Financial Services, Latvia, Loan

International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 18:11

Loans worth EUR 1.28 bn financed through Latvian P2P lending platforms in 2018

BC, Riga, 17.04.2019.Print version
Last year, EUR 1.28 bn worth of loans were financed through Latvian peer-to-peer (P2P) lending platforms, which is 2.6 times more than in 2017, LETA was told at the Alternative Financial Services Association of Latvia.

Of that amount, EUR 1.04 bn worth of investments were made via Mintos P2P lending marketplace.

“The P2P lending platforms created in Latvia have been increasingly strengthening their foothold in the European market. The companies’ operations have been growing for the second consecutive year, promoting the financial sector’s efficiency and proving Latvia’s ability to compete internationally,” said Gints Abolins, head of the Alternative Financial Services Association of Latvia.

Following global trends, the P2P platforms advanced to the maturity stage in 2018, the association’s representatives said. Last year provided growth opportunities to large companies, while small platforms either stagnated or folded operations.

While until now fintech companies basically focused on developing one particular product, now they are considering expanding their product portfolios. The trend is also characteristic of P2P lending platforms and is likely to increase this year.

The Alternative Financial Services Association of Latvia units non-bank enterprises providing financial services in Latvia.

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