European peer-to-peer lending platform ViaInvest has added new asset-backed securities to its portfolio to offer its investors greater diversification.
The Latvia-based firm said that these securities, meant to supplement its current offerings, have a five-month maturity and a 12 per cent interest rate.
“The purpose of this update is to provide you with more options for diversification and the possibility of a quicker repayment,” ViaInvest said. “We advise anyone using custom auto-invest portfolios to update their rate and term settings to take advantage of these new opportunities.”
The platform also provided an update on its November activity. It saw €8,318,622 (£7,128,287) of loans funded during the month, up from just over €8m in October and €7,196,618 in September.
Additionally, Via SMS Group – ViaInvest’s parent company – reiterated its decision to end its lending activities in Poland before strict new lending regulations come into effect.
On 1 January 2024, Polish lenders will be prohibited from borrowing funds from investors via online platforms. This will impact any P2P lending marketplace which had previously listed loans from Poland-based loan originators.
“We have been at the forefront of digital lending in Poland for over a decade, continuously adapting to evolving regulations and market changes,” said country manager Wojciech Malek.
“The changes implemented in December 2022 have led to a gradual decrease in our operations.”
Malek said that new regulations prevent the group from securitising new loans for investment on the platform, so it ceased this activity on 31 October.
“Nevertheless, we remain committed to serving our existing customers until February 2024 and will focus on servicing funded loans and fulfilling our repayment obligations to ViaInvest,” he added.
The platform said that the change will not affect loan originators’ commitments to investments, and all scheduled repayments to investors will proceed as planned.