Bondora recovered €1m in July despite summer slump

European peer-to-peer lending platform Bondora recovered more than €1m (£840,000) in July as the number of recovered loans increased.

This follows a decline in the number of recovered loans in June, which Bondora blamed on a summer slump.

The number of loans on the platform grew by 0.5 per cent in July. The total amount of cash recovered was €1,055,453, which represents a 29.4 per cent increase on June.

“After a slow June, our collection and recovery figures rebounded as anticipated,” Bondora said in a blog on the company’s website.

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“The number of recovered loans, as well as the total cash recovered, increased. The total recovered cash also climbed to exceed €1m once again!”

The majority of the loans collected in July came from Estonia, Finland and Spain – Bondora’s three main markets.

However, the majority of cash recovered came from Finnish loans, which represented a 52.4 per cent share of the €1,055,453 collected in July. Estonian loans represented a 41.4 per cent share of this figure, while Spanish loans represented just 6.1 per cent.

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Bondora noted that by the start of the third quarter of the year, its 2022 recovery rate had reached 88.1 per cent – down from 91.7 per cent in July. By comparison, in July 2021 the yearly recovery rate was just 42.2 per cent.

“The overall recovery rate for all markets in 2022 is currently 88.1 per cent,” Bondora added.

“Once again, cash recoveries increased by 29.4 per cent to more than €1M, echoing the uptick in activity across Bondora in July. The number of missed payments collected also increased to 79,395 loans from June. And the cash total was €1,055,453.”

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