News from Comunitae

Spanish p2p lending service has now been one months in beta phase.

So far 900 borrrowers have submitted loan applications and 260 lenders have communicated their intention to provide funding for the total of 110,000 EUR (approx. 80,000 US$). One factor named for the success of the beta phase is the high media attention. In recent weeks Comunitae was covered on CNN, Radio Nacional de España, Intereconomía, Onda Madrid Radio Canal Nou, 7RM, Media Capital, Europa Press, El Pais, El Mundo, Expansión, Liberty Digital, El Economista, Cincodías ABC, My Portfolio Investment, Capital, Politics economic reason, which, AVUI, Invertia, Soitu as well as over 50 blogs.

(Source: Comunitae newsletter)

The spanish p2p lending market

So far there are no p2p lending services active in Spain. Manuel Ángel-Méndezwrote a comprehensive article on the situation in Spain for El País. Some of the key facts from this article:

  • Giles Andrews, of Zopa, confirms: "We have had conversation with several companies in Spain"
  • Pol Navarro, director of innovation at Banc Sabadell,thinks that p2p lending will not be a short term threat to banks. "it is to early to tell if p2p lending will be a successul business model in Spain"
  • Banking organisations expect, that p2p lending will profit from the introduction of a personal identification number (digital DNI) which will be introduced within the next 18 months. Fernando Alfaro of Bankinter sees to chances for p2p lending services: low costs of entrance (IT costs) and millions of immigants in need of loans, that do not have a credit history