European peer-to-peer lending platform Bondora is working on a budgeting tool for users after it saw its revenues, profit and recoveries all increase during 2020.
Pärtel Tomberg, founder and chief executive of Bondora, said sustainability was the core focus during 2020 and the platform is now building a new service to help customers cut their costs and grow their money.
The platform’s net profit rose by 43 per cent from €2.4m (£2.1m) in 2019 to €3.4m in 2020 and revenues increased by five per cent year-on-year to reach €21.4m.
During 2020, Bondora’s originations totalled €68.4m, the platform’s recoveries increased to close to €8m, which is approximately 50 per cent more than 2019 and 44,738 new investors joined the P2P lender.
Bondora said at the start of the pandemic that it temporarily decided to stop issuing loans in Finland and Spain, updated its risk models continuously, cut back on operating expenses and marketing costs and conducted an in-depth assessment of the loan portfolio.
In 2021, the platform expects its originations in Spain to resume and plans to expand into a new European market.
“We’ve been meticulous in optimising our core business, internal tools, and processes,” he said.
“Now we’re gearing up for growth. As well as scaling our existing services for customers across Europe, our sights are set on solving the core problem. The average person cannot invest if they simply have no money to spare.
“That’s why we’re building a powerful new service for customers that will help them cut their costs and grow their money. All with a couple of clicks. We’ll share more information on this in the coming months.”