Who are the best lenders on Viventor? Our Viventor lender ratings

Latest update: 9 August 2019

Viventor is a multi-lender P2P investment site. Like Mintos, but much smaller

Viventor is a European P2P investment site that has been quietly growing and adding lenders to its platform over the last 12 months. So far investors have purchased €70 million of loans and the platform now offers loans from 15 different lenders. The rates offered by Viventor tend to be high – the average investor returns have been over 13% to date.

Viventor has an interesting selection of lenders, most of which do not appear on any other P2P sites. Several lenders offer secured loans  that are backed by invoices, real estate and cars. There are also several short term unsecured lenders who provide buyback guarantees. Viventor is owned by Finstar Financial Group, which is a $2bn private equity fund that is focused on Fintech investments. 

The quality of information provided about lenders varies a lot

We think it’s important to assess the quality of each lender before purchasing any loans on Viventor. That’s because most lenders provide buyback guarantees, so the investor will be relying on the lender to fulfil this guarantee when loans default. It is also important to get an understanding of how big each lender is, how well capitalised it is, and what’s it track record. 

Some lenders have provided useful corporate presentations and recent financial information while others have not provided anything particularly useful. In those cases we have purchased financial reports from the local government commercial register office to help us assess each company and provide this information to investors here.   

Potential default of Viventor lender - Aforti

On 7th August 2019 Viventor & Mintos announced that they were experiencing issues receiving funds from Aforti. You can read the Mintos statement here. It appears that the lender has failed to pass on some borrower repayments to both sites, most likely due to liquidity issues. Viventor stated that “Please be aware, that due to delay in payments by the loan originator Aforti Finance to Viventor’s bank account, all repayments for the loans including the buyback guarantees are currently put on hold until the late payments have been received. We have started an in-depth investigation into the situation at the loan originator and will keep you updated about the progress.” 

We had scored Aforti 50/100, not a high score, but there are more obviously risky lenders out there. Their most recent report showed a profit in Q1 2019, following an underlying pre-tax profit (before goodwill write-off) of almost €1m in 2018. Reporting quality was much better than average, with up to date presentations and audited financial statements. Their stock price remains high and apparently unaffected by the Mintos and Viventor announcements. Aforti’s leverage was however higher than average and for now we see this as potentially the most likely the reason that they may be experiencing funding difficulties. 

For now Mintos and Viventor investors with Aforti loans in their portfolio have to wait to get more information to understand the situation better. There is still a possibility that Aforti can source further capital and/or liquidity and this may be a temporary issue. We understand meetings are being held this week with Aforti management to discuss the situation. Unfortunately our current assessment is that the firm is most likely to be put into runoff. Why? Once a small firm like this loses the confidence of funding partners like Mintos and Viventor, and liquidity issues are made public, without shareholder support it is very difficult to find alternative funding and avoid an insolvency procedure. This will in our view most likely lead to losses for investors and a delay in recovering their investments.

Viventor lenders - key financial information

Viventor Lender Reporting period Loans Equity P&L - latest P&L - prior year Audited
Credissimo Dec 2017 13.5 14.1 5 3.6 Yes
Lenno Dec 2018 8.8 2.9 1.0 0.2 Yes
Aforti Finance / Aforti Factor Dec 2018 27.1 1.7 0.1 0.3 No
Sofia Pawn / SofCom Dec 2018 4.3 5.2 0.5 0.5 No
Stik Credit Dec 2017 1.1 1.2 0.5 0.2 No
Kreditu Centras Dec 2017 1.3 0.1 0.2 -0.1 No
Ibancar Dec 2018 0.4 0.1 0 0 No
Moment Credit Dec 2017 11 4.4 0.2 0.5 No
Kviku Dec 2017 2.4 1.1 0.1 0.0 Yes
Twinero / Presto Dec 2017 2.9 -1.6 0.3 -1.8 No
KFP 24 Dec 2017 2.8 1.2 0.0 0.0 No
SMS Credit Dec 2016 3.7 -2.2 -2.1 -0.1 No
Atlantis Financiers Dec 2017 1.1 0.7 0.2 0.1 No
Seymoure Dec 2017 3.4 -0.1 -0.1 0 No

Viventor lenders - our rating scores

Two lenders are related to Viventor

Forza.mk and MyCredit are owned by a mysterious company called ‘Digital Finance International’. According to media reports it is owned by Finstar Financial Group (owner of Viventor). However although it operates a slick looking website it provides no information at all about what company it is based in, what it’s financial position is, and who (if anyone) regulates it.  However, further research has confirmed it is based in Moscow, Russia. Strangely, neither MyCredit or Forza.mk provide any financial information on the Viventor website, even though they are related companies. This lack of disclosure is concerning and we would not recommend holding loans from these companies until more information is provided.

Our thoughts on the lenders

The quality of lenders on Viventor varies significantly. Many are relatively small and newly established. We expect that once they publish their December 2018 financials we will see that their loan portfolios will be much larger and profits will have improved.

The primary market has many loans available from Atlantis, Seymore & Hines, and Lenno, which are mainly secured loans. Many loans available on Viventor currently have low LTVs (often 35% or so) yet they also come with buyback guarantees from the lenders. This is not common but makes them attractive to investors as it reduces risk of a loss following a default. 

Our highest rated lender, Credissimo, also appears on Mintos, but unfortunately there is no availability on either platform currently. Sofia Pawn offers loans secured on assets with buyback guarantees. These types of loans have had a good track record so far for P2P investors although we have some doubts about the asset valuations provided (the LTVs are likely much higher than the stated 30%). Lenno offers Bulgarian mortgages with low LTVs (20-45%) at 10% interest rates.

In March 2019 Viventor introduced a new lender – KFP24 from Poland. Unfortunately KFP24 did not provide any financial information, although 2018 results are promised to be released in April 2019. We have purchased the 2017 annual report data and provide it above in the mean time. The management presentation provided by KFP24 is probably one of the worst we have ever seen. It provides 17 pages of irrelevant  information and has a production quality that many 12 year olds would improve on. Hopefully they are better at lending than they are at powerpoint – we’ll find out in April.

Our least favoured lenders are Get Bucks / MyBucks, SMS Credit, and Twinero / Presto, Forza.mk and MyCredit.

Rating changes

We have recently received and reviewed the 2018 results of Lenno and SofCom, two Bulgarian lenders. Lenno had a sensational 2018, with strong growth, and profits increasing from €0.2m to €1m. Our score has increased from 56 to 65 following this. SofCom had a very stable year, remains extremely well capitalised, and received a slight score upgrade to 63.

Example loans available

Lenno logo

Loan 261218. 10% yield

Bulgarian mortgage. Secured on a 60m2 flat in Sofia. LTV 25%. 52 months remaining. Customer has made 8 months of loan repayments. Buyback guarantee provided by the lender

Loan 230207. 9% yield

Spanish mortgage. Secured on a 100m2 flat in Madrid. LTV 12%. 47 months remaining. Customer has made 13 months of loan repayments

To visit Viventor, and learn more, click here.

30 thoughts on “Who are the best lenders on Viventor? Our Viventor lender ratings

  1. Sebastian Reply

    Thank you very much for this great work! I still think, that there are some originators missing/gone:

    I can’t find anything about Forza BA (I assume it is the same as Forza MK though) and Monify. Also an update for MyCredit/Forza MK/Kreddy would be great! SMS Credit seems to be gone already?

    Just a thought: If I can’t trust MyCredit and so on belonging to the same company like viventor, why should I trust Viventor itself? Or is it still not proven that they really belong to the same company, then we should ask Viventor support for a confirmation?

  2. Jon Reply

    You don’t update this very often. In fact, you’ve forgotten to warn people about Aforti situation. They also publish loans on this platform!!

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  5. Wes Reply

    Thank you.
    What do you think of Kreddy, that joined Viventor in may?

    • Oscar Harrington Post authorReply

      We are trying to get more data. At the moment there is no info so there is no basis to buy any of their loans. Kreddy is one of 3 lenders on Viventor that are all part of the same group and do not disclose any information.

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  7. George Reply

    Hi,
    this analysis is fantastic.
    Did you publish (I cannot find it) or are you planning to perform a rating of loans originators also for other platforms like Grupeer and Bondster?
    Thank you,
    George

  8. MK-Lender Reply

    Thank you very much – super helpful! I’ve turned off my ad blocker to support you guys.

  9. De Daapse Reply

    Hi,
    It’s difficult to match. The originators mentioned in the Viventor Loan Originator auto invest option are:
    Forza MK
    Ibancar
    KFP 24
    Kreditu Centras
    Kviku
    Moment Credit
    MyCredit
    Aforti Factor
    Stik Credit
    SofCom
    Aforti Finance
    Presto
    Seymoure
    Lenno
    Atlantis Financiers
    Twinero
    Credissimo

    And the list from this site is:
    Credissimo
    Sofia Pawn
    Stik Kredit
    Lenno
    Moment Credit
    Aforti
    Kviku
    KFP 24
    Ibancar
    Kreditu Centras
    Atlantis Financiers
    Get bucks / My bucks
    Seymoure and Hines
    Twinero / Presto
    SMS Credit

    Sofia Pawn for example, which originator is that from the Viventor list? But there much more I can’t match.

    • Oscar Harrington Post authorReply

      Hi. Most of these names match fairly well but we’ve updated some names in the tables, such as Sofia Pawn, where Viventor is not consistent with the lender names throughout their site.

  10. Boono Reply

    Hi,

    I would very much like to see KFP 24 included.

    They just joined the day after you have finished the review, and they seem rather attractive to me – good track record in the past (presumably), and currently relatively high yield and medium- to long-term loans…

    Thanks!

    Boono

  11. Seppo Reply

    Thanks for this, very nice!!

    One problem is that some loan originator names at Viventor site differ from names here:
    Forza MK?
    KFP 24?
    MyCredit?
    Aforti Factor?

    Would like to be sure about names.

    • Oscar Harrington Post authorReply

      Hi Seppo. We’ve just updated the post which covers some of your questions. Forza and MyCredit have no info available at all currently. KFP 24 we’ve just added some data we’ve been able to source. Aforti – we’ve provided the financials for the Aforti group holding company which covers Aforti Finance and Aforti Factor. Let us know in the comments if you have any other questions or suggestions. We will be looking to update this regularly, as we do for the Mintos ratings

        • Oscar Harrington Post authorReply

          Hi Charles. We took the figures from this presentation -https://storage.googleapis.com/viventor/public/Prezentacja_GRUPY_AFORTI_marzec_eng-GB.pdf. Note that in this presentation some charts say that they are showing Euro figures but based on the written commentary on these pages and other data sources it is clear that they are actually in PLN. We have converted them to Euros in the tables. The other report that you have linked to shows a profit of around 400k PLN which is approximately the 100k EUR we have used in the table.

          • Charles

            Thanks Oscar. The report I linked shows a profit of 1 635 798,04 PLN for the whole 2018, and 391 375,78 PLN for the 4th quarter of 2018 (page 15). 391 375,78 PLN is approx. 91,01k EUR, which is what the report you have linked states.
            “My” report also shows equity amounting to 6,1M PLN (page 12).

          • Oscar Harrington Post author

            Hi Charles. The difference seems to be between the figures provided by Viventor relating to the subsidiaries that appear on their platform versus the figures for the holding group. There are arguments for either but we may decide to instead use the consolidated holding figures you have referenced, but make it clear these are group figures.

        • Oscar Harrington Post authorReply

          Charles, we’ve decided to update the tables now to include the consolidated results of Aforti Holdings, rather than the various subsidiaries. Thanks for the suggestion.

  12. Dav7 Reply

    One of the not-so-big-problems on my Viventor loans are the delayed time for each to pay. It’s almost “normal” to get my monthly payments delayed and that it’s not a big problem because they always pay late fees.

    I like to get paid on time but I also like to get fees 🙂

  13. Tom Reply

    Why does the GetBucks rating differ so much from your GetBucks rating for Mintos (46 vs 29)?

    • Oscar Harrington Post authorReply

      Hi, thanks for pointing this out. 46 was the old score before we updated it for the latest results. We’ve now processed this update on the Mintos table.

      • Osmium Reply

        Scores for Credissimo and Afort also differ between Viventor and Mintos?

        • Oscar Harrington Post authorReply

          Thanks Osmium. We got new data when doing the Viventor reviews – we’ve updated the Mintos tables for these lenders now so they are consistent.

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