zencap

New Figures on Lendico and Zencap

wiseclerk

Lendico and Zencap are German p2p lending services. They are separate companies, but both are founded/backed by Rocket Internet.

Lendico

Lendico is a p2p lending service with consumers as borrowers and has been rolled out in 6 national markets so far. See my previous articles on Lendico for more details. Lendico management did not give any official figures on loan origination amounts in the past. That’s the reason that Lendico is not included in my monthly loan volume stats tables. But in the context of the Rocket Internet IPO some figures and estimates became available.
An estimate says that Lendico Germany originated 1 million EUR loan volume in the first 6 months of 2014. The following are hard (official) figures:

  • Lendico loan volume stats for month ending Jan, 31st 2014: 2,343 loan applications received, 23 loans issued, 112K EUR loan volume originated
  • Lendico loan volume stats for month ending June, 30st 2014: 5,675 loan applications received, 65 loans issued, 376K EUR loan volume originated
  • Lendico number of unique visitors in month ending Jan, 31st 2014: 46K
  • Lendico number of unique visitors in month ending Jun, 30st 2014: 143K
  • Lendico net loss in 2013 was 3.2 million EUR. Note that Lendico launched in Dec. 2013
  • Rocket Internet states Lendico valuation to be 120 million EUR in July 2014

Based on non-representative lender postings on the Lendico forum at P2P-Kredite.com it seems that no Lendico (Germany) loans have defaulted yet and only very few have gone temporarily overdue. Continue reading →

Rocket Internet Launches Second P2P Lending Service: Zencap

wiseclerk

Rocket Internet, the venture fund of the Samwer brothers, launches a second p2p lending service (after Lendico in December). Zencap will facilitate loans from 10,000 to 150,000 Euro to companies. To qualifiy the company has to be trading for at least two years, have solid financials and total revenue of more than a 100,000 Euro. Nominal interest rates range from 4 to 14.6%. Zencap charges borrowers 1 to 4.5% origination fees (dependant on loan term; possible are 6 to 60 months). Lenders can start lending with 100 Euro and are charged 1% or all repayments. Zencap expects default rates between 0% and 10% depending on credit grade.

Christian Grobe, founder and CEO of Zencap says (translation from German original): “About 99% of all companies in Germany are SMEs, who together generate yearly revenues of over 2000 billion Euro. SMEs are the backbone of the German economy. Getting loans is a long and bureaucratice process for these companies, often ending in frustration, since 20% of all loan negotiations with German banks fail (source: KfW-Mittelstandspanel). We want to remove these hurdles with Zencap and offer SMEs an easy and unbureaucratic altenative to banks.”


Zencap founders Dr. Christian Grobe und Dr. Matthias Knecht, both previously worked at McKinsey & Company (photo source: Zencap)