Mintos

The P2P lending marketplace removed the page where investors could review the progress of recovered funds and the portfolio's expected loss. According to the latest data from Q2/2022, Mintos' expected loss of funds increased to €66 million. Currently, investors are able to access only information related to their investments. 

Capitalia

Capitalia offers a free three-month trial of the company's most premium account type. The platform will build a diversified portfolio based on your mandate so you can enjoy passive income. The premium account feature on Capitalia is usually priced at 10% fee from earned profits.

EstateGuru

EstateGuru has sent an email to investors highlighting the status of defaulted German loans. While the progress is minor, the company continues to share relevant updates.

InRento

Please be advised that from tomorrow to Sunday (March 24-26th), InRento's website will be under maintenance.

Fintown

Our review of the recently launched Czech crowdfunding platform Fintown is now live. Learn more about the current risks and opportunities and find out what we think about the platform in our review.

Profitus

The crowdfunding platform announced that from the 10th of April 2023, users will receive individual IBAN accounts provided by Lemonway. 

The platform raised the Secondary Market fee to 3% for sellers. Furthermore, EstateGuru will charge €10 for inactive accounts from April 2023. This fee will be increased to €50 per month after the first year of the 12-month period of inactivity. As inactive accounts create cost to Estateguru, an “inactive account fee” is charged to users who have deposited funds in their accounts but who have not made any new investments on the Primary or on the Secondary market for the last 12 months and who also have no active loans in their portfolio.

Crowdpear

Crowdpear offers investors to invest in a new mortgage-backed development loan for 12 months and 18% LTV (first phase). Investors will receive 10.5% annual interest paid out every quarter.

Investors who wish to liquidate their German or Finish portfolio can use the Instant-Exit-Option and sell their loans to EstateGuru at a 35% discount.

As of today, InRento will no longer participate in the profit-sharing of projects, and the profit will be shared only between the project owner and the investor. Under the updated structure, 10% of InRento's profit share would be transferred to the investors. The investors would participate in 80% of the project's profit-share and be subject to a 0.12 accounting fee ratio.

Reinvest24

The crowdfunding platform started the recovery of delayed projects from Moldova. The platform cannot yet share specific plans publically as it could jeopardize the recovery procedure.

The crowdfunding platform InRento started offering investments in buy-to-let properties in Poland.

Peerberry

PeerBerry's business partners repaid another €1,7 M in war-affected loans from Ukraine and Russia. PeerBerry business partners have already refunded over EUR 33 million, or 69.3% of the total war-affected obligations, towards PeerBerry investors.

Afranga

The Bulgarian P2P lending platform Afranga is lowering the interest rates to 11%.

EstateGuru emailed investors about the recovery progress of defaulted and delayed Finnish loans. The borrowers promised to repay delayed loans by the end of March 2023. The enforcement procedures regarding the defaulted loans are ongoing. 

Bulkestate

Our community members report that Bulkestate stopped supporting investors and replying to their emails.

We have just released a new tool that helps you get more insights into our P2P lending portfolio, including allocation and internal return rate. Find out how much our readers invest in our "Asset Allocation" poll.

Investors on top-rated platforms such as PeerBerry, Robocash, Esketit, and LANDE are currently experiencing cash drag.

Robocash

The availability of loans on Robocash is low, causing cash drag for investors who wish to deploy their funds.

PeerBerry will adjust the interest rates for loans offered by its loan originators from 1. March 2023. Investors will receive the following rates based on countries and lenders: 9% for loans from Poland, 10.5% for loans from the Czech Republic and Vietnam, 11% - 11.5% for loans in Moldova and Kazakhstan, and 12% - 12.5% for loans from Kenya and the Philippines. 

PeerBerry and its partner Aventus Group continue a strategy to diversify the business by country and bring more diversity to investors. Today, the Czech lender PůjčkaPlus joins the PeerBerry platform.  PůjčkaPlus offers investments in short-term loans with a 10,5% annual return. All loans are secured with a buyback and group guarantee.

EstateGuru sent out an email to all affected investors with additional project updates regarding the defaulted loans. The update includes updated information that isn't available on EstateGuru's website. 

Lendermarket

The P2P marketplace Lendermarket is now scoring lenders based on the following categories: Legal, Financial, Transparency, and Transaction. Lenders from the Creditstar Group, which owns Lendermarket, obtained only average ratings. 

Bondster

The two lenders have covered all obligations towards investors on Bondster. 

YouHodler

One of the readers became the victim of identity theft, despite having the 2FA activated and following best cybersecurity practices. The bad actor obtained access to the user's YouHodler account and withdrew all assets. We have received sufficient evidence from the affected user to confirm this event. It's yet unclear how exactly this identity theft occurred. YouHodler suggested reporting this incident to law enforcement authorities and promised to help collect required evidence. 

According to the latest report from Bondster, the Colombian lender is slightly behind the agreed repayment schedule. The company is supposed to repay all debt by June 2023. Bondster received €250,000 from Rapicredit in January. 

PeerBerry's business partners repaid another €1,8 M in war-affected loans from Ukraine and Russia. PeerBerry business partners have already refunded over EUR 33 million, or 66% of the total war-affected obligations, towards PeerBerry investors.

Esketit

The loan originator Money for Finance in Jordan has issued over €43 M in loans with a gross profit of €6.6 M. As the demand for investments in Jordan is higher than the supply of loans, the company decided to lower the interest rates. From February 23, 2023 the automated Jordan strategy and diversified strategy will invest in all loans related to Jordan, including business loans for Jordanian companies.

BlockFi

Affected users of BlockFi may now submit their claims.

PeerBerry is now listing loans from AVENTUS NT SL from Spain. The company's activities include real estate acquisition, renovation, sales, and rental services in attractive locations in Spain, mainly in Marbella - a place in southern Spain belonging to the province of Málaga in the autonomous community of Andalusia.

Viainvest

The platform won't be accessible from February 10, 2023, starting at 19:00 CET for up to 24 hours, due to scheduled maintenance.

Debitum

Debitum is now listing loans from Flexidea Polska with a duration between 3 and 6 months. The lender is offering between 11% and 11.25% APY.

Lendermarket announced that it would increase interest rates to 18% for Creditstar loans with a loan term of more than two years. 

On February 8, 2023, Robocash is lowering its loan interest rates for terms ranging from 91 days to 3 years. Investors will be able to earn 12% APY.

EstateGuru's default rate continues to increase. 81% of the German loans have defaulted, while in Lithuania, the default rate increased to almost 20%. The CEO continues answering critical questions from our community. Read more about the latest insights in the following link. 

The platform announced that it would be increasing the interest rates for long-term Creditstar loans to make the product more sustainable. The platform cites that the demand is surpassing the supply of investment products on the platform.

The default rate in Germany and Lithuania increased to 47.65% and 20.11%, respectively. The amount of defaulted loans in Finland decreased slightly to 34.11%. Estland and Latvia are currently the best-performing markets, with a default rate of just 2.26% and 3.93%.

Reinvest24 has received payment for the outstanding interest for the Green Park Home project. The platform expects to see greater progress in this matter in the next 2 weeks, based on the communication with the borrower. Should the borrower not fulfill the obligation, the platform will start the recovery process for the late projects.

P2P Empire interviewed CEO Mihkel Stamm about the defaulted loans in Germany and Finland. We discussed the core issues behind EstateGuru's poorly performing loans, including the expected timeline for loan recoveries. The full interview is available for our members.

The Bulgarian P2P lending platform, funding loans from StikCredit, announced that it is lowering the rate from 14% to 13% to "restore the market balance". Investors on Afranga had been experiencing cash drag for several months as the supply of new loans was lower than the demand from investors. 

Due to the closure of Esketit's previous bank account at the Baltic International Bank, the platform has temporarily disabled the option to register from the U.S. Clients from the U.S. will be able to join Esketit again when the platform opens a new bank account, which is estimated to happen within the next two months. 

Income

Finto Capital, a Loan Originator from Latvia, has secured a new long-term funding source and has decided to exit Income. The lender will repurchase all loans from investors and cover the accrued interest.

PeerBerry's business partners repaid another €1,8 M in war-affected loans from Ukraine and Russia. PeerBerry business partners have already refunded over EUR 31 million, or 62% of the total war-affected obligations, towards PeerBerry investors.

Esketit is now offering to invest directly into the development of the lending company Money for Finance in Jordan via a business loan channeled through MD Investments SIA in Latvia, which owns the lending originator in Jordan. The loan offers a 12% APY and is backed by a buyback guarantee. The platform provides two maturity options: 6 and 12 months. The principal is repaid at the end of the loan term, while interest payments are credited monthly to investors' accounts.

Nexo

Investigators have alleged that Nexo is involved in money laundering and violating global financial sanctions against Russia.

Max Crowdfund

Max Crowdfund is working on an update of the platform. For this reason, the company won't offer any new investment opportunities until March 2023, when the update is rolled out. 

The default rate of EstateGuru's loan portfolio has ascended to 21.36%, with Finland and Germany experiencing the highest defaults reaching levels of 46.63% and 34.72%. The default rate for loans issued in Lithuania increased to 10.73%.

Reinvest24 informed investors that the platform is giving a one-month deadline to the borrower to come up with a suitable solution to repay the loans from Moldova. Should the borrower not resolve this issue, Reinvest24 will start the recovery process by defaulting late projects.

The website viainvest.com isn't accessible. The platform announced that the team is working diligently to resolve the issue and restore normal service as soon as possible.

Members of P2P Empire can now access our exclusive interview with the CEO at Esketit, one of the fastest-growing platforms of 2022. We talked about the latest developments, how the recession impacts Esketit's portfolio and what the platform has in the pipeline for 2023. 

Lendermarket onboarded a new lender from Peru - Crediface. The company offers investments in loans with a loan term of up to 24 months and a 16% interest rate.

Under the limited recourse loan agreement, section 3.3, the platform informs investors that if loan repayments are not received by the loan originator and if the loan originator and borrower agree, the loan can be extended up to six times. Lendermarket is not publishing the performance of its loans under management. The platform informed us that just in Q4/2022 Lendermarket started verifying balances (review of a sample) for previous periods. Several investors reported that most of their short-term loans from Credistar are being systematically extended. This would indicate that the loan originator is categorically extending the loans without proof of actual request from the borrower. Lendermarket may therefore be breaching its terms and conditions, severely impacting investors' liquidity. The platform is promoting loans with a duration of 30 days which are often extended to up to 240 days. The buyback guarantee is not being triggered as loans get automatically extended.

DanaRupiah shall cover all 60+ days of delayed loans by mid-January. Rapicredit shall repay all 60+ days of delayed loans in monthly installments until June 2023. All investors are expected to receive accrued interest until the loan is repaid.

The default rate of EstateGuru's loan portfolio has ascended to 14.9%, with Finland and Germany experiencing the highest defaults reaching levels of 32.47% and 30.42%.

ID Finance is onboarding new investors who will provide $15 million USD equity investment, €20 million debt investment into the Spanish entity, and up to €7 million debt investment into the Mexican entity. As the onboarding of investors requires approval by regulators, the company won’t be able to cover the restructured pending payments of €18.3 million by 31 December 2022 as initially agreed. Considering this situation, Mintos agreed to prolong the restructuring process while ensuring investors are compensated adequately for rolling over their investments. ID Finance has proposed a payment schedule with regular payments to cover all obligations by 31 July 2023. ID Finance has to continue paying increased interest of 1.4x the base interest rate on the restructured pending payments on an ongoing basis. On average, investors will receive 17.6% interest on the restructured pending payments.

The P2P lending platform Esketit has lowered the interest rates for its loans from Jordan to 12%.

Midas Investments

The CEO announced that Midas.Investments' platform is closing down as a fixed-yield CeFi platform. The reason for shutting down the operation was a cumulative loss of $50 M (20% of $250 million AUM) in spring 2022. The recent negative events in the industry caused users to withdraw their assets, leading to a large asset deficit. Based on this situation and current CeFi market conditions, Midas Investments decided to close the platform. The CEO announced that the platform will shut down withdrawals and swaps for two-three hours to balance the assets and liabilities. Then withdrawals will be open with full liquidity presented for each asset.

Reinvest24 released an update concerning the delayed payments for Moldavian projects. The crowdlending platform suggested a solution to the borrower, which would cover all the outstanding interest payments and provide a speedy completion of the development projects. The borrower is currently evaluating the platform's proposal. The delay concerns 24 listed loans from six projects backed by real estate collateral.

Lendermarket informed us that Creditstar's ambitious growth plans are still on the table, but they will be postponed until market conditions improve and further funding is obtained. Over the last nine months, investors have seen an increase in Creditstar Group’s delayed loans on Lendermarket. Creditstar has been reducing the level of late loans on the platform in the last month. Lendermarket agreed with Creditstar that the level of late loans on the platform would be reduced even further over the coming months to reach max 20% of the level of delinquent loans.


Coinloan

The crypto lending platform is introducing new rates for flexible and fixed accounts. Rates for the flexible account will be subject to market conditions, and the users can withdraw anytime. Users who lock their crypto assets will be rewarded with higher rates. The lock-up periods range from 1 to 12 months.

According to sources close to the lending company Creditstar, the lender and Mintos have agreed on a repayment plan for the outstanding pending payments on the Mintos platform to be paid by the end of May 2023. Creditstar has to pay a one-time “sweetener” of 1% of the rolled-over amounts to compensate investors for rolling over their investments by 6 January 2023.
To make sure investors are receiving adequate interest for the period, pending payments interest for the restructured amount will remain at 18% per annum, which is significantly above the current average market rate of 13.6%.

Viventor

The liquidator of SIA "Viventor", the failed P2P lending marketplace, published the following announcement: "The shareholder (Lotus 597 B.V. reg. No 74540181, Netherlands) of SIA “Viventor”, registration No 40103920304 (hereinafter – the Company) has taken decision on the initiation of voluntary liquidation of the Company. It is foreseen that within the Company’s voluntary liquidation proceedings creditor claims against the Company will be settled." The liquidator announced that users should download all information from their accounts as the website will soon be terminated. 

The payment delay by the lender Eurolombard was due to a delay in the payment sent by the Belarusian bank. Bondster expects two payments from the lender. The first payment has been received and the remaining amount will be sent in the next few days, according to the information from Eurolombard. Bondster will cover the buyback guarantee to affected investors as soon as the payment is received.

The payment for loans from Danarupiah is delayed because of the current reporting setup between the lender and Bondster. The platform sends a weekly summary of account balances to the lender, including the amounts needed to cover the buyback guarantee. If DanaRupiah does not have sufficient funds in the Bondster account to cover the buyback guarantee, Bondster waits to send the missing funds. The platform is changing the reporting setup, so the lender receives daily reports, including information about the amounts required to cover delayed loans through the buyback guarantee.

CayDenThan VN started offering loans with a 12% annual return, backed by a buyback and group guarantee. CayDenThan VN is a joint venture of Aventus Group and GoFingo Group in Vietnam.

The P2P lending platform Robocash announced that it would be lowering the interest rates for the following loan terms: 10.5% (91 - 180 days), 11% (181 - 365 days), and 11.5% (366 - 720 days). Please note that the lowest (8%) and the highest (13%) rates remain the same. The updated interest rates will apply to new investments made from December 21.

PeerBerry's business partners repaid another €1,8 M in war-affected loans from Ukraine and Russia. PeerBerry business partners have already refunded over EUR 29 million, or 58% of the total war-affected obligations, towards PeerBerry investors.

The Latvian regulator suspended the operations of Esketit's banking partner, Baltic International Bank.  Investors' uninvested funds aren't affected as the platform managed to move investors' uninvested funds to a different bank before the collapse of the BIB bank. The platform urges investors to change the deposit option to the newly created bank account at Klarpay AG, a deposit-taking institution regulated under the Swiss Federal Baking Act and supervised by the Financial Market Supervisory Authority.

Some of the development projects in Moldova, including Metropolis 4D, 4A and Green Park have repaid the interest to investors. 

A few days before the security incident at PeerBerry, we discussed the systems and processes that PeerBerry follows to protect investors' accounts from external threats. The full interview is available for our members.

The company announced that it would leave the U.S. market due to inconsistent and changing positions among state and federal regulators.

PeerBerry detected that cybercriminals leaked some data of some PeerBerry customers. The data, which was uploaded on one of the hacker’s forums, is almost three years old. For security reasons, the platform forced a reset of passwords for all clients registered till April 2020. Investors, who registered on PeerBerry later than April 2020, are in no way impacted by this incident. The platform ensured investors that passwords remain encrypted and that investors’ accounts, personal IDs, bank account numbers, and similar data have not been compromised. Which exact data have been leaked is unknown.

The latest update of our public P2P lending portfolio is now available for our members. The file includes semi-raw data as well as additional comments on the latest developments in the industry. 

VIAINVEST released a statement addressing unfounded rumors about its obligation to honor the buyback guarantee agreement. The platform explained that the buyback obligation is being honored and that the previously listed credit lines have an open-ended agreement, meaning the loan isn't delayed or defaulted as long as the borrower meets the minimum repayment requirement. The borrower may also raise the loan amount during the repayment process. Based on VIAINVEST's loan originator data, the average credit line is repaid within 12 months. Investors who invested money in previously listed credit lines can't exit their position as there is no secondary market, and the credit lines may be extended for an unspecified amount of time.

Cabital

The crypto-earning platform Cabital will cease providing services from 25th December, 2022. Users are requested to withdraw their funds. None of the investors suffered any losses.

The crypto lender BlockFi filed for Chapter 11 bankruptcy.

A Credit, a lender from Kazakhstan, is now offering its loans to investors on PeerBerry. The company is offering investments in short-term loans with an 11,5% annual return, backed by a buyback and group guarantee.

Delayed loans on VIAINVEST are not being repurchased after 60 days. The platform is claiming "technical issues". Those issues have been ongoing for over 12 months, locking investors' funds for an indefinite amount of time. 

Latvian parliament has passed a law that reduces withholding tax requirements for private individuals who are tax residents of EU and EEA countries from 20% to 5%.

Celsius

All users of Celsius Network can submit a proof of claim against Celsius Network by the 3rd of January 2023 at 5PM ET. 

Twino

After only three months, TWINO is changing its CEO again. The newly appointed Chief Operations Manager is Helvijs Henšelis, a former tax manager.

Nexo is being sued in London by a family of fintech entrepreneurs who allege that it froze their ability to withdraw up to £107 million ($126 million) of their assets and then intimidated them into selling it all to the crypto lender at a 60% discount.

P2P Empire interviewed the CTO at Danarupiah - Tao Zui. The discussion covered the lenders' approach to risk management and regulation in Indonesia. In our exclusive interview, you can learn more about how Danarupiah scores borrowers in an emerging market such as Indonesia.

The Colombian lender Rapicredit failed to cover all investor obligations this week. Bondster is expecting to receive another payment next week.

MyConstant

The crypto lender is limiting its business activities, including pausing user withdrawals as allowed under our Terms of Service. No deposit or investment request will be processed at this time.

Bondster has informed us that the platform received payments from Rapicredit. All the +60-day delayed loans should be repurchased by 18/11/2022. The platform also suspended the listing of new loans from Lime SA and is in the process of reevaluating the lender's risk score. 

PeerBerry's business partners repaid another €1,8 M in war-affected loans from Ukraine and Russia. PeerBerry business partners have already refunded over EUR 27,02 million, or 54% of the total war-affected obligations towards PeerBerry investors.

Haru Invest

The crypto-earning platform Haru Invest is now offering a 13% yield on USDC with its Haru Earn product. Users who don't wish to lock up their USDC will receive a 5% APY. 

Crypto

In what seems to be a repeated mistake, CryptoCom has once again sent money accidentally, only to recover it later. This is a clear sign of poor risk management.

Bondster informed P2P Empire that all loans with a delay of more than 60 days would be repurchased by the end of the month. The expected recovery of all delayed loans (+60 d.) from Rapicredit and Danarupiah is by 15. November 2022. Loans from Juanchotepresta should be repurchased by 21. November 2022 and loans from Rightchoicefinance are expected to be recovered by the 29. November 2022.

BlockFi halts all withdrawals, citing the "lack of clarity" around FTX. The crypto lender announced on Twitter that the company acknowledged that it cannot 'operate business as usual given the 'lack of clarity on the status of FTX.com, FTX US, and Alameda. As a result of BlockFi's asset freeze, California's Department of Financial Protection and Innovation has suspended BlockFi's lending license.

Investors on Bondster are reporting that loans from the Indonesian lender Danarupiah are delayed for more than 60 days. The number of lenders not honoring the buyback guarantee on Bondster is growing.

CoinLoan's yield generation model is not in any way related to Alameda Research or DeFi in general. The platform announced that it had never any material exposure, business or personal connections to the FTX exchange, Alameda Research, or the FTT token.

Yield App

Yield App confirmed that the platform has no exposure to Alameda or the FTT token, and no significant exposure to FTX. 

Haru ensured its users that the platform had no exposure to FTX and had never invested or traded FTT tokens. 

Ledn

Ledn confirmed its relationship with Alameda as one of the counterparties that the platform works with to generate yield for Ledn's clients. Ledn has been in frequent contact with their management team, and as a precaution, has reduced the Ledn asset balance with Alameda. So far, Alameda has returned assets in a timely manner and Ledn is actively working with them to return the remaining balance of assets. The exact exposure to Alameda wasn't disclosed.

Loans from the loan originator JUANCHOTEPRESTA in Colombia are delayed for more than 60 days. The offered buyback guarantee isn't being honored.

Investors are reporting repayment delays of more than 60 days for Bondster's lending partners in South Africa and the Philippines. The mentioned lenders failed to honor the buyback guarantee.

The loan originator ClickCash from Brazil has not executed buybacks as per the agreement. The listing of new loans from ClickCash is suspended. 

Lande

LANDE is aiming to raise €457,594 at a €4,000,000 pre-money valuation. The raised funds will be used to help LANDE become the largest digital lending platform for Agricultural projects in Europe.

Get a quick overview of the latest news from the P2P lending industry. ⏩ Follow our daily newsfeed to be up to date.

P2P Lending News

Mintos removed the "funds in recovery updates" page

Free three-month trial of the premium account

EstateGuru released an update on the status of German loan

InRento will be under maintenance

Fintown review is now live!

Profitus will provide Lemonway accounts

EstateGuru is updating its pricing list

New project on Crowdpear

Instant exit option for loans from Germany and Finland is now available

InRento is updating its capital gains structure and pricing

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