March 17, 2020
Today I received an e-mail from Mintos about Finko and techhnical issues
E-mail from Mintos
You are receiving this email because you have invested in loans issued by Finko in Ukraine, Russia or Armenia.
Recently Finko experienced a technical issue with loans which were planned to be extended, and instead were bought-back. The actions for extending a loan or buy-back are implemented as API requests in systems, commanding one or another action. Due to a wrong API request, Finko accumulated an unexpected amount of loans being bought-back and that way created additional volume of pending payments for its investors.
At this point, this issue is being fixed by separating the investments which were bought-back and using them to invest in the same loans that were extended to the borrowers. It means that the amount you see in your account as pending from Finko, will decrease.
The principal amount from the loan that was mistakenly bought back will now be invested in the same loan that was placed on the marketplace after it was bought back. This process will happen automatically in the next 24h.
It might not be possible to revert all pending amounts which happened due to this issue, therefore the remaining money from pending payments will be added to your account balance when the loan matures, including the interest earned during that time. We thank you for your patience as we investigated the issue of sudden unexpected pending payments amounts by Finko.