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transparency
April 14 2020

EstateGuru calls for more transparency from European P2P counterparts

Marc Shoffman Global News, Industry News, News, Top 3 Envestio, EstateGuru, Grupeer, Kuetzal, Marek Partel, Monethera

European peer-to-peer lender EstateGuru has called for its counterparts to commit to more transparency and openness for investors.

The platform lends across continental Europe but is based in Estonia, where two firms Envestio and Kuetzal have collapsed amid claims of fraud.

There are also concerns about the future of other Baltic lenders including Grupeer and Monethera after both blamed the coronavirus outbreak to reduce their operations and stop paying interest and limit withdrawals.

“During the first quarter, we also witnessed the first scams emerging in the industry,” Marek Pärtel, chief executive of EstateGuru, said.

“Being a market leader gives us extra responsibility to work closely with regulators in all our operating countries to make sure that the sector is healthy and viable.”

Pärtel said all market participants should publish annual reports and have them audited.

He also called for firms to publish regular portfolio overviews.

EstateGuru will publish its own audited accounts in June.

It comes as the platform said it attracted 8,092 new investors in the first quarter of 2020 with most coming from Germany at 1,842.

Investors earned €2.9m (£2.5m) of interest during the first quarter in 2020 compared with €1.8m at the same time in 2019.

Read more: EstateGuru enters German market

“The first quarter of 2020 marks another historical milestone for us, as EstateGuru financed its first project in Germany,” Pärtel said.

“This move was part of our tested and proven expansion model.

“We are close to finalising all the preparatory work in order to establish our local subsidiary and operations in Germany. Our aim is to be fully compliant with regulations for running local daily business operations in the country during the upcoming months.”

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