Evoestate – my thoughts and experiences

Hardly any other platform has triggered such a rollercoaster of emotions in me as Evoestate. When I noticed the platform in spring this year, I just thought, ok, I don’t need that. That was probably because only a few projects were accessible and I had been there myself on most platforms. As I am, I ignored Evoestate for about half a year and would probably still be doing so today if a nice Twitter user hadn’t asked me why I wasn’t participating. Couldn’t really answer the question and “had to” take a closer look at the platform. Well, suddenly I mutated into a fanboy and thought everything was great, but after a few weeks some disillusionment has spread again. Today I have a neutral to slightly positive attitude towards the platform. Why this is so, I will explain in the next paragraph (be careful, this will be a long post, if you don’t want to wait, you can scroll down, it also has a bonus or cashback offer).

Who are the founders?

Behind the platform are Audrius and Gustas, two Lithuanians who live in Spain. Unfortunately they have no experience in real estate, which I would have expected in this context. With Investments and IT they know themselves nevertheless out. According to their own information the venture capital company Start up wise guys has invested in Evoestate, but Evo does not (yet) appear in the portfolio. I read that they are in the current batch. I think you can believe that, if it is not true, they are dead to me anyway. By the way, Wise guys is also invested in Estateguru. The platform is domiciled in Estonia, as this is more advantageous than elsewhere for tax reasons.

What does Evoestate actually do?

Via Evoestate, investors can invest their money on currently 18 (and counting) European real estate platforms and more will be added in the future. (I’ll save a more detailed description of the platforms here, Phil already did that and you can find an interview about the platform there). Evoestate bundles the investors’ investments and invests the money directly in the respective projects of the platforms (and acts as a legal entity. This also means that the investments are made in the name of Evoestate and you have the proportional claim of your investment against Evoestate). This happens in real time, as Evoestate has an interface to the connected platforms. At first sight it looks like it makes no difference whether you make an investment directly or via Evo. But at second glance there are already differences, which I noticed by a test investment at Brickstarter and Evoestate. Another difference I noticed by chance at Reinvest24.

Brickstarter & Reinvest24 vs Evoestate

I invested in the same project at Brickstarter and Evoestate and wanted to see how it compares. The first payout came a few days ago and was posted about the same time on both platforms. Brickstarter informed me about this via email, otherwise I would have seen this later. From there everything good and equal. But Brickstarter still informed me about the amount of withheld taxes and shows the amount separately (all Spanish platforms hold back a certain part of the interest as tax for non-Spanish people). Unfortunately I don’t see that at all with Evoestate. But soon there will be an evaluation for the taxes. Brickstarter is working on a solution to exempt non-resident investors from the tax retention. Evoestate is planning the same. Evoestate will only withhold taxes from the Housers platform, nowhere else. Brickstarter still withholds taxes, but these will be completely refunded in January, they have found a solution to waive the tax retention.

In the case of Reinvest24 there was a special case in which the payments for a project were paid out on the exact day of the investment. Evoestate had a hard time with this and had to tinker around a bit, the payment arrived at Evoestate investors a few days later than at Reinvest24 investors. But here as said a special case… …but Evo has to adapt again with every change on the part of the platforms.

Drawbacks and advantages

I see the tax aspect as a supposed disadvantage of Evoestate, at least for the time being. In addition, there can always be delays because Evoestate has to adapt to the platforms (usually special cases). Another disadvantage I see in the fact that here you as an investor have a claim on Evoestate and not directly against the respective platform. Evoestate also has to take care of forwarding updates from the platforms to the investors.

The main advantage of Evoestate is certainly that you don’t have to register on countless platforms and you get access to platforms in various regions and projects which are actually reserved for large investors (high minimum amounts etc). In addition, Evoestate also gives short ratings to the projects and tells you why (= skin in the game, the founders invest in the project themselves), or why no investments are made. The final decision is up to the investor to follow the “recommendation” or not. I am not always impressed by the ratings, I must admit. But it is certainly an advantage if someone has already looked over it and you don’t have to or don’t want to do it yourself. A huge plus point of Evoestate is the secondary market.

Secondary Market

A secondary market is always an advantage, especially since Evoestate already has many users and you can also sell projects from smaller platforms. I have put some projects into the secondary market without a surcharge, which were bought within a few days. The offers and requests in the secondary market expire automatically after a few days. However, I have not succeeded in buying at cost price. You can determine the markups or markdowns yourself and you can buy any project, no matter if you are already there or not. Here you can see an excerpt from the secondary market. The transactions on the secondary market are currently free. You just have to consider that if you buy for example 50 Euro from a Reinvest24, you will receive 48 shares of it. This is because Reinvest24 charges a 2 percent fee for the investment. So you buy the fee as if you had invested directly with Reinvest24. So on the secondary market everything is stated in gross values. This is for your understanding.

Overview secondary market on Evoestate

My Portfolio

Below you can see my current portfolio, which is still under construction. I would like to invest mainly in projects that pay out monthly or at least quarterly. I will only participate in equity projects in very special cases. As you can see I am currently only invested in Rent (i.e. rental projects like Brickstarter, Reinvest24) and Loans (loans like Estateguru, Nordstreet etc). The amount is not too high yet, because on the one hand I missed the projects and on the other hand I had invested several hundred Euros directly with Reinvest24 (in retrospect this was probably a bit unwise, because of the missing secondary market. But I plan to keep the projects in the long term and Reinvest24 will bring a secondary market at some point. But to have a possibility for liquidation is never wrong).

My current portfolio


Also the Autoinvest was thought of, you can see it below. It has all necessary settings. A very nice feature is that you can reverse investments made by Autoinvest within 24 hours. Currently I don’t use the Autoinvest, because I like to have a look at everything in peace and quiet and the listed projects are usually not fully invested immediately.

Evoestate Autoinvest

How does Evoestate earn money?

In equity projects, a predefined portion of the profit is always retained by Evoestate. The values are always recorded in the project description. For all other projects this is not noted in the project description. I read once that Evoestate receives 1 percent from the partner platforms, but I don’t know if this is true. But it is certain (and this is logical and ok) that Evoestate is somehow compensated.

Conclusion & Cashback or Bonus

As mentioned at the beginning, I have a positive attitude towards the platform. However, a lot has to happen in the next few weeks and the first thing to come is the tax reporting. Tax reporting is now available. I also want to see how updates to projects are handled.

If you intend to take a look at Evoestate, the platform currently offers two possibilities for new investors. 1) 15 Euro after the first investment (use the previous link to register) 50 Euro minimum investment is sufficient OR 2) 0.5% Cashback on your investments of the first 6 months is available with this link. This means that option 2 is more lucrative for you if you intend to place a minimum investment of 3’000 Euro within 6 months. For smaller investments option 1 is more reasonable. I receive the same remuneration as you, thank you for your support.

If you have any questions just post them. Greetings

There is something brewing in p2p land (Envestio / Kuetzal etc)

Currently the air is burning a bit in the p2p universe (at least in the Baltic, in English the air is outside). I would like to inform you about some current issues, which will probably cause red heads on some platforms. At the moment there are only a few accusations in the air and you should try to get an objective picture and look closely, because where there is smoke, there is usually fire

Envestio und Kuetzal

Both platforms were almost simultaneously subject to management changes and, in the case of Envestio, to a sale of the platform. If you are interested or if you are active on the platforms, you should read this article , it is in German so use google translate. Kuetzal was also visited by a blogger and you can read the result here (worth it). He came to the conclusion to withdraw his money .


Two loan originators have had their licenses revoked, but they are resisting this. With the crass growth of the platform, it was only a matter of time until after the Eurocent bankruptcy and the problems with Aforti, more were added. Furthermore, payments from Invest and Access have been delayed.


Fastinvest has apparently delayed in submitting its financial statements to the UK authorities. Whether this will cause a problem, I do not yet know.


In the case of Ibanwallet, the question is whether it really holds a licence from the FCA. I have asked for comments from Ibanwallet.


Robocash has a little trouble in the Philippines. The supervisory authority there has revoked Robocash’s license, or at least announced this. According to Robocash the license has not been withdrawn yet, but they are taking action against the intended withdrawal of the license. Apparently, the Philippine arm of Robocash (apparently a joint venture with a local company) has already been bought out of Robocash Holding. As of the beginning of next year, Robocash Philippines will have to be renamed. I would adjust the Autoinvest accordingly.

What do we do with this information?

First take a deep breath and think for yourself. If you feel uncomfortable with the current situation, you should try to get your money back (if this is possible in the short term). It also does not have to be reinvested on another platform, it can stay on your account for a while, does not hurt ;). I will move my money and reorganize my portfolio. Actually something I wanted to do slowly and had in mind due to the looming slowdown of the global economy. Well, then I’m accelerating that process now…

I wouldn’t be surprised if we read more such reports in the coming weeks (especially from platforms with interest rates around 20 percent and/or high buyback penaltys…, Crowdestor excluded for the time being).

Brickstarter – invest into spanish holiday appartements (airbnb)

I got in touch with Brickstarter a few times during the last months and created an account back then. In the past there were only few projects and the site had some bugs that made using it a pain. As per these reasons I nearly forgot about Brickstarter although I found their offer very interesting. Some days ago I checked the site again and started my first investment.

Sign up / Investments

Signing up is available to everybody at least 18 years old who holds a bank account in Europe. If you would like to get 0.5 percent cashback for the first 90 days, use this link to register. Fill out the promo code field with BRICKS and you will get additional 15 Euros.. The 15 Euros will be added to your first investment. So if you invest 50 Euros, your investment will be worth 65 Euros. 50 Euro is the minimal investment amount. You don’t need to verify your account to start investing up to 250 Euro, but I would do it right from the start as you only can pay with credit card and have no withdrawal option until you verify. To link your bank account for withdrawals you will need to upload a statment of it. My test deposit was credited within a day. So far I have not tested a withdrawal but I guess it will be the same duration.

In what are we investing exactly?

As the title says, it is about holiday homes in Spain, which are advertised on airbnb and other platforms for short rent and are to be sold profitably within 18 months. Currently one project is in financing:

Brickstarter Projekt
Current project with Brickstarter

The apartments should yield about 10 percent per year (this is an expected value and can be lower or higher). Half of this comes from rental income and the rest is forecasted capital appreciation (taxes currentlz are retained, but Brickstarter is looking for a solution to avoid this in the future). The increase in value is realized with a possible sale of the real estate. Only a few flats were sold to date, but they try to sell the flats at good prices within 18 months (this succeeds of course better if one can show the potential buyer that the flat has yielded good returns over a period of 12 months or more). That’s why we don’t need a secondary market. It is possible, however, that it will be more difficult to sell an apartment at the desired price and therefore you should be prepared for an investment for a longer period as this could not be liquid (but you still get the rental income paid monthly). During the financing phase, until the property is owned by Brickstarter, the investment is subject to 5% interest (from the time of the investment).

At the end / Conclusion

This offers the opportunity to invest in another segment of real estate. One should consider, however, that in tourist regions the concentration of airbnb real estate can lead to price increases, which can be problematic for the local rental population.

The platform seems to be on the right track, but still has some work to do in the areas of usability and translations. I find the holiday apartment segment interesting and will invest in further projects of this kind. As I said, there is 15 Euro bonus with the promo code BRICKS and 0.5 percent cashback during the first 3 months if you sign up with this link.

Boldyield – brandnew marketplace with up to 18% interest (+Cashback)

Another one you might ask, but I like the platform’s approach. First things first. How did I find this marketplace? Well, in this case it was the other way around. Viktorija, Grupeer’s former marketing lady is on board with Boldyield and she reached out to me. She asked me if I would be interested to test the platform pre-launch to get some feedback and insights from me. As I am a curious guy I gladly accepted the invitation. Optically and technically I was convinced with what I saw, which is a big plus. It clearly shows that the founders have a great concept and execute it well.

Who can sign up? What is needed?

Investing is open to both private and legal persons, as long as they have a bank account in the European Union. Of course private persons have to be at least 18 years old. Furthermore you need an identification document and some proof of adress, like a utility bill or something like that. You need to fill out your adress and some more informations. And you need to set a PIN, this will be needed to confirm your investments. As soon as you have filled out all necessary information and have uploaded the id and proof of adress, you can start the verification by pushing “require verification”. You wil find everything you need in your profile.

What does the marketplace actually do?

Boldyield operates in three sectors: Business -and property finance as well as Maritime transport finance. The latter is according to my knowledge not covered by any other marketplace in Europe. The founder, Edgars Mass, is responsible for the platform and the selection of projects. He has a lot of experience in banking and finance.

The first project

One project is already in funding. A real estate development project in Norway, which yields 14 percent. Duration is rather short with 10 months only. Interest accrues from the date of your investment and will be paid out at the end of the project. You can start with as little as 100 Euro.

erstes Boldyeld Projekt
First Boldyield Investment Opportunity: Property in Norway

What is the name’s meaning?

The marketplace’s name is a combination of bold and yield. Yield should be self-explanatory, and bold stands for being bold (;)). It is the mantra of CEO Edgars Mass , who explained to me that you only achieve your goals by determination and perseverance. That is the story behind the name, just be and act bold.

Conclusion and Cashback

Surely an interesting concept by a new player. I am eager to see the maritime transport projects, as this is a new segment of loans. As enthusiastic as I am at the moment, we cannot forget that this is a brandnew platform which has to proof itself. If you would like to test the marketplace, you get 0.5% Cashback during the first 189 days, if you sign up through this link. And there is more: the first 100 investors will get a bonus of 10 Euro after their first investment (will be credited within a week after investment). At the time of publishing this article, there were only 15 investors so far. Chances are high that you will be amongst the first 100.

Lendermarket (Creditstar) – Alternative to Mintos with cashback and buyback

Lendermarket started some weeks ago and you might have noticed some online advertising already. The platform belongs to Creditstar Group AS. Some of you might know this name, actually from Mintos. Creditstar is or was active on Mintos with some loan originators (Creditstar, Monefit) and got a B Rating. You can get more info and financials on the Mintos site previously linked.

It is nothing new that a loan originator starts its own marketplace. Viainvest and Peerberry did it before. This step can make sense once a company has a certain size (volume). It might result in a reduction in borrowing fees and improves flexibility.

Lendermarket is incorporated in Ireland (as i.e Grupeer) and is a sister company from Creditstar Group AS, which is incorperated and domiciled in Estonia.

Who can become investor / Sign up

Investor can become everybody who is at least 18 years old (plus companies), which have a residency in the European Union or Switzerland (except Ireland, sorry gals and lads). During sign up you should get done the verification as well, as without verification, you cannot see or do anything on the marketplace. You need to upload a identification document. This is somewhat different compared to other platforms where you only have to get verified for withdrawals. What is done is done and once verification is through, you are good to go.

Overview of primary market with Lendermarket


Currently there are short-term loans with a duration of up to 90 days(30, 60 and 90 days) with an interest rate of 12% p.a. (from Poland, Spain and Czech. Finland seems to be next, at least it is choosable in the AI;) ). Minimal investment is set at 10 Euro. The loans come with a buyback guarantee by Creditstar Group, which pays after 60 days overdue. Accrued interest and potential penalty fees are also covered by buyback. There is no secondary market so far, but a simple autoinvest. AI looks like this:

Autoinvest at Lendermarket


To be eligible for cashback you need using this link to register. You’ll get 1% cashback on your net added cash during the first 60 days after registration. Net added cash means any withdrawals are subtracted from the deposits. I.E this means if you add 1k Euro and withdraw 100 Euro during the first 60 days, you will be rewarded with 9 Euro (1000 – 100 = 900 Euro -> 9 Euro;1%). Received and invested interest is not added to the cashback sum. The cashback will be added to your account within 5 business days after the 60 day period after your sign up has ended (You’ll get notified by email once the bonus is deposited). You can check the bonuses in your account statement (select campaign rewards and bonuses):

Campagin rewards and bonuses from Lendermarket


I like the simple approach by the marketplace. It is setup smoothly. 12% yields are not to, but if you compare to MIntos, they are good. Peerberry and Viainvest proved that there is a valid use case to create its own marketplace for a loan originator. Incorporation in Ireland might make sense, as changes in Baltic regulation does not or only affect the platform a little. To my knowledge there wasn’t any regulation of p2p in Ireland, but I need to check if that is still true. Follow me to Lendermarket (incl. Cashback).

Questions? Just post…

Wisefund – a short update

It has been about two months since I introduced Wisefund. In the meantime some projects have already been funded. Currently there is one in funding, which yields 20%. In my opinion Wisefund has started very well, the marketplace is well-engineered and has a great usability. The experience is smoother than that from its direct competitors like Kuetzal, Envestio or Monethera. From the beginning Wisefund gave me a professional impression, even as the platform had some early bugs. That is normal in business, you can test a lot, but some things are only revealed when gone live. So in my opinion, very well done. That, of course, does not say anything about the loan quality, it is too early for this. In general it looks like the whole project is well thought through.

Current 20percent project in funding

The story with the Hungarian Bank account

As you already are aware of, the marketplace is registered in Estonia, but the bank account is with Hungarian bank OTP in Hungary. How so? Some months ago I mentioned the problem of Estonian banks involved in money laundering briefly , and this is part of the reason. Wisefund found it very difficult to engage as a new player with Baltic banks, as they were very cautious because of what happened there months ago. Imagine, there comes a newly founded company and wants a bank account. If the bank asks for what purpose and the answer is, well, several thousand people all over Europe will send money and we will forward it to companies all over Europe… that is a nightmare to any anti money laundering departement of a bank. So it does not come as a surprise that Envestio had to change its bank account several times. Monethera had to move their bank account to Slowakia. Because of this, I have not a big issue with the Hungarian bank account by Wisefund.

External credit rating

I critisized that the external credit rating company (Nord Capital Markets) looked like a One Man Show. I was assured by Wisefund that the company has more than 10 years of experience in credit ratings and that for large projects more specialists can be added. Bottom line, we have to trust the marketplace here, if the rating is bad, the platform will not exist for long. So they know how important the rating is. Currently, this is enough for me to trust them going forward.


Lastly I wanted to verify how the Buyback is really handled. After 60 days overdue the buyback wil be executed on the invested capital (the loan will be sold to a third party at pari). So the accrued interest is not covered by the buyback guarantee. The interest is covered by the Wisefund protection fund (accordint to their email). Sadly, I cannot find anything in the FAQ about the fund.


There is one to two new projects every week and funding lasts for several days. The marketplace convices from a technical and usability standpoint. Deposits and Withdrawals are fast, as well there is a great support. All good from there, but do not forget that this is still a very new marketplace. The loans are high risk.

Questions? Just post.

Coinloan – p2p with or without crypto for high returns

Even if you are not (yet) into crypto, I’d suggest to read the whoe article and decide at the end if you would like to check it out. To invest with Coinloan you don’t need any cryptocurrency. You can lend Euros and other fiat currencies (although the EUR loans seem to be the place to be). Of course it is also possible to borrow money on the marketplace, but I will not go into this. We are here to earn money, not paying interest ;).

Basics of Coinloan

The platform is founded in Estonia (Talinn) and the core team lives there according to their statement. They have some more employees in 3 other countries. Investing is possible for every person of at least 18 years of age and have a residence within Europe. Even most countries over the world are accepted with some exceptions, sadly currently I do not know which, but I guess USA investors are not welcome. Registry is quick and smooth as is the identification process (you need to upload some ID document). Further you will need a 2fa app for authorization. In this case google authenticator is a good choice. This is like getting a entry code on your sms, in this case you just get it on the app.

How does investing work actually ?

Rationally speaking Coinloan is a normal p2p marketplace like you are used to. Main differences in my view are: 1) You are lending directly to a person (original p2p concept) and do not buy securitized loans from an originator. 2) The loan is secured by a crypto currency deposit (which theoretically has a value). 3) You can set the loan terms according to your wishes (interest rate, duration and more). Point 1 is debatable, but correct when comparing with the big platforms like Mintos, Peerberry, Grupeer etc..

After your verification is processed you are allowed to deposit your Euros via bank wirement (SEPA) to your Coinloan wallet. The details for this you can get in your Coinloan dashboard at “my wallet”. There are more ways to fund your account, like using a credit card. But these possibilities are subject to additional costs. Furthermore my bank wirement was deposited the same day, so I do not see the need for different funding ways. Withdrawals will cost you depending on the way you are using (SEPA = 2 Euro), this just for your information.

As soon as your deposit is confirmed on the marketplace, you can put your own loan offers out there (button LEND), or accept available loan requests. Minimal loan amount is set to 100 Euro. Interest rate, duration and amortization method (interest only = monthly interest payments and principal at the end / interest + principal = annuity). In case of early redemption, the borrower has to cover the interest for the whole duration, which can be very lucrative for investors. Imagine you get 6 months of interest after 3 months or so. An important detail you need to consider when placing a loan offer is what crypto currency you allow as security for your loan. As standard all six currencies are available. They are ok to me, except for CLT (coinloan token), I personally deactivate them. Currently it seems like you can get easy loans in the 15 to 16 percent range. I tried it with 17 percent, but it took longer and was only taken once by a borrower. At 20 percent none of my loans was taken. You can check the recent loans tab to see which loans went through last to get an idea. You can set your loan amount variable. If you have 1’000 Euro to lend you can add 10 loans at 100 Euro or set the limit from 100 to 1000 Euro in one loan. The borrower can choose then what amount to pick up. Saves time, but you are also allowed to add 10 loans. Adding loans is free of charge, as everything on the platform for the lender, except low withdrawal fees. This is a snapshot of the loan setup mask.

Sample how your loan could look like (CLT was disabled by me)

What about the risks?

As often we here speak about a relatively new marketplace which is only running for serveral months. The securities behind the loans are deposits of crypto currencies, which are volatile and barely regulated (if even). The LTV (loan to value ratio) is set at 70%. This means for a borrower to get 100 Euro loaned, he has to deposit crypto assets worth circa 143 Euro (100 / 70 = 1.428). As long as the LTV is below 92%, nothing happens. If the LTV climbs above 92 percent, which means that the value of the deposit sunk, the crypto deposit gets liquidated to assure the lenders money is save. So worst case might be ltv slowly reaches 91 percent and then within minutes the crypto market plunges 15 percent or more. If Coinloan is fast enough, and able because of market conditions, to close the loan fast enough remains to be seen. As of now it seems that the platform’s risk management worked perfectly. I just wanted to tell you a possible risk.

As a borrower, why does it make sense to take a loan against a crypto asset which you are holding? Imagine you have 1 Bitcoin and need money. You could sell it and have liquidity, but you think that the Bitcoin price will increase in the future and maybe double. If this scenario becomes reality, the borrower won, because his deposit is worth far more and he can cover even the interest rate with the value increase. That might be the underlying thinking process, but that is just an additional information from me, if you are new to these types of loans.


I like the idea of Coinloan and can see the use case. Further you know exactly what lies behind a loan. That is more than you know in most other cases, except maybe property loans. The biggest question is: are you comfortable taking cryptos as security for your loans? I can answer this question for me with yes, but I understand if people see this different. If you want to check prices and volatiliy of cryptos you can check with www.coinmarketcap.com for example. The level of interest rates and the freedom to set my own conditions make this platform worth using for me. Follow me to Coinloan.

Questions? Keep them coming. Regards p2phero

Wisefund – another new marketplace with returns of up to 21 percent

And here we go with another one. The platform has its domicile in Estonia, but the team is located in Latvia. On first sight it looks familiar with Envestio, Monethera or Kuetzal. Even the cashback scheme is familiar, you will find it at the end of this post.

On the second sight there are key differences, though. As the other marketplaces do their credit and risk analysis in house, Wisefund buys it from an expert company called Nord Capital Markets.. I like the approach to delegate to an expert instead of trying to reinvent the wheel. Sadly there is not that much I could find about Nord Capital. I believe it is this company. Should be accurate as it is operating since 2009, but it seems there is only one shareholder. I do not find any reference to credit analysis on their page. If I have a look at the Homepage, it looks more like a company for trading strategies. It is a pitty, that I am not able to verify given information on Wisefunds website easily.

Registration and Deposit

Investors residing in the European Union or having a bank account in this are can sign up with Wisefund. Creating an account is easy, you need a valid email adress and an identification document. After verifying your email you can log in and upload your ID, plus you need to take selfie holding the document as well. It takes two business days tops to get the verification done. After this you can top up your investor account. I was surprised to see that the marketplace has its bank account with a Hungarian Bank, OTP (largest Hungarian Bank) to be precise. In my opinion this is a weird setup. They say they had problems opening an account in the Baltics as a new crowdfunding player. Seeing how Envestio struggled with its bank account the past weeks, I find this explanation reasonable.


Currently there are 3 projects listed, of which one seems to be already funded. Yields vary from 17.3 to 19.7 percent and have durations of 4 to 8 months. The railway loan is from Switzerland and I can see in the business registry that it is active. I try to get to know more about this one through Wisefund.

Current projects at Wisefund

Minimal ticket and buyback

According to FAQs the minimum investment per loan is set at 10 Euro and capped at 10 percent of the total loan volume per project. Also per FAQs overdue loans of 60 days plus are bought back directly without any fees, but accrued interest is not covered. So they provide a full capital protection. Interestingly they have an agreement with a mysterious investor who buys all overdue loans from them.


As you can see some questions remain open, but this is usual for new marketplaces. I hope I can get some answers in due time and will update once I have something. If you want to try the platform, go for it. Please be cautious as this is a brandnew marketplace and high risk. There is no free lunch, and for sure not 20 percent yields without risk.

Ibanwallet: a new approach to call money accounts

Within Fintech (of which p2p is a subcategory) we can observe new alternatives for overnight accounts lately. We have the well know Bondora Go & Grow, the somehow different approach from Bondster as well as p2p giant Mintos’ Invest & Access (which I did not check out to date). And now there is Ibanwallet.

Ibanwallet , an old acquantaince

During 2017 I had my first contact with Ibanwallet, as they have been fundraising on Seedrs, where they sold some equity in their company to get funding for their venture. I was in contact with the the founders ( Daniel Suero Alonso und Marc-Anthony Hurr ), but did not invest in the end. I really cannot remeber why I did not invest, but it for sure it was a red flag, otherwise I would have remembered.

Two years later and we went from the idea to a rolled out and functional product (not many start-ups even get to this stage). I have a feeling this product is just the first in a series…. Now the serious question: what service or product do they provide (it is available as an app or via website)? …..

So what is this ibanwallet?

There are two words in the name: IBAN, a number of a bank account like we are used to it and wallet. It is a newly developped bank account, with quick acces to the money, like the cash in our wallet (for those who still have a wallet and use cash of course ;)) Wow, a bank account (which we can only use through our reference account where we deposit from and withdraw to), not that game changer on the first thought 😉 BUT, there are certainly features which are very interesting: There are 4 versions of “accounts” available: 1) a call money account with an interest rate of 2.5% per year with daily interest payments, plus three more as term deposits with daily termination option. You see them below and they pay from 3 to 6% annually with durations of up to 5 years.

Account offering on Ibanwallet

The investments are terminateable on a daily basis, but there occurs a fee. All accrued interest up to 2.5% will be lost if the account is terminated early. But never more then really accrued, so no capital loss. So, i.e. only 0.1% accrued, only 0.1% is lost. aufgelaufen, werden auch nur 0.1% storniert, man verliert also kein Kapital. If you, for example, terminate a 1 year investment after 11 months, you still get 0.25% (2.75% accrued interest minus 2.5%). On first sight not that attractive for p2p guys, but in comparison to bank accounts it is really good. Never forget the rule that liquidity has its price. If you want maximum flexibility, you get less return. Mid July I deposited 550 Euro on my ibanwallet and got like 3 to 4 cents interest daily (depends on the roundings ;)). After 10 days it looked like below (and now of course even better).

Sign up and get a Bonus

Sign up as an easy and straight forwar process which can be done within some minutes. You need a document for identification and a mobile phone number. After that you see your personal IBAN number with Ibanwallet and can fund your account from your personal bank account. I sent the money on its way in the morning and it was credited in the evening. Everything went smooth and fast. To unlock the withdrawal, you need to upload a statement of your bank account containing your name and adress. As well this step took only minutes. Use this link to register (the field promo code should be filled out directly during registry, if not let me know.) and you will be awarded 25 Euro sign up bonus, as soon as you have depositet at least 1’000 Euro (I get the bonus as well). You can do with your bonus what you like and with it you net at least 5% yield during the first year with your call money account (2.5% on 1000 Euro = 25 Euro plus 25 Euro bonus).

How does Ibanwallet earn money to pay interest?

Ibanwallet understands itself as something new and basically does the same thing as a traditional bank. But what does a bank do? Basically, a bank takes deposits from clients (= money on bank accounts) and lends it out as mortages or loans for example. The difference between what they receive from the borrowers and what they pay the depositors is called the interest difference. And this is the money the bank earned by its activities. This is just a very basic explanation, but in general very true and stands for what a bank should do.

Ibanwallet does the exact same thing. They take deposits and lend them out. But iin what do they invest in? And now it gets interesting. Ibanwallet invests the money in p2p loans. Sadly I was not able to find out in which platforms or loans. Though I know that they only invest in loans with buyback guarantee or loans which are asset backed, like property. I try to find out more about this topic and others (like controlling of liquidity etc).


I like the easy handling of the website and its lean design (alternatively you can use the app, which I have not until now). Everything works smoothly and as expected. If you compare interest rates with other Euro bank accounts, the return is great. But of course there are risks which you should think of (so never park your total liquidity on one account only). Ibanwallet operates in a fairly new market (p2p) and is operational for just some time as well. There can be risks (operational, market etc). It is possible as well that your money is invested with the same platforms or loans you already invested in (if you do p2p yourself). None the less I think ibanwallet is worth checking out. The team is not on the website at this stage, but above you see the links to the founders linked in pages. Daniel is a banker and entrepreneur and Marc-Anthony the Math and IT-Guy, a good combo it seems. Here you get to the sign up and the 25 Euro bonus (for at least 1’000 Euro Investment)

Invitee Post from Diversified Bull on DoFinance visit

Dear Readers, I am honored to present you the first guest post on my blog, by a frequent reader, who visited DoFinance and might start his own project one day. Everything below is from the feather of diversified bull, and he has a special offer for you at the end of the post. Enjoy.

This is a review of DoFinance that I visited at the end of May 2019. I have been an active p2p investor for the past 8 years and this review is based on my experience of the platform: I currently have €35k invested with them and discussed with the management team when I visited their Riga office.

I would like to start by thanking p2phero: I discovered early a few platforms thanks to his valuable posts and his opinion is always relevant. We exchange on investment ideas from time to time and he kindly offered me to post on his blog the feedback of my visits to a few Latvian platforms earlier this year. I will start today with DoFinance, which have just answered my follow-up questions after my visit in May.

DoFinance has been at the top of what I would call my “third tier” platform list for a while. Third tier in terms of size,  less than 5,000 investors, and transparency, no financial statement and limited statistics.

However, we know that diversity is essential in the p2p landscape and it is always worth identifying a promising loan provider. The interview that the two DoFinance co-founders gave a while ago to the well-known blogger Lars Wrobbel aroused my interest. I decided to investigate further and, although the financials of Alfa Finance, the group behind the platform, are not public, the resumes of the founders can be found on LinkedIn and give some insight. Two brothers Janis and Viesturs Kulikovski funded the group together with Ingars Zagorskis. Viesturs Kulikovski spent 8 years at Swedbank Latvia where he was a member of their management board before his departure in 2001. He also has extensive experience in real estate investment. We can expect he has gone through some market downturns in his career and is more risk-aware than some 25-years old startupper sometimes running these companies nowadays. His brother Janis has an international business background, including running operations in Indonesia, which gives some credibility to their loan origination business in the country. They claim on their site nearly 700,000 registered customers in total as of May 2019 and 182 employees worldwide. This should give some depth to their loan offering and I was curious to learn more about them.

They were very quick to respond to my request for an appointment and I could meet them in person two weeks later. Their office is situated in a charming district of Riga, next to parks and museums, in a typical historic building of the city. Luckily, it was just one block away from the apartment I was staying in. When I arrived, I was greeted by the platform lead Henrijs Jansons who showed me their premises and then introduced me to Viesturs and Janis. We had a one-hour meeting and they openly answered all my questions. They gave me the impression of trying to grow their business in a controlled manner. They have a complete vision of the process: from the loan origination to the issuance and the distribution on the platform and up to the recovery of delinquent loans. Development in Indonesia seems to be an important step for them with hundreds of thousands of customers and a large locally based team in charge of the origination and the debt collection processes.

I provide here a summary of the main topics we discussed during the meeting, my questions and their answers that they fine-tuned in the follow up emails we exchanged:

The site provides not much recent information about Alfa Finance Group, statistics are from 2016 – 2017 in the About Us section. In the blog you recently mentioned an NPL rate of 6.18% but with little information about what it means, the perimeter and the cohort of loans measured. Would it be possible to provide more up to date and detailed information of the loan performances by region. Also any financial statement of Alfa Finance or its subsidiaries would be useful to assess the buyback guarantee (BBG).

DoF: We get this question quite often. We plan to publish shareholder report once every 6 months. And also we have renewed our website with the latest statistics and some other information.

Autoinvest does not reinvest interests which creates a cash drag if funds are not withdrawn or reinvested immediately. Investing the paid interests requires a manual intervention, do you think you can provide a simple solution to this in the future?

DoF: Yes, we are currently developing updated auto-autoinvest functionality with possibility to choose if funds are reinvested, collected to investors DoFinance profile or withdrawn to bank account (there will be minimal automatic payment limit of 25 Eur).

The Indonesian p2p market is still at an early stage of development. According to their financial authority OJK, non-performing loans and defaults in Indonesia’s P2P industry were 6.3 per cent of all loans in February, up from 2.4 per cent a year earlier. Are you facing the same deterioration in your portfolio?

DoF: Fortunately, we have quite the opposite case – the NPL’s have decreased since December and we see positive trend. We have managed this by integrating with automatic ID and docs verification + introduction of employer calls (that is a common practice in the banking sector in Indonesia) to verify the customer. Such verification later helps to collect overdue loans as well.

In addition to the specific nature of the Indonesian p2p market, we have to remember that loans are originally denominated in INR (Rupiah) while us, end investors, receive euros. In the extreme scenario of a depreciation of let’s say 30% of the Rupiah, are the positions hedged or are you confident the originator will be able to absorb the losses?

DoF: We use the services of remittance companies (Ebury.co.uk and Monex.com) to reduce currency risk. Additionally, this year there was an election of president and parliament (they held them at the same time for cost efficiency) and same president and leading parties won, thus the country should remain stable and no controversial laws or regulations are expected to be passed.

Are there some situations (like the one described above) where the Indonesian loans would suffer a loss and the BBG fail, while the Polish loans would continue to be protected? Are they both guaranteed under the same umbrella or are they independently protected i.e. can Credo data Indonesia default on the BBG while it is still maintained for Polish loans?

DoF: Since our group is only in 30 day loans and all Risk department is centralized here in HQ, we can monitor and adjust risks, scoring cards etc monthly and do not suffer unforeseen increase in NPL. Moreover, at the moment ~80% is shareholder capital and only 20% are available for investment in platform. Additionally, all our loan originators are licensed and closing one would not affect the other.

From left to right: Ieva, Project Coordinator, Henrijs, Platform Lead and Janis, Co-funder.

In summary, DoFinance is, in my opinion, a solid choice in the p2p space and should be on the list of any investor looking for diversification across multiple platforms and originators: from invoice financing to personal loans in Poland or Indonesia. The team is competent and committed to the long-term development of the platform.

Then, they clearly have room for improvement as far as transparency and disclosure are concerned. At this stage of their development though, I don’t have an issue with it, especially after meeting them. I invest mainly into their indonesian loans offering the highest rates. I am not yet convinced by the lower yielding alternatives but it is always nice to have the choice. I personally intend to grow my investments with them.If you are interested in investing with DoFinance, this is a good time to do so as they are just starting a new 1% cashback offer from 08/07 to 31/07/2019. This will apply to all your investments in the 9% and 11% programs for a term of 6 months or more. In addition, I can sponsor you for a VIP account and you will get an extra 1% yield on some of the auto-invest strategies. To enjoy the VIP status, follow the usual registration process with DoFinance and also submit your email to http://copula.atspace.eu/dofinance/. After a few days, you will receive confirmation that your DoFinance account has been upgraded.