Main highlights from today's #Creditstar
- Creditstar will be audited by KPMG: 2020 report will be ready in summer, in accordance with Estonian Financial Standards. Loan portfolio report with a statement from KPMG will also be published shortly.
- Comment about IFRS: "IFRS 9 is not very convenient for lenders because it requires an increased number of provisions to be reserved, which carries an increased amount of funding costs. On the other side, it is actually quite interesting for companies like us to adopt IFRS 9, because as soon as we adopt it we will open up ourselves for much cheaper sources of funding from institutional investors who actually require IFRS 9 to be able to give us money...which will be not to the benefit of P2P investors because if Creditstar will have much cheaper source of funding from institutional investors, there will be less need to put loans on the P2P platforms" - no clear answer if IFRS will be adopted.
- € 45 million outstanding P2P loans at Q1 2021
- Planned company's growth is 25-35% per annum
- Creditstar is getting a specialised bank license: the application has been submitted to the Bank of Lithuania and there is approximately one year left until they get the license.