Some lenders have their own P2P sites. How solid are they? Here’s our ratings

We've added new sites to our ratings pages

Some loan originators have set up P2P funding sites to help fund their lending operations. Some of these P2P sites sit within lending groups (such as Twino, Kviku, and Robocash).  Others have set up sites through a partnership (such as between Moncera and Placet Group).

Below we present the key financial information for each loan originator, and our rating scores for each. Our methodology is the same as used in our Mintos, Peerberry and Viventor ratings pages. Some loan originators appear on Mintos already, and therefore our scores are the same as can be seen on our Mintos ratings pages.

Key financial information

Site Loan originator Reporting period Loans Equity Profit - latest Profit - prior year Profit - 2 years prior Audited?
Lendermarket Creditstar Sep 2020 136.6 30.5 5.7 5.8 2.9
Twino Twino Dec 2018 34.2 8.9 6.1 -11.1 -1.7
Viainvest Via SMS Group June 2020 19.2 4.6 1.2 0.4 2.8
Robocash Robocash June 2020 39.3 36.1 12.0 13.4 7.4
Moncera Placet Group Sep 2020 30 20.9 4.0 3.5 3.0
Kviku Kviku Group Jun 2020 14.0 2.4 0.4 0.8 0.6

Loan originator rating scores

Our thoughts on the loan originators

Placet Group has been operating for 15 years. It operates in Estonia, Lithuania and Poland. The company has a strong track record, consistently making profits while running with a conservative funding structure. The company makes good use of technology, and the management team communicate well. Placet Group has established a partnership with P2P site Moncera, which only lists loans from Placet Group companies. Placet has been reducing the number of loans it lists on Mintos, and we would not be surprised if it stopped listing loans on Mintos during 2021. The company is currently our highest rated loan originator in Europe, scoring 79

Robo.cash logo

Robocash has established a P2P site in Croatia to fund its global lending operations. The key lending operations of Robocash are in Russia, Kazakhstan, Spain and the Philippines. Results over the last 3 years have been spectacularly strong. The company has grown quickly, been profitable, and maintained a strong balance sheet. We are impressed with what they have achieved so far. The results published by Robocash have been audited by KPMG and Grant Thornton. Robocash plans to IPO in 2021, and has recently raised $US 8 million of equity in a pre-IPO capital raise. That extra capital is good news for Robocash P2P investors as it provides extra strength and size to the Robocash balance sheet. Our score for Robocash is 78

Creditstar logo

Creditstar is a fintech consumer finance business that operates in 8 countries. Key countries include Spain, Poland, Estonia and the UK. The company has a strong track record, making consistent profits for several years. During 2020 it has had to deal with COVID-19 laws introduced in some of its key markets, that required them to provide payment deferrals to many of its borrowers. As a result, investors in those loans faced a longer repayment period than expected. However it seems to have weathered to storm reasonably well, as it has booked profits during the first half of the year. It has recently issued €20 million of new bonds to investors, which will provide the company with funding stability and diversification. The shareholders of Creditstar established the P2P site Lendermarket to raise funds for Creditstar. Creditstar loans can also be found on Mintos, although the rates are usually higher on Lendermarket, which also offer bonuses to new investors and other regular promotions. Our score for Creditstar is 72

Via SMS Group logo

Via SMS Group has been operating since 2009. It is based in Latvia and lends in 8 countries. It is another consumer finance lender that makes strong use of technology, and has performed well in recent years. It seems to have dealt with the challenge of COVID-19 well so far, recording a profit of €600k in the first half of 2020. Via SMS is not as big or as profitable as the loan originators above, but it still has a better financial profile than most loan originators offering loans for purchase via P2P sites. It lists its loans exclusively on its in-house P2P site, ViaInvest. Our score for the Via SMS Group is 63

Kviku logo

Kviku has been operating since 2013. It lends in 6 countries, and its key markets are Russia and Kazakhstan. The Kviku Group is not as profitable as the loan originators listed above, and the quality of its financial reporting is not as good either. Kviku says that it made a profit of €400k in the first half of 2020, which is a good result considering that Russia and Kazakhstan were significantly impacted by COVID-19 (from both the virus itself and also the drop in global oil demand and oil prices). Kviku offers its loans on its in house P2P site Kviku Finance (where bonuses and higher rates are often available), as well as Mintos, Viventor, Iuvo and elsewhere. Our score for Kviku Group is 53

Twino logo

The Twino group has been running its own P2P site for many years. Their P2P site has now become one of the largest European P2P sites. Twino's key lending markets are Poland, Latvia, Russia and Kazakhstan. It has always been very difficult to understand what has really been going on within the Twino group over the last 4 years. There have been years with massive losses, big profits, closures of subsidiaries, restructurings, management changes and a lot more. Twino has still not published its 2019 consolidated financial statements. It has published parent company accounts for 2019, but we don't think these are very useful (as most of the economic activity of the group takes place outside the parent company). The auditor of Twino, BDO, highlighted that there was 'going concern' risk. No 2020 results have been published either. Frankly, the lack of financial disclosures is not acceptable for a company of Twino's size, particularly one that is asking for funding from P2P investors. There has been a strong impact of COVID-19 in many of Twino's key markets, so we think it is important for investors to understand what the financial impact has been on Twino before investing. Our score for Twino is 39

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26 thoughts on “Some lenders have their own P2P sites. How solid are they? Here’s our ratings

  1. Fernando Reply

    Since Lendermarket is onto the market i can see my Credistar in Mintos pending payments growing and growing. I am really concerned, worried.

  2. Matthijs Reply

    Hey there

    Im curious what you think about Twino audit report from 23-12-2020. Does it look better niet? Cant tell doe dure myself.

    Ps great site and work!

    • Matthijs Reply

      Sorry, autotranslate misfired from dutch:

      Im curious what you think about Twino audit report from 23-12-2020. Does it look better now? Cant tell for sure myself.

      • Yes Reply

        Yes, I agree 🙂 could you study and process Twino’s latest financial report?

  3. DB Reply

    Hi Hans,

    Thank you for sharing the ratings of some company-owned P2P lending sites. It seems they can be useful to reduce the risk of investing on a single loan originator / P2P platform.

    However, like some users here (and also as an investor in Lendermarket platform), I have some concerns about Creditstar auditing and current loan performance (mostly in Poland and Spain).

    For reference (Kristaps Mors blog): https://kristapsmors.substack.com/p/creditstar-no-audit-no-problem

    BR

    • Oscar Harrington Reply

      Hi DB. Agree that Creditstar has not been using a suitable auditor up to now, I’m not sure that Covid was a good enough excuse to not have made the change earlier. Glad to see that they have promised to use KPMG going forward, they are very aware now that people have higher expectations.

  4. Thommy Reply

    Hello, does Moncera offer a group Buyback for all listed Loanoriginators from Placet Group or does it matter in which one we invest

    • Oscar Harrington Reply

      The buyback is on all loans so it’s not that important from that perspective. You may want to choose maturity dates and countries that you prefer over others…

  5. Lasse Reply

    What do you make of Creditstar having more than 3M EUR in pending payments on Mintos? Should we be worried?

    And thank you for your blog. This is by far the p2p blog with the most serious content.
    I like the fact that you don’t include an affiliate link to every single platform just to earn money. I think a lot of bloggers lost their credibility with the recent scams while you just increased yours because your skepticism toward some platforms proved to be correct only with the exception of Grupeer which I don’t think anyone saw coming. P2P is not about feelings but about cold, hard facts just like every other type of investment.
    Keep up the good work!

  6. Sam Antonio Reply

    This was exellent! How about Swaper (Wandoo Finance Group) or Iuvo Group (Alfa Finance group)? It would be nice to get on list also 🙂

    • Oscar Harrington Reply

      Thanks for the suggestion Sam. We’ll consider doing Iuvo ratings if there is enough interest. We have never seen Wandoo publish any financial information, which is why we have never listed Swaper up to now. If we have missed it somehow please send us the link and we will review.

      • MM Reply

        I would also like to see Iuvo ratings. I think there are some quite strong LOs but also some fairly weak ones. Thanks a lot for the excellent work!

  7. Pingback: Analisi bilancio #4: Twino - Twino financial statement - P2P Italia

  8. Jmn Reply

    I faced this question for Creditstar. Both sides have advantages: Mintos rates were slightly higher then for some locations, ranging 10-18 while Lendermarket has a flat 14%. And Mintos has Zloty currency and a secondary market, yet expensive (0.85% fee). But Mintos is blatantly weak at enforcing rules. Look at this pre-covid loan extended forever https://www.mintos.com/en/29013350-01
    So I prefer dedicated platforms when possible.

    • Enrique Reply

      In another area I see that you rated Aventus Group with 75 points in June. Now would it be different? And how would you rate MFG group (Iuvo own originators)?

      • Oscar Harrington Reply

        Enrique not sure I understand – Aventus is Peerberry….? Different to what? Our scores change as we get new information.

  9. Centrino Reply

    Thanks!
    About Creditstar, you mention ‘audited’. But as far as I know, the auditor was unknown. And I think they even went bankrupt…
    So we all wait for a real audit, by a big 4 company… 🙂
    Regards

  10. Lasse Reply

    How do you see this risks when investing on Moncera and Lendermarket vs. investing in Placet and Creditstar on Mintos?

    In other words if the interest rate was the same on the LO’s platforms and Mintos where would you invest?

    • Oscar Harrington Reply

      Great question. The platform risk is low for Mintos, yet Moncera and Lendermarket have huge strategic value to both lending companies, so there’s relatively low platform risk with them too. For Placet Group, Moncera has some nice extra features like one click exit and no pending payments.Lendermarket lacks a secondary market which gives Mintos an advantage for Creditstar loans. However Lendermarket regularly offers higher rates and bonuses so that’s a consideration to take into account.

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