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

Last updated: 31 October 2022

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

SiteLoan originatorReporting periodLoansEquityProfit - latestProfit - prior yearProfit - 2 years priorAudited?
LendermarketCreditstarDec 202118133.
TwinoTwinoDec 202028.516.
ViainvestVia SMS GroupJun 202230.542.22.2-0.3
RobocashRobocashJun 202219710929.13024.5
MonceraPlacet GroupJun 202147.924.
KvikuKviku GroupDec 202183.313.910.11.70.8
EsketitCreamFinanceDec 20213514.73.4-0.80.9
AfrangaStikcreditJun 202213.

Loan originator rating scores

Our thoughts on the loan originators 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. We discussed them recently with the Robocash CEO here. Robocash plans to IPO soon, 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.

One important thing to highlight following the outbreak of military activities by Russia against Ukraine in February 2022 is that no loans offered on the Robocash website are Russian. While the Robocash group does have a large lending business in Russia, this is not funded via P2P. The Robocash group is headquartered in Singapore, and deposits made by investors go into a Latvian bank account and then to the various loan originators outside of Russia.

We have however downgraded our score for Robocash. Why? The potential for serious sanctions against Russia creates some additional uncertainties that cannot be ignored. It is difficult to predict how the situation will develop, and if there will be any unexpected impacts on groups with exposure to Russian operations. Our score for Robocash is now down 10 to 72.

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 mainly 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 second highest rated loan originator in Europe, scoring 79

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. It had seemed to have weathered to storm reasonably well, announcing preliminary profits of €7.1m for 2021. During 2021 it successfully issued over €30 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. We note though as of October 2022 that there are signs that Creditstar may be having some funding difficulties. It has high levels of 'pending' (overdue) payments owed to Investors on the Mintos P2P platform, and it has been offering high incentives to Lendermarket investors to increase the funds invested on its site. Due to this we have cut the score given to Creditstar by 10 to 54

Afranga logo

Afranga is the brand new P2P site created by the Stikcredit group in Bulgaria. Stikcredit has stopped placing loans on the Mintos platform to focus on growing Afranga. The biggest downside about Stikcredit is that it is only a relatively small lending group. Positive factors are its conservative funding structure, and its history of operating profitably (including throughout the Covid-19 crisis). It has also made an effort to improve its financial reporting, with audited financial statements and investor presentations now available. All loans come with a buyback guarantee. Afranga has typically offered investors strong interest rates up to now, which has been popular with investors, and some times has led to a shortage of loans being available to invest. It is not clear to us why the company has decided to pay such high interest rates to P2P investors. However the loans made by Stikcredit appear to have an average interest rate of around 100% so the company can still pay this and likely make a profit. Following the release of the first half results for 2022, showing a half-year profit of €2.3m, and a continued conservative balance sheet structure, our rating for Stikcredit has increased from 65 to 68.

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 made a small loss in 2020 due to the impact of Covid, but it has now announced (unaudited) profits of €2.2m for 2021 and first half 2022 profits of €1.1m. In its June 2022 results Via SMS Group disclosed that its equity had been reduced to €4m (from €8m). Presumably this relates to a dividend that it paid but this was not explained. The resulting higher leverage that the business is operating at has led us to cut its score for capital levels, and our overall score has now fallen by 4 to 59.

Esketit logo

Esketit is a fairly new P2P site from the lending group Creamfinance. It offers loans from Creamfinance as well as startup companies in Jordan and Sri Lanka that are owned by the Creamfinance founders. Creamfinance has been operating since 2012 and operates in 5 countries. It made a small loss in 2020, however in 2021 it made a record profit of €3.4m. Cream has a sensible balance sheet structure and is one of the better quality lenders active in the P2P space. Since launching Esketit, the rates offered have been strong - 12 to 14%. Our score for Creamfinance is 68.

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 Russia and Latvia. It closed down its Kazakhstan operation in 2020. 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. However the recently published 2020 annual report seems to show that Twino was returning to a more normal operating state, with a profit of €7.4m. However the outlook for the Twino group is now very uncertain following the sanctions placed against Russia and the impact on the economy and the depreciation of the Ruble. In December 2020 (the last available financial report), 54% of Twino's loan portfolio was located in Russia. The euro value of that loan portfolio is now highly uncertain, and Twino has stopped making principal repayments to investors in Russian loans on the Twino platform.

As a result of the likely high impact of the Russian sanctions on Twino, we have temporarily suspended our ratings for the lending group, and note that the risks for Twino investors have grown significantly.

Kviku logo

Kviku has been operating since 2013. It lends in 6 countries, and its key markets are Russia and Kazakhstan. The Kviku Group has performed very well since the outbreak of Covid-19. It has found ways to continue to grow while managing the risk of its loan portfolios effectively. The end result is of this has been very strong profitability - with a profit of €2.9m for the first half of 2021. That is very impressive for a relatively small lending group like Kviku. 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.

Since the outbreak of military action between Russia and Ukraine, the risks of investing into Russia have increased significantly. There have been strong sanctions against against Russia, including the blocking of SWIFT wire transactions. The Russian authorities have also blocked companies from purchasing foreign currency. This will strongly impact the ability of Kviku to repay investors. The depreciation of the Ruble against the Euro will also create issues for Kviku.

As a consequence, unfortunately we don't think that Kviku is a viable platform for P2P investors currently and have temporarily suspended our rating.

All content published on ExploreP2P is for informational purposes only and is subject to the terms and conditions outlined on our legal page.

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

  1. Claus Reply

    I really appreciate your research, and I was wondering what are you thoughts on Lenndy? They have big troubles paying back loans, and they also have liquidity problems. Do you think they can recover or are they on the edge of bankrupcy?

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  3. marval Reply

    Useful information, thanks a lot.

    Is it possible to somehow get a notification when this page is updated? For example via RSS or in some other way.

    • Oscar Harrington Reply

      It’s actually something we have been thinking of implementing – glad to hear there’s some demand for it – leave it with us Marval, and thanks for the feedback.

    • Oscar Harrington Reply

      Thanks Nuno – appreciate the nice feedback, glad you find it useful. Oscar.

  4. Alcol Reply


    Stikcredit (afranga) recently released the audited 2020 results, and the unaudited H1 2021 results.
    What is your opinion about these updates?

    Thank you very much for this wonderful website!

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    • Oscar Harrington Reply

      We have asked many times for Wandoo’s financial statements and we never receive them Mathis. So we will continue to not list Swaper as a result.

  6. Osmium Reply

    Stikcredit updated company presentation and Financial Statement 1Q21:

    “In the first quarter of 2021, Stikcredit continued to deliver excellent results. Our strong performance is the rare combination of market expansion accompanied by improved net profit. This performance gives us the early pace to exceed our 2021 goals and beat the industry outlook.

    Some key highlights of our Q1 2021 results include:

    In February 2021 Stikcredit launched its own marketplace for investing in loans – Afranga. The marketplace has been an immediate success and we’ve already surpassed 1 million euro of outstanding investments.

    Stikcredit ended 2020 with record results achieving 2.3m EUR in net profit up 39% from the previous year.

    As the market recovered from covid-19, we’ve increased our marketing efforts and March 2021 was our strongest month in the history of the company lending 1.275m EUR.

    Our net loan portfolio increased by 6% since the beginning of the year and we have strong expansion plans on the local market for the present year.

    The net profit for the quarter is 0.66m EUR up 22% versus 1Q20.

    This progress underlines that Stikcredit continues to deliver profitability, scalability, and an excellent client experience. We are confident that our continuous investment in our technology platform, our loan marketplace, marketing efforts, and investor relations will support further our expansion strategy and will position us for a period of accelerated growth.”

    (from afranga newsletter)

    • Oscar Harrington Reply

      Hi Enrique. At the moment Iuvo platform is only doing about €3m a month of transactions. If they get bigger we will consider doing a ratings page for them. They list multiple loan originators and it’s a lot of work to keep it up to date.

      • Marcos Reply

        Thanks Oscar, What about giving an insight and rating just the loan originator Easycredit.
        Most of us invest mainly on this loan originator through Iuvo

          • ENRIQUE

            It would be great to do the ratings for Easy Credit and Viva Credit in Iuvo.

      • Hugh Reply

        If you wait long enough Oscar, I think Iuvo might pay you to review their site and send you a template to do it. If you google Is Iuvo Safe, tems of websites pop up saying “This is my independent review of Iuvo, and then proceed in near identical, not independent fashion.

  7. Johnny Reply

    Thanks a lot for your work! I really appreciate it. Could you please add Swaper to this rating?

    • Oscar Harrington Reply

      Hi Johnny. Thanks a lot. Unfortunately we can’t add Swaper at the moment. That’s because, despite us asking multiple times, the lending company Wandoo Finance refuses to provide any financial statements. So Swaper is asking you to buy loans from a company that has no transparency. That’s a big red flag to us and as a result we have chosen not to list Swaper on our site.

  8. joro Reply

    Nice work!
    Do you plan to add more platforms?

    For example iuvo group, debitum network…

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    • Oscar Harrington Reply

      Thanks Claus – we’ve added them to this page today.

  10. Enrique Reply

    Hello. I think there´s a mistake in Twino rating. Now is 52 instead 39. Anyway I prefer Twino instead Kviku,

    • Oscar Harrington Reply

      Good spot Enrique – we’ve fixed that cell in the table. Thanks

  11. Alexandre Fontaine Reply


    Creditstar have released their preliminary financial results for 2020, which are quite good. The current risk/reward ratio on lendermarket (16% ) is excellent, given their financial strenght. I’m only missing a proper audit company, that should materialise this year, but then, I expect the interest rate to drop to 12%, similar to the rest of one lender platforms.

    • Oscar Harrington Reply

      Agreed Alexandre – see our new comments in the Mintos ratings page

    • Oscar Harrington Reply

      Hi Carlos. We’ve now updated the ratings and comments. Here is a link to the balance sheet that didn’t add up, for anyone wondering.

  12. 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.

  13. 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?

  14. 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):


    • 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.

  15. 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…

  16. 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!

  17. 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.

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  19. 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
    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.

        • Sam Antonio Reply

          I was watching my email and there was 2018 audited results of Management Financial Group and also i guess now there would be available 2019 results also. Also iuvo group page have results of some lo’s q3 2020. This would be perfect add to this list also.

  20. Centrino Reply

    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… 🙂

  21. 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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