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Varks.am was established in 2016 and offers universal credits to relatively broad number of customers. According to its business presentation, it is licensed and supervised by the Central Bank of Armenia. Furthermore the following was stated (partially unconfirmed, though):

• Paid share capital of 455 million AMD (~770000 EUR)
• Single payments loans of up to 250000 AMD (~425 EUR)
• Reliable client identification through branch network
• Quick application process and reduced paperwork
• Repayment up to 30 days
• Target client age group: 21-75 years
• 7 days a week service
• 180 employees in all 10 regions of Armenia

They furthermore stated, that as of January 2018, both, their assets and their liabilities/equity were € 8,567,000. The loans currently come with interest rates between 13%-14% p.a. Despite the presence of a buy-back-guarantee one should always be cautious when it comes to investing since the company is still rather new.

I actually did invest a small amount and the payment was a few days late (around 6 or 7 days) but it included the eligible interest rate of all overdue days when it was paid back. However, the total amount of outstanding loans on Mintos as well as the number of delayed loans has increased ever since I began to monitor this loan originator, which is somewhat alarming.

Update 2018-03-28:
Varks.am shareholders have decided to increase the registered share capital of Varks.am from AMD 455 to AMD 600 million (the equivalent of approximately EUR 1 million). (Source)

Update 2018-04-06:
The total amount of loans outstanding on Mintos finally has started to decrease again.

Find some statistics of the past few days below (all data was taken from the Mintos website):