Week 43 – Recent news about the P2P platforms 2020

Week 43 – Recent news about the P2P platforms 2020

News summary from my platforms and interesting articles during last week

Here is some of the news I have received from the 19 platforms I am currently invested with. For those of you who wants to keep updated, you can get the latest news from the previous week in this summary. If I missed something important, please comment and I will add it to the list. 

Defaulted Mintos loans – how much will investors get back?

October 24
If you did not spend an hour on the webinar with Mintos last week, here is a great summary with some additional  conclusions on mistakes made by Mintos, the loan originators, and the investors. Thank you to ExploreP2P for the article. 

Who owns IBAN Wallet? (Part 3)

October 23
Part 3 of Kristaps Mors’ saga on IBAN Wallet. The Latvian company “New Generation Market SIA“ that should be the owner of IBAN Wallet, is not active and not reachable, but turns out – there is another owner… in Mexico? Is the situation better here?

Change in the classification of payment statuses in ViVentor

October 23
Viventor sent out a message to clarify what they actually meant by the term “Funds in Transit” and to present how they intend to refer to this situation going forward. 

We are changing classification of the statuses. The Loan originators with “Funds in Transit” status is being changed into “Impending Payments”, and adding the new “Funds in Recovery” status to some LO’s. It may take a week for these changes to be fully launched on the platform, but in the meantime these new changes will be reflected on the LO portfolio table. Read below to learn more about the changes.

We have been using the term Funds in Transit for some months now and it has come to our attention that many of investors are unsure of what the terms actually denotes. Many of you have assumed that Funds in Transit referred to funds that had already been transferred to Viventor, but had yet to be transferred to investors. This was not the case. For us Funds in Transit was simply a payment status indicating that a loan originator had already provided information for the repayment or buyback of a closed loan, but had not begun repaying the loan.   


Based on the invaluable feedback we have received from investors, we have realised that what we had termed Funds in Transit was actually two distinct steps. To clarify matters, we will now be breaking the process into these steps. From now on, we will be calling the first step – Impending Payments. This will denote that the loan has been closed and will be valid until a payment has been made by the LO to Viventor. The second step, Funds in Transit will only denote the period during which funds received from the LO are in the process of being transferred to the investor. This transfer of funds from LO to investor can take up to 7 days as processing the money from the LO can take around 1-3, while transferring the money from Viventor to the investor can take an additional 1-4 days. 

Below you can find a more detailed description of the terms you will soon find on our platform.

Impending payments 
This represents the money that is in the process of being transferred to Viventor’s account. If we were able to guarantee a time frame for when each LO payment is to be made, we could provide investors with an accurate picture of when they could expect to receive funds. Unfortunately we see, especially in today’s climate, that LO’s do not always pay according to schedule, and that in many cases payment has not been received by Viventor on the day that it is due to be processed. And it is for this reason that the term Impending payment will denote the entire term between when the payment has been closed and when it has been transferred to Viventor 

Funds In Transit
This denotes the period between Viventor receiving funds from the LO and transferring them to the investor.  This term will remain on our platform, although now it will remain largely irrelevant, as in 8 out of 10 times payments are processed between Viventor and investors in 5-7 days. 

Funds in Recovery
This is a new term that we will be introducing to denote those LO’s whose loans have closed but who have not made a payment for more than 31 days, or who have been suspended due to their inability to pay investors.

Viventor will soon be updating the LO’s with “Funds in Transit” status to “Impending Payments”, and be adding the new “Funds in Recovery” status to some LO’s. It may take a week for these changes to be fully launched on the platform, but in the meantime these new changes will be reflected on the LO portfolio table. 

ROI is growing and other reasons why PeerBerry is the right place to invest

October 23
PeerBerry partners are preparing for the upcoming Christmas season and plan to issue about 30% more new loans in the coming months. It is good news for you, as an investors, as higher lending volumes will lead to a higher need for PeerBerry partners to borrow through PeerBerry, and for you, it will bring a higher investment return.

Updated higher interest rates take effect on the PeerBerry platform as of 23rd of October. See which PeerBerry partners offer higher interest rates. If you are an investor, you may want to to adjust your Auto Invest strategies accordingly.

Latest news from TWINO - financial statement and new bank account at BIB

October 23
A few weeks ago, TWINO finalized the audited financial statement of SIA TWINO, the parent company of TWINO Group, for the year 2019 with a net profit of €4.43 million. Additionally, the TWINO finance team is working hard to also finalise the TWINO Group’s Consolidated Financial Statement for the year 2019, which I will be shared with you in the coming weeks.

Twino has also opened a new bank account at Baltic International Bank to improve their processes and will soon begin processing some of your withdrawal requests from the new account. 

Bondster - latest news from loan providers

October 22
The Lime Group has kept its promises and sent the necessary funds to repay all loans from Lime Mexico. At present, therefore, all loans are repaid from the Mexican provider, including interest accrued over the default period. Lime Group is now focusing on the gradual repayment of buybacks for loans from Lime South Africa.

This week, the Polish provider Ascot Finance bought all the remaining loans that the investors had. The company paid all its liabilities to investors in full and on time.

MikrokasaNet Gotówka and Omnigrant Group continue gradually repaying their obligations towards investors. With regards to Speedcash, Bondster cooperates with Polish attorneys who monitor the restructuring proceedings and recommend about next steps.

If you are interested in the current situation in the countries in which individual loan providers operate on Bondster, please visit the Bondster website.

ViVentor Monthly overview: September 2020 – Cleaning up the house

October 19
Septembers news summary from Viventor Portfolio overview, new Loan Originator, new features, audit, licencing, and more. Did you miss something?

September saw a lot of activity on Viventor. First off, the process of securing our Financial Brokerage Licence intensified as it moved into its final phase. As part of the improvement of our KYC/AML processes that was required to bring us in line with European Union compliance, we updated all of our investor ID information. As a result, we pruned a number of inactive accounts, and any new investor now visiting the platform will see a transparent and accurate picture of active investor numbers.

Going forward transparency will be one of our defining values, and this month also saw us addressing a legacy issue that was inherited from the platform’s previous owners. At the beginning of the month we had to recoup the overpaid late fees that had been miscalculated due to a bug in the calculation program. This was an unfortunate issue, but one we had to resolve as part of our ongoing compliance process. We are in the midst of revising all of our processes, and reshaping our platform so that Viventor as a peer to peer investment marketplace becomes a secure and reliable option for serious investors looking to diversify their online investment portfolio.

To this end, this month has also seen us working intensively to broker relationships with new Loan Originators, and as a result we onboarded Credissimo Super AD (under the brand name Maxo.bg). In fact, in September we reached out to over 100 LO’s and we are sure that the coming months will see the fruit of these discussions coming to bear on the platform. As regards LO’s, we will be changing our approach, and looking to onboard LO’s also offering more secure lower interest loans so that our investors will be able to better diversify their portfolios.

Speaking of LO’s, in September we continued to work to impel defaulting LO’s into committing to new payment schedules. We have been in contact with CBC and Monify, and are intending to commence legal proceedings if we cannot secure formalized repayment schedules in the immediate future. Not only that, although they are currently undergoing Due Diligence, we have been in discussion with Twinero concerning the rescheduling of their outstanding payments. We acknowledge that this is a difficult time for many LO’s but our investors remain our main focus, and we will endeavour to do all we can to honour them.

Finally, and returning to the issue of compliance and transparency, we are happy to announce that we have entered into a partnership with Ondato, a regional leader in KYC/AML solutions. With Ondato’s suite of tools as part of our platform, we will now be able to onboard investors in less than 10 minutes whilst still adhering to the highest industry compliance standards.

Portfolio overview
September had the lowest amount in funded loans, which was mostly influenced by overpaid late fees correction. Investment in loans decreased by 27,2% from August. Although, it didn’t impact on the interest and late fees earned by investors, which increased by 70,8% in the same time frame. Numbers of registered and active users dropped down, but as mentioned before this is due to the clean-up of data base of inactive users.

New Loan Originator
We have onboarded new loan originator Credissimo Super AD, which started to list loans under the brand name www.Maxo.bg. Credissimo Super AD is the company’s new vehicle which offers larger amounts, higher tenors and diversified risk. Similar to its parent company, Credissimo Super operates an entirely online business model, making it less susceptible to the challenges posed by the pandemic. Read introduction

New features
Team is working on a few new features. One of them was already launched, although it was done in October – it is automated KYC/AML compliant onboarding done through ONDATO. Next thing is improvement on the logic for AutoInvest to make it more intelligent pickling best loans for investment.

Last but not least we are working with a new provider for a secure payment solution which will allow us to make payments into ViVentor easier and will be an alternative for standard SEPA payment which is available as only option at this moment.

Viventor is still undergoing a company audit for 2019. Unfortunately it is taking a little bit more time than planned with the finalisation of the numbers. Reason is that we need to bring all finances and documents up which takes longer time as all team have changed during 2019.

Viventor is still in the process – our team is working together with the FCMC on platform’s policies, processes and everything else that needs to be assessed before a license can be granted.

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