bondora

P2P lending service Bondora is now authorised and regulated by the UK Financial Conduct Authority

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Bondora is now authorised and regulated by the UK based Financial Conduct Authority (FCA). The FCA supervised peer-to-peer lending license is the only regime available anywhere in Europe that subjects peer lenders under regulatory oversight, supervising peer lending companies. Bondora is one of the selected few peer lenders who is now operating under a license and probably the first non-UK p2p lending company licensed by FCA.

“The authorisation and regulation are good news for our customers across Europe,” commented the CEO of Bondora, Pärtel Tomberg and added that customers will greatly benefit from the supervision of the FCA as well as the additional requirements Bondora needs to comply with in order to maintain the authorisation. “We are likely the only peer lender outside of UK who obtained this authorisation and this type of regulation is something that we have been looking forward for a number of years,” added Tomberg.

The interim licence increases the strength of the company by making sure that Bondora complies with the rules set by the regulator. These regulations will ensure that Bondora and other regulated peer to peer lenders provide a more secure, transparent and sustainable service to its customers. These provisions include among others conduct of business rules (in particular, around disclosure and promotions), minimum capital requirements, client money protection rules, dispute resolution rules and a requirement for Bondora to take reasonable steps to ensure existing loans continue to be administered if the firm goes out of business. Bondora already complies with most of the regulations however there is a transitional period during which all processes need to be made compliant with the standards required.

Until now Bondora, as well as most other peer lenders, operated without a specific license and regulation since a suitable regulatory regime did simply not exist. The UK based Financial Conduct Authority started issuing specific peer licences from April 2014.

Bondora is the meeting place that unites investors and borrowers from all corners of the world. Bondora provides easy access to two mutually beneficial solutions: borrowers find the best available financing with affordable monthly payments, while investors generate profit on loan interest. The company serves more than 90 000 Customers from 29 different countries and has issued over 16 million EUR in loans and its users have earned more than 1.6 million EUR in interest income. Continue reading →

Isepankur Rebrands As Bondora – Raised 1.3M

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P2P Lending marketplace Isepankur yesterday rebranded as Bondora. Bondora is active for borrowers in Estonia, Spain, Finland and Slovakia and lenders in 29 countries across Europe (all European Union countries plus Switzerland).

Following a new 1.3M Euro round of financing raised for the company, Bondora welcomes a new board to help the company in delivering an innovative business idea across the borders.

Mark Noetzold (a member of various supervisory boards and a lecturer for risk management in Germany, Switzerland and Austria), João P. S. Monteiro (an international manager responsible for global development at a blue-chip company) and Mati Otsmaa (a C-level management executive with extensive experience in consumer credit lending at American Express, Barclays, Citibank, Chase, Experian and HSBC) join forces to improve, market and raise awareness for the first cross-border peer-lending platform Bondora.

„Direct or p2p lending is the most rapidly developing financial service today and has a huge future potential by offering the best solutions to the borrowers and high returns for the lenders. I believe that Bondora, with its cross-border strategy, strong team and the ability to execute fast, has the potential to change the world of finance to be more transparent and straightforward,” – commented João P. S. Monteiro, board member and one of the angel investors.

According to an article in E24 Postimees the new investors now hold about 19% to 20% of the company shares.

„Over the last 5 years we have brought together over 70,000 customers from 29 countries to borrow and lend on our platform. The newly raised capital will be used to improve, market and raise awareness of our service further. Today we have a product, where a telephone engineer from Estonia could get funds to renovate his flat from a dozen of lenders located in any European country. Not only our borrowers get a chance to have their loans financed, but they get the best available deal on the marketplace. A secretary from Slovakia, for example, ready to pay 28% for a 600 Euro loan to study English, might end up paying only 12% because lenders pile in.  It is a simple and secure application process for the borrowers and a possibility to diversify private investment for the lenders. At the moment 26% of our lenders come from Germany, 11% from the UK and 4% from Switzerland (with the rest being spread across Europe). With the rapid growth of the company in the last year, the old name could no longer accommodate room for our cross-border growth, that is why today we are also launching our new name – Bondora, and our website available in 23 languages,” – commented the CEO of Bondora, Pärtel Tomberg. Continue reading →