PeerBerry deposits hit record high

PeerBerry attracted the highest value of deposits in its history last month.

The Lithuania-based peer-to-peer lending marketplace said it attracted more than €3m (£2.7m) of new deposits during October and funded more than €20.26m of loans, which returned its originations to pre-pandemic levels.

It comes as the platform marks its third anniversary this month.

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Peerberry investors have funded €343m of loans since inception and earned interest of 12.54 per cent.

The number of investors at the end of October was 27,432.

“Despite all the challenges that a pandemic brought to the world, this is a year of great opportunities for us,” Arūnas Lekavičius, chief executive of PeerBerry, said.

“The challenges of this year helped us to show and to prove who we are and how good our partners are.

“Our investors see us as one of the most reliable and transparent alternative investment platforms in Europe. For this, I am grateful to my team, business partners, and, of course, investors for their trust in us.”

Lekavičius said investors benefit from its lending partners keeping a reserve of 10 per cent of their portfolios in cash, which ensures that unpaid loan repayments can be settled if needed.

The platform said its originators are planning to issue 30 per cent more loans in the upcoming Christmas season and rates may increase.

“Higher lending volumes will lead to a higher need for our partners to borrow through PeerBerry and it will bring a higher investment return,” Lekavičius added.

“PeerBerry will continue to monitor the market and negotiate with its business partners for more attractive terms for investors.”

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