FinBee, the Lithuanian peer to peer lending platform, earned a net profit of EUR 285,000 last year. By comparison, in 2018 the loss of the company was 4,000 Eur.
FinBee provided nearly EUR 11 million loans to individuals and businesses last year. Amount of loans in 2019 was 33% higher than in 2018.
FinBee CEO Darius Noreika said in a news release that the company had invested its profits in developing a new IT system that made the platform more user-friendly.
In total, over 3,500 loans were originated through the FinBee platform last year, of which 357 were for businesses. The total amount of loans granted to the businesses amounted to almost 3.4 million Eur - 67% more than in 2018. 90% more business applications were received. This year FinBee plans to lend 50% more to businesses and 15% more to individuals.
“As the economy grows, the need for business borrowing continues to grow. At the time, individuals seeking to meet their consumption needs were actively interested in the opportunities offered by peer-to-peer lending platforms - the share of credit refinancing loans increased significantly. It accounted for about one fifth of total loans. This shows that residents are becoming more responsible and looking for ways to reduce their financial burden, ”says Noreika.
The number of clients investing in loans increased by 32% compared to 2018. The average amount invested in loans by one person was EUR 2,100. On average, the amount invested to business loans was EUR 900 - 34% more than the year before.
In total, FinBee has already issued EUR 29 million of loans to residents and businesses since its inception. The platform has over 50,000 registered users, of whom nearly 9,000 were actively investing or borrowing during last year.