PeerBerry pauses Vietnam loans, onboards new lenders
PeerBerry has stopped offering loans from Vietnam-based originators, and plans to onboard new lenders from the Philippines, Kazakhstan, Spain and Mexico in the coming months.
The peer-to-peer lending platform said that it has ceased working with Vietnam-based lenders due to ongoing issues around the regulation of short term lending in the country.
“Due to the uncertainty of Vietnam’s local regulations for issuing short-term loans, Vietnamese loans will no longer be offered on the PeerBerry platform,” PeerBerry said in a blog on the company’s website.
“Vietnamese loans are being repaid to our investors under the initial schedules of loans. All Vietnamese loans will be repaid in full to our investors before the end of the coming week. Please note this information and plan your investment strategies accordingly.”
PeerBerry added that new lenders will be onboarded over the next few months, as part of a focus on “more significant business diversification, giving our investors more opportunities to invest in loans issued in various countries.”
At the end of April, PeerBerry started offering loans from Aventus Group lender LendPlus, which is based in India.
Read more: PeerBerry to reduce interest rates
In an update to investors, PeerBerry said that its investors funded loans to the value of €60.35m (£52.54m) in April, representing a slight drop in funding volumes month on month.
According to the European P2P lending platform, its investors earned €744,450 in interest last month, while the average annual return on PeerBerry investors was 11.1 per cent.
Funding volumes were lower due to a reduced supply of loans on the PeerBerry platform. The company said that this was “due to the lower needs of our business partners to borrow through the platform”.
More than €1.8m was repaid from war-affected loans in April. This means that 14 months after the Russian invasion of Ukraine, PeerBerry’s business partners have repaid 73.3 per cent of the total war-affected obligations towards PeerBerry investors.
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