European lending marketplace Mintos saw its revenues tick up in 2020, while its losses widened.
The Latvia-based firm reported revenue of €10.2m (£8.75m) for 2020, an increase from €9.1m the previous year.
It posted losses of €1.97m, up from €972,000 in 2019.
Mintos ended 2020 with €1.6bn in loans funded, a drop from €2.8bn in 2019, while investors earned €53.3m of interest, up from €45m in 2019.
In order to address an increase in underperforming loans amid the pandemic, Mintos said that it had created and expanded teams within the company that are dedicated to loan recovery.
Despite these challenges, 80 per cent of the total funded portfolio sustained their strong performance, Mintos said.
Read more: Mintos reaches 400,000 registered customers
In 2020, 128,380 new users joined Mintos, bringing the platform to a total number of 369,332 investors from 105 countries and the platform’s cumulative volume of funded loans grew by 37.2 per cent to reach €5.9bn.
Looking ahead, Mintos said it is highly optimistic because investment rates are once again gaining momentum and it expects to acquire licenses to operate as an investment firm as well as an electronic money institution shortly.
Read more: Mintos’ Martins Sulte: A wider vision
“We swiftly switched our focus from expansion and growth to ensuring business continuity and operational sustainability as we set out to endure the macro-economic recession,” said Martins Sulte, co-founder and chief executive of Mintos.
“Looking back, our agile approach helped us make progress even in the turbulent economic landscape of 2020.
“Over the last year, we developed and implemented many projects, edging closer to our vision of making investing in loans as common as investing in other popular assets like stocks or real estate.”