Bondora originations dip after record March
Loan originations at Bondora dipped in April following a record-breaking March at the European peer-to-peer lending platform.
The number of loans originated fell by 13.2 per cent to €20.2m (£17.2m), down from an all-time high of €23.3m in March.
In an update to investors, Bondora said that it “is an amount we’re delighted with.”
“The second quarter of 2023 kicked off with solid numbers,” the platform wrote.
“March statistics smashed all previous records and set new all-time highs for investments and originations.
“Although the numbers have dipped slightly, they’re still topping €20m each, which sets us on track to reach our goals.”
1,309 new investors joined Bondora in April. In the same month, investors earned over €1m in returns, and the total investment amount increased by €19m.
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Finnish loans continued to make up the majority of loan originations last month, with a 73.6 per cent share. Estonia took a 21 per cent share, while the Netherlands represented 4.4 per cent and Spain accounted for 1.6 per cent of all loans.
The average loan interest rate increased slightly from 19.5 per cent to 20.4 per cent.
Bondora noted that the Spanish market has “declined abruptly due to changes we’ve made to our internal risk-scoring calculations.” The platform has been in the process of consolidating C and D-rated loans into E and F-rated loans.
“In light of these changes and to keep the portfolio as efficient and healthy as possible, we’re not currently issuing new loans in Spain for the time being,” Bondora added.
“We’re reviewing the data we’ve gathered over the past months and working on further improving our creditworthiness assessment process to ensure we’re onboarding the right customers to keep our loan portfolio stable.”
Elsewhere in the platform’s April update, it revealed that secondary market activity decreased last month.
This was due to investors selling off more loan pieces during the last two months following the closure of the portfolio manager and portfolio pro accounts.
Read more: Estonian lenders report record P2P loan growth