Hive5 hits €20m milestone
Hive5 has seen €20m (£17.3m)-worth of loans funded to date, despite temporarily pausing loan originations last month.
The European peer-to-peer lending marketplace said its total loan volume since inception is now €20,800,141.
In September it originated more than €3.2m across 4,245 loans.
The average interest rate of loans originated in September was 15.81 per cent.
Read more: Hive5: Data leaks “breach trust among investors”
The platform now has 3,540 active investors.
Hive5 also said that it made a “strategic move” last month to “temporarily put the growth of originated loans on hold”.
“Taking this step gives more time for [originator] Ekspres Pozyczka to improve the accuracy of risk assessment and scoring model to ensure sustainable growth in the future,” Hive5 said.
Ekspres Pozyczka is a Polish loan originator that joined Hive5’s platform in June 2022.
Read more: Hive5 cuts interest rates on Polish originator’s loans
“Additionally, it’s important to note that Hive5 remains committed to maintaining a genuinely low level of late loans,” the platform added. “This dedication to risk management is a crucial factor in preserving the trust and confidence of investors.”
Hive5 said it still deemed September to be a successful month.
“The platform’s consistent loan originations reflect a commitment to both investors and our loan originator,” it said. “As we move forward, we promise to continue evolving and improving our services to provide you with perfect investing experiences.”
In July, Hive5 revealed that it hopes to build a €30m (£25.82m) loan portfolio by the end of 2023.