance: the risk costs roughly 4.2% a year. Mintos showed an average rate of 8.0% a year on 9 November 2026. On the guarantee's number that leaves about 3.8% once the risk is paid for. On the company's own number the risk costs more than the rate pays, by about 9.5% a year. That is our arithmetic on our own scale; what you should not do is read the 8.0% on its own.
Show how this works
1. The rate is a promise, not a result
An advertised 10% is what you are promised if everything goes well. What you keep is that rate minus what failures cost you. So the rate on its own tells you very little.
2. Put a price on the risk
Risk cost = chance of failing × share of your money you would not get back. Nobody knows the second number in advance. How much comes back has varied widely from case to case. We use 30% back, 70% lost, as our own working assumption so that memos can be compared with each other — it is not a measured figure, and the answer moves a lot if you choose differently.
3. Compare like for like
Take two imaginary lenders. One pays 14% but has a 17% chance of failing within the year: the risk costs about 11.9% a year, leaving roughly 2%. The other pays 9% with a 2.5% chance: the risk costs about 1.8%, leaving about 7%. The lower rate is the better deal. That is the whole idea.
The company at a glance
What it is
A registered financial institutionEntry BGR00415 on the Bulgarian National Bank's register, from 30 April 2019. Section 5 explains why that is a register entry rather than a supervised licence. It takes no deposits.
Who owns it
Iute Group ASWholly owned, and rated B− by Fitch with a stable outlook, last affirmed 25 July 2025. The same company is its lender, its service provider and its guarantor.
What it sells
Consumer loansUp to 10,000 lev, about €5,100, for up to forty-eight months. Bulgaria only.
How big it is
€18.0m of loans35.3m lev of principal at the end of 2024, up 66% in a year. Registered capital is now €13.9m, after top-ups every year since 2023.
On Mintos
€0.5m outstandingMintos's own figure, read on 9 November 2026 (€518,775; €0.4m on 13 September 2026) — one of the smallest exposures in anything we cover. Mintos funding first appears in the company's 2025 figures. Average rate 8.0%. Mintos Risk Score 5.7 of 10, updated by Mintos on 9 October 2026; its parts: loans performing 4.3, collections 6.0, buyback 7.7, structure 5.7. That is Mintos's number, not ours.
What protects you
Buyback, plus the parent's guaranteeA guarantee from Iute Group AS to the Mintos companies, and a pledge of this company's receivables up to €4m. Both are described in the group's bond prospectus of 19 May 2025, which does not give the guarantee's amount or terms.
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