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Peer-to-peer (P2P) lending platform Bondora made possible the origination of more than €2.6 million in loans in September 2016, the platform said earlier this week. A month earlier, nearly €2.8 million in loans were provided via the platform, which was a record-high monthly value in its history.
Estonia was the biggest source for origination, accounting for 58.4% of the total amount for last month. It was followed by Spain (26.3%) and Finland (15.3%). Estonia ans Spain both posted a monthly increase of 1.89 and 1.27 percentage points, respectively, while Finland saw a decline of 3.15 percentage points from the previous month.
Loan origination is the full process of obtaining a loan, starting from application to receiving the funds.
Estonia was the only market were Grade A and B loans were provided via the Bondora platform in September. There were grade C and D loans in Estonia and Finland, while missing from Spain. Following is more detailed information on the Bondora loan originations last month by country and grade:
Estonai-based Bondora is a P2P lending platform that has facilitated the disburse of about €70 million. The average Bondora loan is €2,370, but loans range from €500 to €10,000. Bondora also operates a secondary market for P2P loans where investors can buy and sell their existing investments. Recently, the platform updated its loan pricing system to offer higher return on investment and launched a referral program to bring in new clients and award existing ones.
Bondora is authorized by the Securities and Exchange Commission (SEC) in the US, the Financial Supervision Authority (FSA) in Estonia, and the Regional State Administrative Agency (RSAA) in Finland.