Dublin-based peer-to-peer lending platform Esketit has grown its assets under management to nearly €11.5m (£9.7m) and is seeking to double that in the next year, according to chief executive Vitalijs Zalovs.
Esketit, launched in April 2021, has funded more than €40m worth of loans through its platform in its first year of operation, Zalovs told Peer2Peer Finance News.
“Our founders have been in the lending business for more than 12 years and they never lost investors funds. I think this helped us grow very fast. We see that investors like what we offer and value our experience and good reputation,” he said.
Esketit, owned by Creamfinance, has customers from all over Europe, but mainly from Germany, Spain, Portugal, France, Italy and the Baltics, Zalovs added. The platform has paid more than €715,000 in interest and has approximately 2,330 customers.
In addition to looking to double the amount of capital it has under management, Esketit will continue to invest in its development, though in terms of headcount, Zalovs said the firm is well resourced at the moment with approximately 15 employees, including contractors.
He added that the group is very close to achieving breakeven on a monthly basis, but the first year of operation required a lot of investment in technology and business development, so it is not yet profitable on an annual basis. However, Zalovs pointed out that the lenders on the Esketit platform are themselves profitable.
“In such a platform business we work hand in hand with those companies, so it is even more important for our investors that they are profitable,” he said.
Esketit was set up by Davis Barons and Matiss Ansviesulis, who founded lending company Creamfinance Group. Earlier this year, Esketit added two stablecoins to its platform to allow lenders to invest in loans using cryptocurrency.