Bondora is still planning product launches and expansion into five other European Union (EU) countries after achieving its fifth consecutive year of profitability.
The European peer-to-peer lending platform, which is active in Estonia, Finland and Spain and so far this year has already launched new products including a Go & Grow app and Go & Grow Unlimited, achieved a revenue of €29.77m (£25.36m) and net profit of €6.67m in 2021. This was up from €21.38m (£18.21) and €3.43m respectively in 2020.
Pärtel Tomberg, founder and chief executive of Bondora, said that the platform will be announcing more products and services over the next few quarters and following the success in its existing markets, it is planning to launch its financial services in new EU countries.
This comes after he first said in March the platform plans to launch new products and expand into more markets in the EU.
“Because of the success in our existing markets, we are planning to launch our financial services in several new EU countries, with more information to come later,” Tomberg said in a blog on Bondora’s website.
“Expanding our range of products and services offered remains a priority. Last year, we released B secure+ for our borrowers, a major success with an upsell rate of 45 per cent. The new and improved Go & Grow app went live in December, and has been downloaded by more than half of our active investors.
“Our new product, Go & Grow Unlimited, was rolled out to all of our investors this week. But it doesn’t end there. We will be announcing more products and services over the next few quarters. Stay tuned.”
Bondora also grew its lending to €140.7m last year, of which €85.5m was issued in Estonia and €54.9m in Finland, accounting for 21 per cent of the loans the platform has issued in Finland throughout the years.
In September, the platform relaunched its operations in Spain, which have maintained a stable increase of new loans to date, so its portfolio has expanded to accommodate new customers.
Bondora said it ended 2021 with its highest yearly recovery rate in its history, with €12.3m recovered for its investors, and for the fourth consecutive year delivered a return rate of 6.75 per cent for Go & Grow, which remained its most popular product.
“The events of the Covid-19 pandemic and the crisis in Ukraine have made historic impacts across the global,” Tomberg said in the blog.
“During this time, our investors have remained faithful and continued to entrust us to grow their money. And for that we say, thank you!
“In November 2020, loan originations resumed in Finland and paved the way for a record-breaking year. Originations in October nearly doubled, and we topped €20m the following month. Since reopening the Spanish market in September, it has maintained the highest growth rate among the three countries.”