Bondora reports mid-quarter drop in originations
Bondora has reported a decline in investment and loan origination volumes in August, with the most significant drop coming from Spain – its most volatile market.
The European peer-to-peer lending platform said that investments fell by 6.2 per cent month-on-month to €14.38m (£12.59m), while originations fell by 6.1 per cent to €14.4m last month.
However, the average interest rate increased from 21.6 per cent to 22.3 per cent, reverting to the same percentage as in June.
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“The third quarter got off to a good start, but in the second month, origination and investment figures started to decline moderately, albeit still totalling over €14m, respectively,” Bondora said. “We will see if it picks up again in September.”
The decline in loan originations was mirrored across all three countries where Bondora operates.
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In July, Spain had the most noticeable growth, Bondora said, but in August, origination volumes dropped by 25.5 per cent to €471,777.
The second-largest decline in August came from Finland, at seven per cent. Finland still has the majority of originations – 57.5 per cent – equating to €8.29m of loans.
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Estonia, which accounts for 39.2 per cent, or €5.65m of originations, declined by 2.5 per cent over the month.
Bondora said the average Spanish interest rate remained the same, but Estonia’s average interest rate jumped from 23.9 per cent to 26.2 per cent. In Finland, it decreased from 20 per cent to 19.6 per cent.