PeerBerry rolls out new loans in Africa, Colombia, and Mexico
PeerBerry has rolled out new loan opportunities across Africa, Colombia, and Mexico, as it expands into new markets.
Investors will be able to invest in bundles of the loans, backing businesses in Mexico, South Africa, Nigeria, Tanzania, and Colombia. The loans will have terms from one month, with an interest rate of at least nine per cent, depending on the country and the loan term.
Arūnas Lekavičius, chief executive of PeerBerry, said that the new loans have been added in response to demand from the platform’s investors.
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“The demand for loans on our platform is very high, and many investors are struggling to reinvest repaid funds every day due to the short term of most loans,” said Lekavičius.
“We receive many inquiries from our investors about the possibility of having longer-term loans, like three to six months term. Together with our business partners, we decided to offer a bundle of longer-term loans dedicated to businesses in different countries.
“This type of business loans will help our investors invest more effectively in a high-demand environment.”
Read more: Smaller firms taking out more finance after decline in 2022
Lekavičius added that new lenders usually have lower and fluctuating borrowing needs, which makes the supply to the platform irregular.
“A bundle of loans, offered as a longer-term business loan, will help investors plan their investments on a more regular basis compared to our current smaller partners’ limited supply,” he added.
PeerBerry recently announced that it would stop listing Polish loans from 1 January 2024, in response to incoming regulations. At the time, the platform hinted that new loan opportunities would be coming soon.
Read more: PeerBerry to stop listing Polish loans, teases new lending opportunities