Europe-based loan investment specialist Mintos has secured investment firm and electronic money institution licences from Latvian regulator Financial and Capital Market Commission (FCMC).
This is to continue its growth plans of “becoming Europe’s go-to platform for retail investors”, it said in a statement.
To date, investors on Mintos have funded nearly €7bn (£5.9bn, $8.2bn) in loans which are issued by more than 90 alternative lending companies to borrowers from around the world.
The licences will allow customers to approach bridging loans as a mainstream asset class and also allow Mintos to “offer new investment opportunities, such as ETFs and other assets”.
The platform plans to passport its operations across the EU and European Economic Area (EEA) in the coming months.
Martins Sulte, Mintos chief executive and co-founder, said: “Adjusting the business setup and aligning all of the regulatory and licensing requirements has been a unique journey for us and the regulator. It took us almost two years to get here and I am very pleased to see this come to fruition.
“The work with the regulator has been very constructive, ensuring that us and those that will follow implement best practices when it comes to the regulated setup and investor protection.
“The licences will allow us to offer investors even more investment opportunities and will pave our way to becoming the go-to investment platform for retail investors in Europe who are looking to build their wealth long term.”