Hive5 to roll out Polish credit cards
Hive5 will roll out credit cards in Poland this year, after withdrawing from the country’s peer-to-peer lending market.
The Croatia-based P2P lending platform has earned its small payment institution license in Poland which enables it to carry out payments transactions and start its credit card operations. This will allow Hive5 to start offering credit cards in Poland at some point in 2024.
The platform also plans to expand its loan originator base, with a new Spanish lender and a Romanian lender soon set to launch. Hive5 hopes that these new developments will help to increase the group’s profitability and liquidity reserves, and win new investors.
“From the beginning of the year, we will launch the Spanish loan originator and prepare for another launch in Romania,” said a platform representative in a blog post to investors.
“One more project is at the final stage before launch – Polish credit cards. Additionally, we have an important plan to increase the group’s profitability and liquidity reserve.
Read more: P2P lenders leave Poland ahead of new rules
“Finally, we want to expand the community of investors and ensure smoother platform use. Hence, we have many plans to improve the website of Hive5.”
A number of European P2P lenders pulled out of the Polish market last year ahead of a new law which makes the pan-European P2P lending model impossible to navigate. This law came into force on 1 January 2024.
In November 2023, Hive5 exited the Polish P2P market, telling investors that the regulatory update has “encouraged the acceleration of long-planned expansion into new markets.”
Read more: Hive5: Consumer loan demand will remain high in 2024