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KFP suspended on Primary and Secondary markets on Iuvo Group

April 27, 2020

In an email statement from Iuvo Group we learn that "due to delays of covering settlements to investors and fees to the platform, was decided to suspend Kapitałowy Fundusz Pożyczkowy S.A. (KFP or currently known as CBC S.A.)’s loans from trading on the primary and secondary markets until the issue has been resolved.".Update April 29, 2020: Iuvo Group also posted on their blog about this. It looks like they will be paying interest to the investors in the form of "late fee payments" on every 25th of the month. Read their full statement here.

Akulaku got suspended on Mintos due to liquidity problems

April 16, 2020

Mintos just announced today that they suspended Akulaku from Primay and Secondary markets. They are experiencing liquidity problems and missed their settlement payments due on March 31 and April 7 2020, resulting in accumulated pending payments for investors on Mintos.Read more here

Capital Service loans suspended from Mintos Primary and Secondary markets

April 06, 2020

Mintos just suspended Capital Service from their Primary and Secondary markets. Main reason is that they failed to make "timely settlement payments to investors on Mintos".Read more here

Mintos applies for European investment firm and electronic money institution licenses

April 02, 2020

Mintos announces that they "submitted the application for both an investment firm license and electronic money institution license with the Latvian regulator Financial and Capital Market Commission (FCMC) on 30 March 2020".I personally think this is a great step forward and will increase the transparency and security of our money. Will just have to see how this turns out in the end.Read more here

Mintos downgrades ratings for a few loan originators

March 31, 2020

Starting with April 1st, 2020, Mintos will downgrade ratings for a few troubled loan originators.Aforti Finance - downgraded them from C to D. The company was expected to start transferring pending payments to Mintos investors by the end of March 2020, and as they failed to do so, Mintos decided to downgrade them. I think it was about time.ITF Group - their rating has been downgraded from B- to C+.Kredit24 - their rating has been downgraded from C+ to C.Mozipo Group - their rating has been downgraded from B- to C+.Monego - their rating has been downgraded from C+ to D.Peachy - their rating has been downgraded from C to D.Read more here

Grupeer - possible scam!?

March 31, 2020

In the last couple of days there are many signs on social media that Grupeer is a scam. If what they say is true, then this is the BIG one. The one that will shake the industry like none of the others could.I was already withdrawing money from them (as I got interest back) to reduce exposure, but I probably started to do it a little bit too late.What we know so far about Grupeer? (UPDATED)▪ They stopped processing withdrawals. For example I requested on March 23rd a withdrawal of 519.85 EUR and never got the money in my bank account.▪ They posted a few times on their blog blaming COVID-19 and emergency state in many European countries for all the problems.▪ From LinkedIn updates it seems that they fired most of their employees.▪ It looks like that some of their loan originators and projects were not real.If you want to learn more on the current situation with Grupeer visit this post by Ido Shkedi. Also join this Telegram group for real-time updates.

Alexcredit loans suspended from the Mintos Primary and Secondary markets

March 28, 2020

Mintos decided today to suspend Alexcredit from Primary and Secondary markets. "Alexcredit missed their settlement payments on March 18 and March 25, which has resulted in accumulated pending payments for investors."Read more here

Monethera is temporarily shutting down with no clear answer of what's going to happen with investors money. Is this just another scam?

March 27, 2020

In an email statement from Monethera they say the following "Unfortunately, we are forced to inform you about the temporary complete cessation of the work of our platform until the end of the state of emergency all over the EU due to the pandemic of COVID-19".And their answer with what happens with investors money is the following: "At the moment, we can’t offer you any final solution. As we said before there is a state of emergency declared in almost all EU member countries. So it will be necessary to wait until the coronavirus crisis gets to an end. After this, borrower-companies could return to process all pending transactions."Oh well, another one bites the dust.

Varks (Armenia), a Finko subsidiary, lost its lending license

March 26, 2020

Mintos is letting investors know that Varks, a Finko subsidiary, lost its license in Armenia. The reason for the revocation is a violation of the minimum capital requirements. The lender is now in the process of liquidation.Read more here and here.

IFN Extra Finance license has been revoked

March 20, 2020

The National Bank of Romania revoked the license for IFN Extra Finance. It looks like the company will continue to service existing loans, and there will be no new loans listed. Mintos also downgraded them from B to C.Read more here

Investors will now earn interest on Mintos pending payments

March 17, 2020

After introduction of the pending payments feature it was clear that investors are losing money while waiting for the loan originators to send money over to Mintos investors accounts. The addition of interest on pending payments is more that welcomed, and clear a step in the right direction.Read more here

Peachy loan originator files for insolvency

March 06, 2020

Mintos is letting us know that Peachy will discontinue operations in UK. It looks like the payments to Mintos investors won't be affected. In addition, they downgraded Peachy from B to C and also suspended them from Primary and Secondary markets.Read more here

Envestio is definitely gone!

January 24, 2020

From everything that happened so far is more and more clear that Envestio shut down their site on purpose and it's all gone. We can only try to report them to the police and hope we will be recovering some of our funds.For real time updates you can join these Telegram discussion groups:https://t.me/envestiodiscussionhttps://t.me/envestioofficial (not really official)https://t.me/envestiosuingYou can also join this Facebook group.

Envestio - more updates

January 23, 2020

I invite you to read this blog post from ExploreP2P and this one from P2P Banking.For Envestio investors, I advise you to download the Telegram app on your phone and join this Telegram group for real time updates.

Envestio site is down and no news from them

January 22, 2020

Following a rather confusing message posted yesterday on their Facebook page, their website went down almost immediately. One day later that's still the case without any word from their side. Something fishy is definetly going on, and there is a high chance that investors lost their money. I also have money with them. I requested to withdraw the not invested money (so not made a buyback) and I haven't received any so far.Someone created this Telegram group, that you can join to stay updated with the situation.

Former Envestio COO Evgeniy Kukin is back on his position

January 15, 2020

In an attempt to try to calm the spirits, Envestio is bringing back the former COO, Evgeniy Kukin. At the same time, Mr. Eduard Ritsmann, who was appointed to the position of COO and Development Director right after the sale of the platform in December 2019, will continue working for Envestio as the Head of Sales. You can read the full message on their Facebook page here.While this is definetly a good move, I decided to reduce my own stake in Envestio by withdrawing free money on the account. My Envestio portfolio was always a small one anyway, as I never felt comfortable to add more to it.

Concerns about Envestio

January 14, 2020

Following the ownership change and after all the problems with Kuetzal, looks like Envestio is having some hard times as well. To learn more I invite you to read this and this and decide for yourself if you still want to continue with Envestio or not. I am strongly thinking to reduce my exposure, although is just 5% of my entire P2P portfolio.

Kuetzal announces that they are closing down!

January 12, 2020

Kuetzal sent an email today to all investors to notify them about closing down the operations. If you ask me, this is the only natural next step for them to do. Their reputation, if they had one, was clearly damaged, and there was no way to continue operations. And, as previously announced on the P2P Lending Monitor, they also say that "due to high number of reports, claims and negative messages SEB Bank and PAPAYA (the only two banks that Kuetzal used) initiated the AML check and has temporarily blocked Kuetzal’s bank accounts." Unfortunately, they haven't clarified enough the number one question. How investors will recover their money? Even if their bank accounts will get unblocked, can they return all the invested money? Not even mentioning the interest... I am hoping things will sort out in the best possible way, without many repercussions on the P2P and crowdlending industry.Click here to view the email they sent

Kuetzal bank accounts blocked and waiting for the AML procedure to finish to release payments to investors

January 08, 2020

Investors that made requests to withdraw their money from Kuetzal are now reporting that they received an answer from Kuetzal, stating their bank account is blocked, and waiting for the AML procedure to finish by end of January and make every payment in the first week of February. Read more here and here.Here is the full response: "Hello, We are now trying to unblock our bank account to be able to make all of our pending transfers. We are expecting to finish our AML procedure by the of January and make every payment during the first week of February."

Robocash license revoked in Philippines

December 20, 2019

From a post on the P2P Investment Fellows Facebook group we learn that the Securities and Exchange Commission (SEC) from Philippines revoked the license to operate for Robocash over lack of business permits. You can read more about it here. Here is also a statement from Robocash.The decision doesn't seem to be final. Also, looking at their financials here, although I am no expert, it looks like their exposure in Philippines is not very big, so I don't expect it to have a major impact on the whole group operations. We will have to see what happens in the end.Update December 24, 2019: Based on a blog post from Robocash, we learn that they stopped issuing new loans from Philippines. Also they are telling us that they will continue to service existing loans: "All the invested funds including the earned interest will be paid back to investors in due course set by the existing assignment agreements". Interestingly enough, we also learn that the mother company's (Robocash Group) stake in joint venture Robocash Finance Corp. (the Philippines company) was bought out by existing shareholders on 2 November 2019 and since then Robocash Group does not control the operations of the company.

IuteCredit Europe will cover loan repayments on Mintos for Kosovo branch

December 13, 2019

Following the news that the license of IuteCredit Kosovo license got revoked there were a lot unknowns and fear that investors will lose their money. We were all wondering if the Group Guarantee will be executed in this situation.Finally some good news! Mintos posted on their blog today that IuteCredit Europe, the owner of the IuteCredit Kosovo branch, will be covering ongoing outstanding payments and 60 days late payments with a buyback guarantee.Read more hereUpdate December 23, 2019: In a new blog post from Mintos, we learn that "since December 6, 2019 IuteCredit Group has transferred a total of 161.415,43 EUR of borrowers’ payments to Mintos".Moreover, IuteCredit Group transferred today an additional early repayment of 500.000 EUR. This means that any upcoming payments due to investors with active investments in loans issued by IuteCredit Kosovo will be made right away. This is definetly another good news for investors.

Monego loans on Mintos will be repayed by Finitera group

December 12, 2019

The Central Bank of Kosovo has appointed a liquidator, as representative of Monego, which has the responsibility on behalf of Monego to transfer the received borrowers’ repayments to Mintos to credit investors accounts accordingly.However, if the borrowers do not repay the loans and they are more than 60 days late, the Finitera group as a guarantor will cover the payments. As it turns out, Finitera was in final stages of bringing Monego under its direct ownership. This is an interesting development, to say at least. We will all like to know more about this new company behind Monego.Read more here

Kuetzal, is it a scam?

December 10, 2019

As there weren't enough bad news already, Oscar from Explore P2P released today a post claiming that Kuetzal, a Latvian P2P platform, issued a loan to a potential fake petrol company called Alborg Petrol. Fortunately, I never invested in Kuetzal, so nothing to worry for me.I invite you to read more on Oscar's blog.Update December 11, 2019: Jørgen, a well known P2P blogger, also posted an article on the situation. He mentions he will try to meet the new Kuetzal CEO, Maksims, on December 18th. You can read it here.Update December 12, 2019: Kuetzal emailed everyone saying that they appointed an independent auditor, "who would perform a company research on current and past operations of SIA Alborg Petrol". I wonder how this will end up eventually? Probably is safe to say they lost trust of pretty much everyone.Update December 18, 2019: Jørgen and 2 investors (blog followers) met Maksims in Riga. We learn that the Riga office is pretty much closed, and that all the Latvian employees left with the previous CEO. Read about other details on the updated Jørgen's post.Update December 19, 2019: Oscar from Explore P2P posted a follow-up on Kuetzal. Please go and read it here. The situation starts to become more and more interesting. I really hope this will have a happy ending...Update December 27, 2019: Georg from CrowdlendingRocks just posted an interesting interview he made in June 2019 with the old CEO of Kuetzal, Alberts. Based on this interview he decided to not invest in them. I think it's a very interesting post so I encourage you to go and read it here.

FAST INVEST received first Gazette notice for compulsory strike-off

December 10, 2019

From a message posted in P2P Investment Fellows Facebook group we learn that FAST INVEST received a notice for compulsory strike-off because of late paperwork. See the notice here.A compulsory strike-off occurs when a company's legal existence is removed from the Companies House Register. See also the FAST INVEST comments on Twitter.FAST INVEST already had a not so good reputation, and this event doesn't make it any better. I recently invested in them, a very small amount, but I should probably have not. Sometimes it's easy to forget that rule number #1 is to not lose money, and this risk on FAST INVEST is higher than all the other platforms I am currently invested. Update December 11, 2019: The compulsory strike-off action has been discontinued. See here.

Is KFP loan originator from Iuvo Group (and Viventor) in trouble?

December 07, 2019

From a message posted in P2P Investment Fellows Facebook group we learn that the Polish Financial Supervision Authority (KNF) added a new entity to the list of public warnings. The question is if is the same company as one of the loan originators on Iuvo Group? In the Facebook post there is a link to an article explaining the whole situation. Read it here. It may seem the companies are different, but they share same address? I guess somehow they are still related.Update December 09, 2019: Iuvo Group released a statement saying that the warning is for a different company, and not their loan originator. They don't clarify it why both companies have the same address.Update December 11, 2019: From a comment on the same Facebook post from Angelo from https://www.p2pinvesting.eu/ it seems the loan originator is on Viventor as well, and they provided a clearer response: "It was one of KFP agents, which was commissioned to search for persons interested in the Company's product offer."

IuteCredit and Monego license revoked in Kosovo

December 06, 2019

The Central Bank of Kosovo revoked the licenses of IuteCredit and Monego. They won't be able to issue new loans. Mintos suspended loans issued in Kosovo for both IuteCredit and Monego from the Primary and Secondary market.I had a bunch of loans (not a lot) issued by Kosovo branch and managed to sell them on the secondary market before Mintos imposed the restriction. I am sorry for the person who bought them, and this is why I don't like to have an Auto Invest strategy for the secondary market. You'll never know what you're buying.Read more here

Envestio changed owner and COO

December 02, 2019

Envestio is letting us know in a blog post that they have a new owner, Mr. Arkadi Ganzin. "Mr. Ganzin has great experience in German banking industry where he was working prior to starting his own oil and gas products trading venture."Following the ownership change, we also have a new COO and Development Director, Mr. Eduard Ritsmann, "an experienced sales person, who has more than 20 years long outstanding track record in international sales and project leadership".The former Envestio COO Evgeniy Kukin, will continue work as General Advisor for at least six more months. Read more hereUpdate December 16, 2019: After recent change of ownership and appointing of the new COO, there were lots of concerns of what will happen with Envestio. The new COO, Eduard Ritsmann, is trying to clarify a few concerns in this video.Update December 30, 2019: Ido, who writes at colminey.com, emailed Envestio to try to clarify exiting concerns. Read more about this here.Update January 03, 2020: It looks like Envestio changed their official address in the company register to Harju maakond, Tallinn, Nõmme linnaosa, Rännaku pst 12, 10917. This is more like a "virtual office" as there are few other companies registered with the same address. I am not sure what this means exactly, if anything, but seems related to the recent owner change.

Metrokredit lost the license and can't issue new loans anymore

November 08, 2019

In a blog post Mintos is letting us know that Metrokredit is not able to issue new loans as Central Bank of the Russian Federation has excluded them from State Register of the Microfinance Organizations. That seems big trouble on the horizon.Mintos investors with existing investments in loans originated by Metrokredit will continue receiving borrower repayments as they are collected.Mintos also downgraded them from B- to C.For those who were not aware, Metrokredit seems to be a related party of Mintos. I am hoping this will matter and they will do their best to resolve the problems.Read more hereUpdate November 15, 2019: An update on Mintos blog states that Metrokredit continues to service existing loans and is working with the Central Bank of the Russian Federation to resolve the problems.They also say that the Buyback Guarantee is still valid and will be honored for loans that are past 60 days late.Update December 17, 2019: In a very unexpected development it looks like Metrokredit is part of a global finance company, Finko, along with other loan originators from Mintos: Varks, Sebo, Dinero and Lendo. This company, Finko, appeared all of a sudden but at least now we understand more and we can make better decisions in the future.

Rapido Finance suspended from Mintos market place (and defaulted)

October 23, 2019

Two weeks ago Rapido Finance was downgraded from B- to C and now they are suspended from the primary and secondary market place.What is going on?Mintos says this "Due to the current lack of payment activity from Rapido Finance to Mintos, as of October 23 the automatic execution of buybacks and the amortization of Rapido Finance loans will be discontinued accordingly. As a result, the payment dynamics to Mintos investors with active investments in loans offered by Rapido Finance will be interrupted."Is Rapido Finance going to default? Fortunately, I never had any of their loans as they didn't match my criteria.Read more hereUpdate November 04, 2019: Mintos downgrades Rapido Finance to D which clearly means it has defaulted and there is little chance to recover any money.

Mintos is downgrading the ratings for Rapido Finance and Aasa

October 10, 2019

Mintos is downgrading Aasa Poland from A- to B+. This decision is driven by regulatory uncertainty in Poland which may limit the APR.Rapido Finance has also been downgraded from B- to C. Mintos mentions they are going through a change in business strategy and significantly reduced their loan portfolio. As a result, the financial performance of the company has been affected negatively.Read more here

Grupeer prepares for loans without Buyback Guarantee

September 24, 2019

Grupeer updated yesterday their terms and conditions in preparation for upcoming changes on the platform. One of those changes is introduction of loans without Buyback Guarantee. That made many investors nervous as wasn't very clear what it means.In response, Grupeer released today a blog post clarifying things. Shortly, the change will not affect existing loans. All existing loans are still with Buyback Guarantee, and that will not change. This will apply only for some of the new loans in the future. We will see. Probably a new loan originator that doesn't want BB.They also added a new filter in the Auto Invest tool to filter out loans without BB and has selected by default only loans with BB. Therefore, no action for you to take in Auto Invest. Even if they add new loans without BB, Auto Invest will not pick up those, unless you go and modify the filter on purpose.

Repayments on hold on Viventor for Aforti Factor and Aforti Finance

August 08, 2019

Follwing the news from yesterday with Aforti being suspended on Mintos, the same thing is happening today on Viventor. In a blog post they announce that "due to delay in payments by the loan originators Aforti Factor and 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".Read more hereUpdate August 19, 2019: In a new blog post, Viventor claims that all the delay in payments was due to "technical problems in reconciling the outstanding balances". Now these problems have been resolved, and they expect to "restore regular payment flow". Read more about this update here.

Aforti Finance suspended from Mintos market place

August 07, 2019

Mintos is informing all of us that Aforti has been suspended from primary and secondary market place. "This means you cannot buy or sell Aforti Finance loans, effective immediately until further notice.""The decision was made based on Aforti Finance’s overdue transfers of borrower’s payments to the Mintos marketplace."
We don't know yet what's happening. I think we will know more in the next few days, but is not good.Read more hereUpdate August 09, 2019: Yesterday Mintos had a meeting with Aforti's management in Warsaw, Poland where they discussed the current situation. But they aren't saying more than this, other than they expect "Aforti Finance to get back on track with passing borrower repayments to Mintos for distributing among investors".Anxiety of investors is at the highest levels. No one knows clearly what's going on, with Mintos avoiding telling us the real reasons behind all of this.Read more about this update here.Update August 12 and 13, 2019: Nothing new, just that Mintos is meeting again with Aforti in Warsaw, Poland. Read more here.Update August 16, 2019: It looks like Mintos reached an agreement with Aforti and they will resume passing borrower payments to investors from today. Is still not clear what happened. A technical mismatch with their IT systems? Read more here.Update December 19, 2019: One more update here. The situation is more or less clear. Mintos made payments to investors from their own money, thinking that Aforti will make those payments eventually. When that didn't happened (for what ever reason), then things started to degrade quickly. After reaching an agreement with Mintos, Aforti started to transfer some money to Mintos, but those were used to cover the money Mintos payed to investors in the first place. Is unclear if this negative settlement was covered already or not. Read more here.

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6 Comments

  1. Hi,
    this is great idea! Is there a way to subscribe to the P2P monitor with my email?
    I would love to get some notification there if something happens.
    Thanks.

  2. Looks great. Email notifications please 🙂
    Maybe even a specific RSS feed to not mix these notifications into normal feeds that you might ignore during busy days

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