Veriff partners up with P2P lending start-up, Mintos
Case studies

Global P2P Loan Marketplace Mintos Chooses Veriff

Mintos is a P2P lending startup that provides retail investors with an easy and transparent way to invest in loans from lending companies around the world.

AuthorVillu Arak, November 5th, 2019



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Launched in 2015, Mintos is one of the world's largest investment marketplaces for loans. It has more than 150,000 investors from 72 countries. Together, they invested €2.7 billion through the platform (read more about Mintos).

The challenge Mintos faced

Before using Veriff, Mintos relied on manual uploads of document photos to onboard users. As KYC regulations tightened, the company sought to verify users’ actual identities, not just the validity of the documents they showed. 

It soon emerged that identity verification alone wouldn’t deliver sufficient protection. The partner search was expanded: it needed to deliver credible fraud prevention. 

Choosing Veriff for background video

Veriff provides multiple layers of fraud prevention. It combines face, document, device, and network diagnostics with video-based behavior analysis. All sessions are cross-linked, delivering quick, credible verdicts.

Among that unique combination of fraud-prevention features, one stood out for Mintos: background video. During the verification process, Veriff records users with their device camera, making it more difficult to provide fraudulent document data or fake live verification. Recording occurs with the user’s explicit permission.

“We needed a partner that would move fast on multiple fronts. Verification needs to be quick. Fixes need to be quick. And our partner needs to really care. Veriff delivers on all.”

- Marcis Gogis, Head of Product, Mintos

Preventing fraud vs. turning off customers  

Initially, the number of vetted new users dropped. While signing up users had become much safer for Mintos, removing the risk of stolen identities and funds, tighter controls hurt conversion rates.

It quickly became clear that Mintos users were simply unfamiliar with online identity verification and needed encouragement. Mintos and Veriff began a joint effort to tackle this. 

They polished the onboarding flow and tested various methods to return conversion rates to normal. Mintos asked users for feedback and both companies dove deep into behavioral data.

A better process with guidance and content

Articles and guidelines were added to help users through verification. This bred the necessary confidence. At each step a customer takes with Veriff, Mintos explains the need for it, emphasizing trust and security, and explains the terms. 

With tool tips, easily-accessible support and an optional reminder to start verification later, users are gently guided from start to finish. This creates a pleasant journey of simplicity, reliability, and care. 

“Signing up was quick and transparent. As a result, I trust Mintos and they trust me. There are a lot of shady characters on the internet, so it’s good to be in a fraud-free zone.”

- Investor and Mintos user from Germany

The results

Veriff reduced the number of fields Mintos users fill manually. However, users’ unfamiliarity with camera-enabled identity verification initially cut the conversion rate to 57 percent. 

After both technical and user-oriented improvements, the numbers rebounded. Mintos' conversion rate remains steady above 90 percent, and the majority of Mintos investors get verified at first attempt. 

“My hat’s off to Mintos for aiming far above KYC compliance to bring more trust within their global marketplace for loans. Their honesty, collaborative spirit and high expectations also set an example for how partnerships work.”

- Kaarel Kotkas, CEO, Veriff

How does Veriff work on Mintos? 

Investing in loans used to be a banker’s privilege. No private investors -- ordinary citizens, really -- were allowed in the walled garden. Mintos changes that, opening this asset class to private investors of all sizes. 

The initial loan to the borrower is processed and granted by an outside company. That’s when the barrier-breaking innovation comes in. The loan is listed on the Mintos marketplace, allowing investors to select loans to invest in. They buy loan shares, diversify their portfolio based on their strategy and risk profile, and earn competitive returns in the form of monthly payments and interest.

It takes two minutes to verify an identity, and only five minutes to become an investor.

Prospective users reach Veriff’s verification process when they sign up to become a Mintos investor. When creating their account, they go through the usual Veriff flow of taking photos of themselves and their ID. Verification itself takes about two minutes and the accept/decline decision is then delivered in less than five minutes. After successful verification, the investor’s Mintos account is set up and they can start investing.

“Whenever money changes hands online, extra care is always warranted. But proving trust is tricky. On Mintos, it was quick, easy, and every step made sense.” 

- Investor and Mintos user from Croatia

Read more Veriff case studies

Veriff makes it easy to connect with honest customers, which is why our clients choose us for online identity verification. Here are some of their stories:

Villu Arak

Villu Arak


Villu helped Veriff share its story with the world and set the foundation of what our brand is today.

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