Estonian p2p lending marketplace Bondora* announced today that for new customers the availiable Go&Grow interest rate is 4%. They can invest an unlimited amount in the product called Go&Grow unlimited. The Go&Grow tier with an interest rate at 6.75% will remain available only to existing customers that joined before August 24th, 2022. Currently that tier is limited to adding 400 EUR new investment per customer per month.
Bondora says this change is necessary, since they will prioritize launching new loan markets, new financial products, and newtarget audiences in the coming months.
According to the announcement Bondora has 200000 customers, which invested more than 650 million EUR.
Carilend is a Caribbean p2p lending platform operating in Barbados, Jamaica and Trinidad. Carilend kicked-off their online lending in Barbados in 2017. In 2019, Carilend expanded into Jamaica, partnering with the VM Group and now adds Trinidad & Tobago alongside Massy Finance. Carilend utilizes Madiston software to run the p2p lending platform. The supplier stresses that this has been achieved on a single instance of Madiston’s lending technology with different currencies, different banking arrangements, different processes, all managed separately but operating within one platform. Each country offers different lending products too, from institutional lending, peer to peer lending, Buy Now Pay Later loans to salary deducted loans.
The company claims that due to automation they have managed some 50 million USD loans with minimum staff, and many of those were peer to peer loans which each have hundreds of micro-transactions to process.
Mark Young, CEO of Carilend is quoted: ‘We have worked with Madiston for over six years now and they have provided the digital lending technology on which the whole Carilend Group operates, from customer onboarding through loan servicing. It is a robust and highly flexible platform which has enabled us to keep our operational costs down, add new products as we grew and expand geographically. …. As we take our digital lending service into our third country, Trinidad & Tobago, launching the Instaloan in partnership with Massy Finance, we continue to use the reliable and innovative Madiston technology as our platform. …‘
The table lists the loan originations of p2p lending marketplaces for last month. Peerberry* leads ahead of Mintos* and Assetz Capital*. The total volume for the reported companies in the table adds up to 274 million Euro. I track the development of p2p lending volumes for many markets. Since I already have most of the data on file, I can publish statistics on the monthly loan originations for selected p2p lending platforms.
Table: P2P Lending Volumes in July 2022. Source: own research Note that volumes have been converted from local currency to Euro for the purpose of comparison. Some figures are estimates/approximations.
Today Ablrate announced it will voluntary wind down operations. Existing loans will continue to be served, but no new loans will be funded. Ablrate, which launched in 2014, had funded 68 million GBP in business loans over the course of the 8 years. Reasons for the decision given by Ablrate are ‘The decision has not been taken lightly so I would like to explain why we are now on this path as it is a combination of the economic outlook, some of the challenges on our loan book, and regulatory trajectory. It is a challenging environment for small businesses. Interest rates are likely to rise putting pressure on incomes and already retail sales are being hit putting pressure on the wider economic outlook. Strikes and resultant potential wage hikes may fuel inflation in the short term and add to the volatility of the economy adding additional risk to lenders and our business.’
Ablrate also states that increasing regulation and restrictions were challenging for the future outlook of business. ‘If the proposed ruling of banning incentives to invest comes to pass, our opinion is that it is likely that Instant Returns would be banned, of which borrowers have paid over £200,000 since it was implemented.‘
A significant number of the loans is outside the planned payment schedule, that is either delayed, restructered or in collections. Loan originations have been slow lately, with only 13M GBP funded in the past two years.
The table lists the loan originations of p2p lending marketplaces for last month. Mintos* leads ahead of Peerberry* and Robocash*. The total volume for the reported companies in the table adds up to 275 million Euro. I track the development of p2p lending volumes for many markets. Since I already have most of the data on file, I can publish statistics on the monthly loan originations for selected p2p lending platforms.
Table: P2P Lending Volumes in June 2022. Source: own research Note that volumes have been converted from local currency to Euro for the purpose of comparison. Some figures are estimates/approximations.
The table lists the loan originations of p2p lending marketplaces for last month. Mintos* leads ahead of Peerberry* and Assetz Capital*. The total volume for the reported companies in the table adds up to 317 million Euro. I track the development of p2p lending volumes for many markets. Since I already have most of the data on file, I can publish statistics on the monthly loan originations for selected p2p lending platforms.
The following milestones were crossed this month:
Twino* originated more than 1000M EUR since inception
Esketit* reached more 50M EUR loan volume since launch
Table: P2P Lending Volumes in May 2022. Source: own research Note that volumes have been converted from local currency to Euro for the purpose of comparison. Some figures are estimates/approximations.
