Two thirds of new users on Mintos can start investing on the same day they are verified, thanks to its improved deposit process.
Last month, the European lending marketplace announced that it had partnered with payments company Kevin. on the new solution.
As well as speeding up the verification process, existing investors can now initiate bank transfers to their Mintos account directly, eliminating the need to manually copy and paste details.
In a new blog post on Mintos’ website, the firm interviewed one of its engineers, Artis, a full-stack developer who worked on the improved payments system.
He said that the project came to fruition following customer feedback that investors wanted a faster, easier way to add funds to their Mintos account.
The company decided Kevin. would be the best partner for the project as its system is based on open banking, which Artis said provides greater transparency, security, and lower service fees to account holders.
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“Overall, the launch of Kevin. represents a significant development in the world of finance and benefits investors who are looking for a fast, efficient, and secure way to transfer funds,” Mintos said.
As a result of implementing the new technology, around 65 per cent of new users can start investing funds on the day that they are verified. This compares to under 20 per cent of new users without Kevin’s solution.
“The most important criteria that the team prioritized for this project was user experience,” the blog post said.
“They wanted the new deposit system to be easy for investors to use. The team’s other considerations included the speed of the payment process, the bank coverage, and finally, the cost – both financial and in the sense of developer resources. Once the project was ready for development, the team got excited. This project was an opportunity to improve money depositing on Mintos which, before this project, had been a slow part of the system for investors.”
Mintos’ latest full-year results showed that the company swung into profit last year, despite a fall in revenue and challenges from the Ukraine war.
It reported total income of €188,000 (£163,271) for the year, up from a €2.5m loss in 2021.
However, revenue fell by 5.6 per cent year-on-year to €9.192m.