Placet Group

<style>
/* All styles are scoped to .ci-memo so the block can be pasted into any page without clashing with the site’s CSS. */
.ci-memo{
  --ink:#16252b; --ink-2:#4a5a60; --ink-3:#6f7d82; --line:#dfe7e9; --soft:#f3f7f8; --paper:#ffffff; --brand:#12505f; --brand-2:#0f7ea0;
  --ok:#2e8b57; --ok-bg:#e6f4ec; --wt:#b7791f; --wt-bg:#fdf3e1; --bd:#c0392b; --bd-bg:#fbe9e7;
  --gA:#2e8b57; --gB:#7cb342; --gC:#d9a21b; --gD:#e0773c; --gE:#c0392b;
  font-family: system-ui,-apple-system,"Segoe UI",Roboto,"Helvetica Neue",Arial,sans-serif;
  color:var(--ink); background:var(--paper); line-height:1.55; font-size:16px;
  max-width:1040px; margin:0 auto; padding:24px 20px 48px; box-sizing:border-box;
  -webkit-text-size-adjust:100%;
}
.ci-memo *,.ci-memo *::before,.ci-memo *::after{box-sizing:inherit}
.ci-memo h1,.ci-memo h2,.ci-memo h3{line-height:1.2;margin:0;color:var(--ink);font-weight:700;letter-spacing:-.01em}
.ci-memo h1{font-size:clamp(1.6rem,4.2vw,2.35rem)}
.ci-memo h2{font-size:clamp(1.25rem,3vw,1.55rem)}
.ci-memo h3{font-size:1.05rem}
.ci-memo p{margin:.6em 0}
.ci-memo a{color:var(--brand-2);text-underline-offset:2px}
.ci-memo .kicker{font-size:.75rem;letter-spacing:.14em;text-transform:uppercase;color:var(--brand);font-weight:700}
.ci-memo .muted{color:var(--ink-2)}
.ci-memo .small{font-size:.86rem;color:var(--ink-3)}
.ci-memo .tabnum{font-variant-numeric:tabular-nums}

/* header */
.ci-memo .hero{border-bottom:3px solid var(--brand);padding-bottom:18px;margin-bottom:18px}
.ci-memo .hero h1{margin:.3em 0 .35em}
.ci-memo .meta{display:flex;flex-wrap:wrap;gap:6px 14px;font-size:.85rem;color:var(--ink-3)}
.ci-memo .chip{display:inline-flex;align-items:center;gap:6px;border:1px solid var(--line);border-radius:999px;padding:3px 10px;font-size:.8rem;background:var(--soft);color:var(--ink-2);max-width:100%}

/* disclaimer */
.ci-memo .nfa{border:2px solid var(--bd);background:var(--bd-bg);border-radius:12px;padding:12px 16px;margin:16px 0;font-size:.9rem}
.ci-memo .nfa strong{color:var(--bd);letter-spacing:.04em}

/* answer card */
.ci-memo .answer{display:grid;grid-template-columns:minmax(0,1.05fr) minmax(0,1.6fr);gap:18px;background:var(--soft);border:1px solid var(--line);border-radius:18px;padding:20px;margin:20px 0}
.ci-memo .score{background:var(--paper);border-radius:14px;padding:18px;border:1px solid var(--line);display:flex;flex-direction:column;gap:12px}
.ci-memo .score .big{display:flex;align-items:baseline;gap:8px}
.ci-memo .score .big b{font-size:3.4rem;line-height:1;color:var(--ink)}
.ci-memo .score .big span{color:var(--ink-3)}
.ci-memo .grade{display:inline-flex;align-items:center;gap:8px;font-weight:700;border-radius:8px;padding:4px 10px;background:#fbf1d6;color:#7a5a00;width:max-content;max-width:100%}
.ci-memo .grade i{flex:0 0 auto;width:22px;height:22px;border-radius:6px;background:var(--gC);color:#fff;font-style:normal;display:grid;place-items:center;font-size:.85rem}
/* Per-grade badge colours. Until 9 October 2026 `.grade i` hard-coded var(--gC), so a
   non-C memo rendered its badge in C's gold unless its body carried an inline override.
   Four published memos were wrong that way (EIZ D, MK Kredit D, Imagina D, ESTO B) and
   seven carried ad-hoc overrides in five different palettes for three grades. The
   template owns it now; bodies carry only `class="grade gX"`. Values are the plurality
   of what was already published (D from creditstar/jetfinance, E from idfinance/luma/
   solva, C the long-standing default); A and B are new and were contrast-checked.
   Every pair clears WCAG AA for body text: A 7.02, B 6.01, C 5.67, D 6.01, E 6.45. */
.ci-memo .grade.gA{background:#e8f4ed;color:#1e5c3a}
.ci-memo .grade.gB{background:#f0f6e6;color:#44661f}
.ci-memo .grade.gC{background:#fbf1d6;color:#7a5a00}
.ci-memo .grade.gD{background:#fdeee4;color:#8a4a22}
.ci-memo .grade.gE{background:#fbe9e7;color:#9b2c20}
.ci-memo .grade.gA i{background:var(--gA)}
.ci-memo .grade.gB i{background:var(--gB)}
.ci-memo .grade.gC i{background:var(--gC)}
.ci-memo .grade.gD i{background:var(--gD)}
.ci-memo .grade.gE i{background:var(--gE)}
.ci-memo .scale{display:grid;grid-template-columns:repeat(5,1fr);gap:3px;margin-top:6px}
.ci-memo .scale div{height:10px;border-radius:3px}
.ci-memo .scale-l{display:grid;grid-template-columns:repeat(5,1fr);font-size:.72rem;color:var(--ink-3);text-align:center;margin-top:2px}
.ci-memo .scale .on{outline:3px solid var(--ink);outline-offset:1px}
.ci-memo .odds{display:grid;grid-template-columns:1fr 1fr;gap:10px}
.ci-memo .odd{border-radius:12px;padding:12px;background:var(--soft)}
.ci-memo .odd b{display:block;font-size:1.55rem;line-height:1.1}
.ci-memo .odd span{font-size:.8rem;color:var(--ink-2)}
.ci-memo .odd.main{background:#e3f0f4;border:1px solid #bcd9e2}
.ci-memo .limit{font-size:.85rem;color:var(--ink-2);border-top:1px dashed var(--line);padding-top:10px}
.ci-memo .answer h2{font-size:clamp(1.15rem,2.6vw,1.45rem);margin-bottom:10px}
.ci-memo .subs{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:10px;margin-top:12px}
.ci-memo .sub{background:var(--paper);border:1px solid var(--line);border-radius:12px;padding:12px}
.ci-memo .sub .top{display:flex;justify-content:space-between;align-items:center;gap:8px;font-size:.82rem;color:var(--ink-2);font-weight:600}
.ci-memo .sub .top em{font-style:normal;font-weight:700;border-radius:6px;padding:1px 7px;color:#fff;font-size:.75rem}
.ci-memo .sub b{display:block;font-size:1.25rem;margin:4px 0 2px}
.ci-memo .sub p{margin:0;font-size:.84rem;color:var(--ink-2)}
.ci-memo .flags{display:grid;gap:10px;margin-top:4px}
.ci-memo .flag{border-radius:12px;padding:12px 14px;font-size:.92rem;border-left:5px solid}
.ci-memo .flag.ok{background:var(--ok-bg);border-color:var(--ok)}
.ci-memo .flag.wt{background:var(--wt-bg);border-color:var(--wt)}
.ci-memo .flag.bd{background:var(--bd-bg);border-color:var(--bd)}
.ci-memo .flag strong{display:block;margin-bottom:2px}

/* status pill */
.ci-memo .st{display:inline-flex;align-items:center;gap:6px;font-size:.78rem;font-weight:700;border-radius:999px;padding:2px 10px;white-space:nowrap}
.ci-memo .st::before{content:"";width:8px;height:8px;border-radius:50%}
.ci-memo .st.ok{background:var(--ok-bg);color:#1f6b40}.ci-memo .st.ok::before{background:var(--ok)}
.ci-memo .st.wt{background:var(--wt-bg);color:#8a5a0c}.ci-memo .st.wt::before{background:var(--wt)}
.ci-memo .st.bd{background:var(--bd-bg);color:#9b2c20}.ci-memo .st.bd::before{background:var(--bd)}

/* glance */
.ci-memo .glance{display:grid;grid-template-columns:repeat(auto-fit,minmax(170px,1fr));gap:10px;margin:12px 0 6px}
.ci-memo .tile{border:1px solid var(--line);border-radius:12px;padding:12px;background:var(--paper)}
.ci-memo .tile .k{font-size:.76rem;text-transform:uppercase;letter-spacing:.06em;color:var(--ink-3);font-weight:700}
.ci-memo .tile>b{display:block;font-size:1.15rem;margin:3px 0}
.ci-memo .tile p{margin:0;font-size:.84rem;color:var(--ink-2)}
.ci-memo .band{font-size:.78rem;font-weight:700;text-transform:uppercase;letter-spacing:.1em;color:var(--brand);margin:18px 0 4px}

/* sections */
.ci-memo section{margin-top:34px}
.ci-memo .sec-head{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:10px;border-top:1px solid var(--line);padding-top:22px}
.ci-memo .sec-head .odds-chip{font-size:.85rem;font-weight:700;border-radius:10px;padding:6px 12px;color:#fff}
.ci-memo .lead{font-size:1.08rem;font-weight:600;margin:10px 0 4px}
.ci-memo .grid2{display:grid;grid-template-columns:minmax(0,1fr) minmax(0,1fr);gap:18px;align-items:start}
.ci-memo .card{border:1px solid var(--line);border-radius:14px;padding:16px;background:var(--paper)}
.ci-memo .card h3{margin-bottom:8px}
.ci-memo .events{display:grid;grid-template-columns:repeat(auto-fit,minmax(220px,1fr));gap:10px;margin:14px 0}
.ci-memo .ev{border:1px solid var(--line);border-radius:12px;padding:12px;background:var(--soft);display:flex;flex-direction:column;gap:6px}
.ci-memo .ev .when{font-size:.75rem;font-weight:700;color:var(--ink-3);text-transform:uppercase;letter-spacing:.06em}
.ci-memo .ev b{font-size:.98rem}
.ci-memo .ev p{margin:0;font-size:.86rem;color:var(--ink-2)}
.ci-memo .ev .st{margin-top:auto}

/* charts */
.ci-memo figure{margin:14px 0;background:var(--paper);border:1px solid var(--line);border-radius:14px;padding:14px 14px 10px}
.ci-memo figcaption{font-weight:700;margin-bottom:8px;font-size:.98rem}
.ci-memo figcaption span{display:block;font-weight:400;font-size:.82rem;color:var(--ink-3)}
.ci-memo svg.viz{width:100%;height:auto;display:block;overflow:visible;font-family:inherit}
.ci-memo svg .lbl{font-size:13px;fill:var(--ink);font-weight:600}
.ci-memo svg .in{font-size:12px;fill:#fff;font-weight:700}
.ci-memo svg .in.dark{fill:var(--ink)}
.ci-memo svg .val{font-size:12px;fill:var(--ink);font-weight:600}
.ci-memo svg .neg{font-size:12px;fill:var(--bd);font-weight:700}
.ci-memo svg .axis{font-size:11px;fill:var(--ink-3)}
.ci-memo svg .side{font-size:12px;fill:var(--ink-2)}
.ci-memo svg .grid{stroke:#eef2f3;stroke-width:1}
.ci-memo svg .zero{stroke:#9fb0b5;stroke-width:1}
.ci-memo svg .ref{stroke:var(--ink);stroke-width:1.5;stroke-dasharray:4 3}
.ci-memo svg .s1{fill:var(--brand-2)}
.ci-memo svg .s2{fill:#9ccfdd}
.ci-memo .legend{list-style:none;padding:0;margin:8px 0 2px;display:flex;flex-wrap:wrap;gap:6px 16px;font-size:.82rem;color:var(--ink-2)}
.ci-memo .legend i{display:inline-block;width:11px;height:11px;border-radius:3px;margin-right:6px;vertical-align:-1px}
.ci-memo details.tbl{margin-top:8px;font-size:.85rem}
.ci-memo details.tbl summary{cursor:pointer;color:var(--brand-2)}
.ci-memo table{border-collapse:collapse;width:100%;margin-top:8px;font-variant-numeric:tabular-nums}
.ci-memo th,.ci-memo td{border-bottom:1px solid var(--line);padding:6px 8px;text-align:right}
.ci-memo th:first-child,.ci-memo td:first-child{text-align:left}
.ci-memo .tscroll{overflow-x:auto;-webkit-overflow-scrolling:touch}


/* html charts */
.ci-memo .hb{display:flex;flex-direction:column;gap:12px}
.ci-memo .hb-l{font-size:.82rem;font-weight:700;margin-bottom:4px}
.ci-memo .hb-track{position:relative;display:flex;height:30px;gap:0}
/* The 2px separator between bands used to be a flex `gap`, which is added ON TOP of
   the percentage widths. So every band boundary sat 2px further right than its value,
   and the dashed `hb-ref` -- positioned at a plain percentage -- fell SHORT of the
   true 100 by 2px for every boundary before it: 10px on a six-band row at 390px, where
   it printed straight through the last band's label. Found 13 Oct by measuring the
   IuteMK chart in the browser after seeing the line cross a `10`. A border inside the
   band draws the same 2px of paper without taking any width, so a band's position is
   exactly its value and one line serves every row. */
.ci-memo .sg{box-sizing:border-box}
.ci-memo .sg + .sg{border-left:2px solid var(--paper)}
.ci-memo .hb-track.tall{height:40px}
.ci-memo .sg{display:flex;align-items:center;justify-content:center;border-radius:4px;color:#fff;font-size:.78rem;font-weight:700;min-width:3px;cursor:pointer;font-variant-numeric:tabular-nums}
.ci-memo .sg em{font-style:normal;overflow:hidden;white-space:nowrap;text-overflow:clip;position:relative;z-index:2}
.ci-memo .sg.dk{color:var(--ink)}
.ci-memo .hb-row.has-neg .hb-track{margin-top:16px}
.ci-memo .hb-negs{position:absolute;right:0;top:-18px;display:flex;gap:10px;white-space:nowrap}
.ci-memo .hb-neg{position:absolute;right:0;top:-18px;font-size:.74rem;font-weight:700;color:var(--bd)}
.ci-memo .hb-negs .hb-neg{position:static;right:auto;top:auto}
.ci-memo .hb-neg.pos{color:var(--ok)}
.ci-memo .hb-ref{position:absolute;top:-4px;bottom:-4px;border-left:2px dashed var(--ink);pointer-events:none}
.ci-memo .hb-axis{position:relative;height:16px;font-size:.72rem;color:var(--ink-3)}
.ci-memo .hb-axis span{position:absolute;transform:translateX(-100%);padding-right:4px;white-space:nowrap}
.ci-memo .vb{padding:0 14px}
.ci-memo .vb-plot{position:relative;height:210px;display:grid;grid-template-columns:repeat(3,1fr);margin:18px 0 0;background:repeating-linear-gradient(to bottom,transparent 0,transparent 41px,#eef2f3 41px,#eef2f3 42px)}
.ci-memo .vb-zero{position:absolute;left:0;right:0;border-top:1.5px solid #9fb0b5}
.ci-memo .vb-g{position:relative}
.ci-memo .vb-bar{position:absolute;width:30%;border-radius:4px;cursor:pointer}
.ci-memo .vb-bar.s1{left:18%;background:#0f7ea0}
.ci-memo .vb-bar.s2{left:52%;background:#9ccfdd}
.ci-memo .vb-bar em{position:absolute;left:50%;transform:translateX(-50%);font-style:normal;font-size:.76rem;font-weight:700;color:var(--ink);white-space:nowrap;font-variant-numeric:tabular-nums}
.ci-memo .vb-bar em.up{top:-18px}.ci-memo .vb-bar em.dn{bottom:-18px;color:var(--bd)}
.ci-memo .vb-x{display:grid;grid-template-columns:repeat(3,1fr);text-align:center;font-size:.85rem;font-weight:700;margin-top:22px}
.ci-memo .bs{display:grid;grid-template-columns:1fr 1fr;gap:22px}
.ci-memo .bs-h{font-weight:700;margin-bottom:6px;display:flex;justify-content:space-between}
.ci-memo .bs-h span{color:var(--ink-3);font-weight:600}
.ci-memo .bs-list{list-style:none;padding:0;margin:10px 0 0;font-size:.86rem}
.ci-memo .bs-list li{display:grid;grid-template-columns:12px minmax(0,1fr) auto;gap:8px;align-items:baseline;padding:4px 0;border-bottom:1px solid var(--line)}
.ci-memo .bs-list i{width:11px;height:11px;border-radius:3px;align-self:center}
.ci-memo .bs-list b{font-variant-numeric:tabular-nums}
.ci-memo .bs-list li.hl{background:#fdf1e8;font-weight:700}
@media (max-width:640px){.ci-memo .bs{grid-template-columns:1fr}}

/* country meters */
.ci-memo .qrow{display:grid;grid-template-columns:minmax(0,1fr) 110px 18px;gap:10px;align-items:center;padding:7px 0;border-bottom:1px solid var(--line);font-size:.9rem}
.ci-memo .qrow em{font-style:normal;color:var(--ink-3);font-size:.78rem}
.ci-memo .meter{height:10px;background:#eef2f3;border-radius:6px;overflow:hidden}
.ci-memo .meter i{display:block;height:100%;border-radius:6px}
.ci-memo .meter i.bd{background:var(--gD)}.ci-memo .meter i.wt{background:var(--gC)}.ci-memo .meter i.ok{background:var(--gA)}

/* group diagram */
.ci-memo .flow{display:grid;grid-template-columns:1fr auto 1fr auto 1fr;gap:8px;align-items:center;margin:14px 0}
.ci-memo .flow.f4{grid-template-columns:1.1fr auto 1fr auto 1.2fr auto 1.1fr;gap:6px}
.ci-memo .flow.f4 .arrow{max-width:135px;font-size:.72rem}
.ci-memo .flow.f4 .node{font-size:.8rem}
.ci-memo .flow.f4 .node b{font-size:.88rem}
.ci-memo .node{border:1px solid var(--line);border-radius:12px;padding:10px;text-align:center;background:var(--soft);font-size:.86rem}
.ci-memo .node b{display:block;font-size:.95rem}
.ci-memo .arrow{font-size:.78rem;color:var(--ink-2);text-align:center;line-height:1.2}
.ci-memo .arrow::before{content:"⟶";display:block;font-size:1.4rem;color:var(--brand-2)}
.ci-memo .arrow.back::before{content:"⟵"}
.ci-memo .arrow.red::before{color:var(--bd)}

/* risks */
.ci-memo .risks{display:grid;gap:10px;margin-top:12px}
.ci-memo .risk{display:grid;grid-template-columns:170px minmax(0,1fr);gap:12px;border:1px solid var(--line);border-radius:12px;padding:12px 14px}
.ci-memo .risk h3{font-size:.95rem;display:flex;flex-direction:column;gap:6px;align-items:flex-start}
.ci-memo .risk p{margin:0;font-size:.9rem;color:var(--ink-2)}
.ci-memo .bwc{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:12px;margin-top:14px}
.ci-memo .bwc .card h3{display:flex;gap:8px;align-items:center}
.ci-memo .bwc p{font-size:.9rem;color:var(--ink-2);margin:0}

.ci-memo details.more{border:1px solid var(--line);border-radius:12px;padding:10px 14px;margin-top:10px;background:var(--paper)}
.ci-memo details.more summary{cursor:pointer;font-weight:700}
.ci-memo details.more p,.ci-memo details.more li{font-size:.88rem;color:var(--ink-2)}
.ci-memo .foot{margin-top:28px;font-size:.8rem;color:var(--ink-3);text-align:center}



/* tooltips: pure CSS, anchored INSIDE the chart box so they can never spill outside the memo */
.ci-memo{overflow-x:clip}
.ci-memo figure{position:relative}
.ci-memo .sg,.ci-memo .bs-list li{position:static}
.ci-memo [data-tip]::after{
  content:attr(data-tip);position:absolute;left:0;right:0;bottom:calc(100% + 7px);
  background:#16252b;color:#fff;font-size:.82rem;font-weight:600;line-height:1.35;text-align:left;
  padding:8px 11px;border-radius:8px;z-index:5;font-variant-numeric:normal;
  opacity:0;visibility:hidden;transition:opacity .12s;pointer-events:none}
.ci-memo [data-tip]:hover::after,.ci-memo [data-tip]:focus::after,.ci-memo [data-tip]:active::after{opacity:1;visibility:visible}
.ci-memo [data-tip]:hover,.ci-memo [data-tip]:focus{outline:2px solid var(--ink);outline-offset:1px}
.ci-memo .tip-note{font-size:.8rem;color:var(--ink-3);margin:8px 0 0;min-height:2.9em}
.ci-memo .warn-lbl{display:inline-block;font-weight:600;font-size:.76rem;color:#8a5a0c;background:var(--wt-bg);border-radius:5px;padding:1px 7px;margin-left:6px}
.ci-memo .blk{font-size:.78rem;font-weight:700;text-transform:uppercase;letter-spacing:.1em;color:var(--brand);margin:20px 0 2px}
.ci-memo .blkq{border-left:3px solid var(--line);padding-left:14px;margin:14px 0}

.ci-memo .bands{margin-top:10px}
.ci-memo .bandbar{display:grid;grid-template-columns:repeat(5,1fr);gap:3px;margin-top:4px;font-size:.68rem;text-align:center}
.ci-memo .bandbar span{background:var(--soft);border:1px solid var(--line);border-radius:5px;padding:3px 2px;color:var(--ink-3);font-weight:600;font-variant-numeric:tabular-nums}
.ci-memo .bandbar span.on{background:var(--ink);border-color:var(--ink);color:#fff}
.ci-memo .why .wlead{font-size:1.02rem}
.ci-memo .why .wbox{background:rgba(255,255,255,.1);border:1px solid rgba(255,255,255,.2);border-left:4px solid #6fd0a8;border-radius:12px;padding:14px 16px;margin-top:12px;font-size:1.02rem}
.ci-memo .why .wbox p{color:#eef6f8}
.ci-memo details.wmore{margin-top:14px}
.ci-memo details.wmore > summary{cursor:pointer;display:inline-block;background:rgba(255,255,255,.12);border:1px solid rgba(255,255,255,.25);color:#fff;font-weight:700;font-size:.9rem;border-radius:999px;padding:8px 18px;list-style:none}
.ci-memo details.wmore > summary::-webkit-details-marker{display:none}
.ci-memo details.wmore > summary::after{content:" \203A";font-size:1.1rem}
.ci-memo details.wmore[open] > summary::after{content:" \2039"}
.ci-memo details.wmore > summary:hover{background:rgba(255,255,255,.2)}
/* why-it-matters block */
.ci-memo .why{background:#0f2f38;color:#eef6f8;border-radius:18px;padding:22px;margin:26px 0}
.ci-memo .why h2{color:#fff;font-size:clamp(1.2rem,2.8vw,1.5rem)}
.ci-memo .why p{color:#d6e6ea}
.ci-memo .why b,.ci-memo .why strong{color:#fff}
.ci-memo .why .wgrid{display:grid;grid-template-columns:repeat(auto-fit,minmax(230px,1fr));gap:12px;margin-top:14px}
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<div class="ci-memo" data-ai-score="77" id="placet-memo"><div class="kicker">Lender memo · Placet Group · Estonia</div>
<h1>Placet Group: how likely is it to fail to pay its lenders?</h1>
<p class="muted">Placet Group OÜ lends money to people and small businesses in Estonia under the names placet.ee, laen.ee and smsraha.ee, and in Lithuania through a subsidiary. Investors reach it through Mintos, where it is listed as <b>Placet Group (EE)</b>. This memo asks one question: what is the chance that Placet Group OÜ fails to pay the people who lend to it in the next 12 months, and why.</p>
<div class="meta">Written 16 October 2026. Based on the consolidated annual report for 2024 with the parent company's own statements, audited by KPMG Baltics with a clean opinion; the 2023 report, also KPMG-audited; the <b>unaudited</b> 2025 parent-company accounts published on Mintos; the Estonian business register; two Mintos base prospectuses of March 2026; and Mintos data. Registers were checked on 21 September 2026 and the Mintos figures are from our register of 20 September 2026. Every figure in euro.</div>
<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>
<div aria-labelledby="ans-h" class="answer">
<div class="score">
<div class="kicker">Our score</div>
<div class="big tabnum"><b>77</b><span>/ 100</span></div>
<span class="grade gB"><i>B</i> Sound</span>
<div>
<div aria-hidden="true" class="scale"><div style="background:var(--gA)"></div><div class="on" style="background:var(--gB)"></div><div style="background:var(--gC)"></div><div style="background:var(--gD)"></div><div style="background:var(--gE)"></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="odds">
<div class="odd main"><b>About 1 in 80</b><span>chance of failing to pay in the next 12 months (1.3%)</span></div>
<div class="odd"><b>12%</b><span>of a portfolio — our framework limit for a B</span></div>
<div aria-label="Where this number sits on our scale of failure chances" class="bands">
<div class="kicker" style="font-size:.7rem">Our scale</div>
<div class="bandbar"></div>
</div>
<div class="limit"><b>A B carries a portfolio limit of 12%.</b> 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. <b>No group uplift</b>: Placet Group OÜ is the top company in its own group, owned by two people directly, so there is no parent that could stand behind it. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.</div>
</div>
<div>
<h2 id="ans-h">The answer: about 1 in 80 — a highly profitable, thickly cushioned lender that is stepping back from Mintos</h2>
<p class="muted" style="margin:0 0 10px"><b>First, the platform news, because it looks worse than it is.</b> On 9 July 2026 Mintos withdrew the risk score for <b>"Placet Group (LT)"</b> — the notes backed by Placet's Lithuanian subsidiary UAB Nordecum. Mintos's own wording is that the score was withdrawn "as the Lending Company doesn't plan to offer new investment opportunities to Mintos investors". <b>That is a planned exit, not a suspension, a recovery case or a missed payment.</b> Originators actually suspended in the same update are described differently, as "suspended from the Primary Market". The Estonian notes kept their score of 8.7, and we found no Mintos statement of delayed payments to investors.</p>
<p class="muted" style="margin:0 0 10px"><b>The strength is the money.</b> The parent company kept €28.34 of every €100 of income in 2025, and €27.76 in 2024. Owners' money was €31.6m, 44.7% of everything the company owns — unusually thick for a consumer lender, and the main reason this is the strongest memo of its batch. Earnings covered the interest bill 3.05 times.</p>
<p class="muted" style="margin:0 0 10px"><b>The weakness is what the owners took out, and what we cannot read.</b> In 2024 dividends of €1.91m and a demerger that moved €5.72m of subsidiary shares to the same two owners together came to €7.63m — more than that year's €4.64m of profit. One year, not two, so our payout test does not trip. And the 2025 figures in this memo are <b>unaudited management accounts</b>; the annual report filed on 17 June 2026 shows €5.09m of profit against the €5.46m in the file on Mintos, a gap of €0.37m, and we did not obtain its audit report. <b>That statement also does not add up by €12,293.</b></p>
<p class="muted" style="margin:0 0 4px">Four things decide the score, and the finances are what carry it:</p>
<div class="subs">
<div class="sub"><div class="top"><span>💵</span><b>Financial strength</b><span class="st ok">A</span></div><p>Keeps about €28 of every €100. Interest covered 3.05 times. Owners' money 44.7% of assets.</p></div>
<div class="sub"><div class="top"><span>📉</span><b>Loan book</b><span class="st wn">C</span></div><p>88% of Estonian loans current and almost nothing over 90 days late — because overdue loans are sold. The cost shows up elsewhere.</p></div>
<div class="sub"><div class="top"><span>🇪🇪</span><b>Country: Estonia</b><span class="st ok">B</span></div><p>The euro, courts that work, a sovereign rated A+. New consumer-credit rules from 20 November 2026.</p></div>
<div class="sub"><div class="top"><span>⚖</span><b>Group and other risks</b><span class="st wn">C</span></div><p>Winding down its Lithuanian Mintos notes, its own platform Moncera in liquidation, and €5.72m spun off to the owners in 2024.</p></div>
</div>
<div class="flags">
<div class="flag wt"><strong>Mintos withdrew a Placet score on 9 July 2026 — for the Lithuanian notes, and not for distress.</strong>The Lithuanian notes are issued against UAB Nordecum, Placet's subsidiary, and its prospectus carries <b>no Placet guarantee</b>. Existing notes run off under the buyback and the pledge. The Estonian notes still show 8.7. We say this plainly because a withdrawn score is the kind of thing that reads as trouble when it is not: the words Mintos used were about new offers, not about paying.</div>
<div class="flag wt"><strong>In 2024 more left the parent company than it earned.</strong>€1.91m of dividends plus €5.72m of subsidiary shares, moved to the owners by demerger on 21 May 2024, against €4.64m of profit. The shares were the card business, Wallester. <b>Our test needs two such years in a row to override the score, and this is one.</b> Dividends alone were below profit in 2023, 2024 and 2025.</div>
<div class="flag wt"><strong>The 2025 numbers here are unaudited, and the two versions do not agree.</strong>The file on Mintos is marked "Unaudited" and shows €5.46m of profit. The annual report filed with the register on 17 June 2026 shows €5.09m. <b>We used the filed figure for the balance sheet and the Mintos file for the income split, and we did not obtain the 2025 audit report.</b> Even the Mintos file's 2024 column differs from the audited 2024 figures.</div>
</div>
</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 cannot pay</b>, and <b>what would you get back if it could not</b>. This memo answers the first. The second depends on the pledge over receivables behind the Estonian notes, and on which company you actually lent to.</p>
<div class="wbox"><p style="margin:0">A 1 in 80 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.</p></div>
<div class="wgrid">
<div class="wcard"><b>What you own</b><p>Notes issued by a Mintos company, which lends on to Placet Group OÜ itself for the Estonian notes — the parent, not a subsidiary.</p></div>
<div class="wcard"><b>What stands in front of you</b><p>€31.6m of owners' money, 44.7% of everything the company owns, plus a pledge over loan receivables.</p></div>
<div class="wcard"><b>What would hurt most</b><p>Not a bad year — the cushion is thick. It is value leaving the company to its owners faster than it is earned.</p></div>
</div>
</div>
<!-- GLANCE -->
<div class="glance">
<div class="tile"><span>🏦</span><div><b>A licensed creditor</b><p>Licensed by the Estonian Financial Supervision Authority. The company was founded in 2005.</p></div></div>
<div class="tile"><span>🇪🇪</span><div><b>Estonia, and Lithuania through a subsidiary</b><p>placet.ee, laen.ee and smsraha.ee at home; paskolos.lt and smspinigai.lt through UAB Nordecum.</p></div></div>
<div class="tile"><span>💳</span><div><b>Consumer, business and property loans</b><p>The average personal loan is about €1,500; loans against property run up to €300,000. Rates reach 60% a year.</p></div></div>
<div class="tile"><span>📈</span><div><b>A €64.5m Estonian book</b><p>Gross, at 31 December 2025. The group's loan receivables were €83.2m at the end of 2024, Estonia and Lithuania together.</p></div></div>
<div class="tile"><span>🏢</span><div><b>Two owners, half each</b><p>Aleksandr Kostin and Sergei Astafjev, from the Estonian register. There is no company above them.</p></div></div>
</div>
<div class="glance">
<div class="tile"><span>🟦</span><div><b>On Mintos</b><p>Listed as "Placet Group (EE)" and "(LT)". What it offers now is mostly loans secured on property.</p></div></div>
<div class="tile"><span>💰</span><div><b>€1.0m outstanding</b><p>Our register at 20 September 2026 — a platform figure, not independently verified, against €37.6m of total borrowings.</p></div></div>
<div class="tile"><span>📊</span><div><b>9.2% paid to investors</b><p>The average rate on its Mintos notes — a platform figure.</p></div></div>
<div class="tile"><span>🔁</span><div><b>Buyback and a pledge</b><p>A 60-day buyback, 5% kept by the company itself, and a pledge over loan receivables.</p></div></div>
<div class="tile"><span>⭐</span><div><b>Risk Score 8.7 for Estonia</b><p>The Lithuanian score was withdrawn on 9 July 2026 — platform figures, update of that date.</p></div></div>
</div>
</div>