Peer-to-peer lending platform moves one step closer to replacing traditional banks

Latvian fintech is redefining what peer-to-peer lending looks like

Spotted: Latvia-based fintech Mintos is planning to add debit cards and bank accounts to its peer-to-peer lending marketplace service. Mintos is a platform for investors to finance nonbank lender loans. Since 2015, Mintos has facilitated more than €500 million worth of loans.

Clients would use the Mintos banking account just like a traditional account. The account and card would allow investors to make and receive payments globally, deposit salaries, transfer money, pay bills and withdraw money from ATMs.

Mintos co-founder and CEO Martins Sulte said that offering bank cards and account numbers is a “natural step” for the startup. He added that “this development also means that, theoretically, our investors won’t need their banks anymore.”

Mintos has applied for a European e-money license to proceed.