Estateguru investors earned €18m in interest despite “turbulent” 2022
Estateguru’s investors earned €18m (£15.82m) in interest last year, despite the platform describing 2022 as “turbulent.”
This represents an increase on the €14.9m that investors earned in 2021. The average return on repaid loans in 2022 was 10 per cent.
The European peer-to-peer lending platform also saw its revenues increase by 12 per cent year-on-year, from €7.1m in 2021 to €8m in 2022.
However, the total funded amount on the platform in 2022 was €183m – 10 per cent less than the €203m funded in 2021.
In a message to investors, the platform said that “2022 turned out to be a turbulent year, with rising inflation, market disruption, increased geopolitical risk and soaring interest rates.”
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Earlier this month, Estateguru announced that it had promoted chief operating officer Mihkel Stamm to chief executive, replacing founder Marek Partel who will remain chairman of the supervisory board.
Stamm revealed that that Estateguru took the “very difficult but much needed decision” last year to cut its international workforce by more than a third and reduce its external development costs, with the aim of increasing the firm’s profitability in the first quarter of 2023.
“Overall, it’s been a tumultuous year,” added Stamm.
“Adjusting to volatile macroeconomic conditions has presented many challenges. Switching from a growth to a sustainability mindset and downsizing our operations in certain markets has not been easy, but with adversity comes the opportunity for learning, and growth of a different kind.
“Recent events have tested our business model and also proved it sound. It proved resilient during the pandemic and proved so again during 2022. We are at the cutting edge of our industry, and these experiences will help us to further refine our approach.
“We believe that we are well positioned to take advantage of the many opportunities our model offers moving forward.”
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