MyC4 has the first three Tanzania loans online. I bid a small amount on the loan requestof Eliamin Eliakimu Swai who runs a car spare parts repair shop in Dar es Salaam. Local provider in Tanzania is Growth Africa Capital, which also serves Kenya.
Author: wiseclerk
More on Smava Poland launch
Following up on the interview (see ‘Smava expands p2p lending to Poland‘) I just took a look at Smava.pl, which has now launched. I don’t speak Polish but the layout of the site is very similar to the Smava Germany site, so navigation was no problem.
As expected interest rate levels in the Polish market are considerately higher then on Smava.de. At the moment there are 4 active listings with (nominal) interest rates ranging from 15.9 to 23.5% (maximum interest that can be entered in the application form for a loan is 26%). Loan terms are short. Borrowers can select from 3 months (minimum) to 36 months (maximum) with 9 possible durations.
Smava did keep the groups feature, which puzzles me as groups have not gained any use on the German version in the nearly 2 years since launch.
One of the partners of Smava in Poland is Money.pl, a finance website with 2.6 million users per month. This is a good marketing move to gain visibility for the concept and to close up on the 3 competitors that launched earlier.
The management team consists of PrzemysÅ‚aw MoÅ›cicki, dr Marcin Klinowski and Arkadiusz Hajduk. Hajduk is a ‘veteran’ in p2p lending. He co-funded Fairrates (in Denmark) and later was product manager on the IOU central team (Canada).
Fynanz halts p2p lending
Prosper Lending Review examined how Fynanz, a p2p lending site for student loans, quietly halted operations recently. In the article Tom points out that Fynanz attempts to market itself as a whitelabel service to credit unions and other financial institutions.
Fynanz CEO Chirag Chaman is cited that the reason for no longer accepting new lenders and borrowers are market conditions with sinking interest rates. Chaman outlines the plans to cooperate with financial intstitutions/banks to finance student loans.
Exclusive Interview: Smava expands p2p lending to Poland
Starting Jan. 7th, the German p2p lending service Smava will launch it’s p2p lending platform in Poland. I interviewed Smava CEO Alexander Artopé.
The following interview was originally conducted in German language. Possible translation errors are mine.
P2P-Blanking.com: Mr. Artopé, why has Smava chosen Poland as target market for the international expansion?
Smava: For several reasons. Poland is a fast growing economy with approx. 40 million residents. In Poland the span between deposit rate and base rate is very high – approx. 15 percent. Therefore the smava marketplace will be very attractive for polish customers right from the beginning. And regulation in Poland does not require a bank for the p2p lending model. This keeps transaction costs very low.
P2P-Banking.com: There are already 3 p2p lending services established in Poland. How does Smava plan to win market share as newcomer?
Smava: Compared to the active services smava is much more secure. Like in Germany it is a central product feature, that the risk for the lenders is transparently evaluated and can be factored into the calculation . To achieve this we cooperate with the polish credit rating agency (BIK).
P2P-Banking.com: How did you organize the operations? Does Smava have a branch or a subsidiary in Poland? Or do you operate from Berlin?
Smava: We have a subsidiary in Wroclaw, Poland, with a polish management team.
P2P-Banking.com: Where are the biggest challenges in international expansion: technical, legal/regulatory, marketing or recruiting team members?
Smava: On all fields, in the following order: legal/regulatory, recruiting and then marketing.
P2P-Banking.com: Which differences does the polish version of Smava have compared to the german Smava version?
Smava: Firstly we will start in Poland without the ‘Anleger-Pools’ (P2P-Banking: an insurance feature), because p2p loans are mostly short term there. Secondly all loan contracts will be directly between lenders and borrowers – not like in Germany with the biw bank as intermediary.
P2P-Banking.com: What will be the maximum loan amount that can be borrowed at Smava Poland?
Smava: A polish borrower can use smava.pl for loans up to 100,000 Zloty. Each lender can invest up to a maximum of 200,000 Zloty. (P2P-Banking.com: 100,000 Zloty equal approx. 34,000 US$)
P2P-Banking.com: Which credit rating information will Smava.pl supply for the lenders?
Smava: Like in Germany smava will supply a credit score (BIK) as well as a debt/income ratio.
P2P-Banking.com: Which fee structure does Smava.pl have?
Smava: Lenders can invest fee-free, borrowers pay 1%Â of the loan amount. Continue reading
Merry Christmas
Update from Pertuity Direct
That’s the title of an email I’ve just received from PertuityDirect.com, a Virginia based p2p lending service in pre-launch stage. Pertuity Direct announces:
… If you have been keeping tabs on the space, you know that the social lending industry has been pretty interesting over the last two to three months. The guidance that regulators have given with regard to the segment, combined with the fact that consumer loans are still hard to come by, fits perfectly with what we are bringing to market. There is a real need for alternative sources of capital for consumers, as well as new and better investing options. Social lending is a great answer to the problem – and Pertuity Direct is poised to bring it to the mass market.
We are in final preparations to launch immediately after the New Year. All of the pieces are finally in place and we are revving up for Day 1.
We’re excited about 2009 and are looking forward to reaching out to you very shortly as we open for business. …
Since the Loanio delays I am a bit wary of launch dates, but ‘immediately after’ sounds confident – looking forward to the launch in January 2009 then.