P2P News CW 18: Hoovi joins Income Marketplace

CW 18 – Top #3 P2P News: Hoovi joins Income, Debitum’s Update on Ukraine and Mintos Notes starts in May

Hoovi is a new loan originator at Income Marketplace. Do not forget to adjust your investment strategy. Furthermore Debitum gives an interesting update on their war-affected loans from ChainFinance in Ukraine. And last but not least Mintos starts their Notes on 25th of May.

#1 Income Marketplace onboards Hoovi

The platform is growing and growing. There is a very small way between having too many investors and less loan offers and having to many loan originators but not enough investors. Income is able to manage that very good.

After Vivus now Hoovi enters the platform. In their welcome blogpost about Hoovi Income writes:

To start the cooperation, Hoovi is offering SME loans with yields payable of 10-12% p.a. to investors on the Income marketplace. All the listed loans are covered with a buyback obligation and the cashflow buffer. Junior Share for Hoovi’s loans is 20%. Expected maturity for listed loans is up to 60 months, making their loans an attractive, high-yielding long-term investment.

Sounds good for me and all the other investors. Just in my last Income Report I wrote, that I am willing the increase my investment here. So it looks like there are enough investment opportunities at the moment.

On Sunday I will publish the first of three parts about Income Marketplace. I had the chance and honor to interview Kimmo, CEO and founder of Income Markeplace. We talked about a lot of topics trying to cover all the relevant details. In the first part we will mainly talk about Kimmo as a person and his background. It is very interesting and sometimes you will have a good laugh.

Stay tuned – and if your are interested about Income Marketplace, please visit my review.

#2 Debitum Network news on war-affected assets

The war in Ukraine is still on. But as I reported in my last weeks news P2P platforms are working on solutions. This week Debitum Network gave an update about their war-affected assets.

Their loan originator ChainFinance has several loans from Ukraine, who are affected from the current situation.

In April, ChainFinance borrower received 52% of scheduled payments from clients in the borrower’s bank accounts. Debitum has demanded the borrower to create a separate bank deposit account to keep excess funds in one place.

Well, the Force Majeure is something which is not under control of the P2P platform. For investors that means there is no chance or guarantee to receive their money back. And as we all know the war in Ukraine is a so called Force Majeure.

Debitum is currently working on receiving back investors investments. 52% is far better than nothing – and to be honest: I really appreciate any work of any platform to recover investors investments. Therefore there will be no complaints from my side, as I already wrote that money off.

In the end of the blogpost Debitum gives a short view into the future plans:

The borrower will continue payment collection and sell any repossessed collateral to regain invested capital. Funds remaining after operational costs will be kept in a separate bank account until money transfers outside Ukraine are permitted. In addition, the borrower has cut costs by 50% by decreasing employee salaries. Debitum expects that ChainFinance will receive the first repayments from the borrower once force majeure ends

Sounds good 🙂 Let’s see what will happen and how long it will take.

#3 Mintos Notes starts on 25th of May

Last year Mintos published the first information about Mintos Notes. Notes will become the financial instrument, which Mintos is able to offer due to their regulation. Roughly it is similar to Debitum Networks’s ABS, where several loans are merged in a kind of mini-fonds, where investors are able to invest.

Until today investors invested into every single loan with a minimum invest of 10EUR at Mintos. From 25th of May on investors are able to invest into Notes. One Note is an aggregated fund of for example 20 loans with different performance indicators. One Note is now worth e.g. 2.000EUR and investors might invests from 50EUR on.

The investor does not invest into one single loan, but in a 1/20 of all loans in one Notes.

From 25th of May investors will be able to invest into Claims and Notes. From 1st of July on only Notes will be available. Important notice for investors:

Please note that all investments made by acquiring claims before 30 June will remain unaffected and run as usual until the respective loans are repaid

So, investing will be only possible into Notes from 1st of July on. Your old loans agreements will be held until the loan is repaid or finally failed.

Up to you – What is relevant for you?

Quite a lot of news this week. I am really happy about the news at Income Marketplace. Also I personally never heard of Hoovi before, I love to watch their growth.

Regarding Debitum: Well, maybe there are some investors out there expecting P2P platforms to all act like Peerberry did. I might understand. But in the end the Force Majeure is something which the platforms and marketplaces can not secure for investors. Therefore I feel with both sides – investors and the platforms. Peerberry has another motivation to handle it and that is great. From my point of view we as investors should not expect that from anyone.

What was your most interesting fact this week? Any news with a huge impact on your P2P portfolio?

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