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Interview with Kristjan Koik, CEO of Flender.
Can you introduce yourself and your role on Flender?
I’m Kristjan Koik, CEO of Flender. I founded Flender with a mission to ensure that borrowers can get on with growing their business while our lenders enjoy attractive and reliable returns.
How does Flender work?
Flender is an Irish P2P platform that provides business loans to Irish businesses. Flender provides SMEs with fast and efficient financing through best in class technology and user experience.
Flender loans go through a meticulous credit process, have a competitive interest rate, and a duration of up to three years. The loan size is between €15,000 and €150,000.
How do investors start investing in Flender?
All that you need to do is signup and select to invest manually or through Auto Invest functionality. The minimum investment is €50
What are the potential returns from investing on Flender?
Returns are attractive and on average 10.4% per annum.
Checkout Flender today!
How is risk managed at Flender?
Our Credit Review Process has 3 Lines of Defence
- Stage 1: Online Credit Application created, Decision Engine for affordability review completed and all required supporting documentation provided on Flender Online platform.
- Stage 2: Certification of the documents and Credit Review of Loan Application
- Stage 3: Credit Committee review a credit report for a final decision. Can you describe Flender in numbers? (loans funded, date of founding, lending stats).We issued our first loan in June 2017 and have since provided over €13m of funding to 237 borrowers through 17069 investments.
How is Flender different than other p2p investing companies?
Firstly, we have developed the platform rather than white-labelled or outsourced the development. This gives us a lot more flexibility and better speed of execution to
most competitors. Secondly, it is the strength of our credit team and credit policy that has allowed us to partner with multiple institutional investors that adds credibility to the platform.
What are the advantages of business loans compared to other loans in the p2p market?
The main advantage would be that defaults of business loans are considerably lower than for consumer loans, for example.
How does Flender make money?
Flender makes money from a success fee that is paid by a borrower. We do not charge any fees to our lenders.
How does the default rate on Flender compare with the industry average?
Our default rate is 0.3% and Irish bank default rate is 2% for example. Please also see my reply in relation to risk management in previous questions.
What guarantees are used as collateral to the loans?
All loans are secured by borrowing company directors personal guarantees.
What is the advantage of not using external loan originators to your loans?
What can we expect from Flender in the future?
We will be adding new lending products as well as constantly enhancing the user experience. For example, this month we have launched a merchant cash advance product for our borrowers and will add an earnings account product to lenders soon.
Would you like to add more information?
Flender is the fastest growing digital lender in Ireland. We are trusted by multiple institutional investors as well as thousands of retail lenders. We will keep working hard to provide our lenders with high-quality investments that generate significant returns.
Checkout Flender today!
We thank Kristjan Koik for the interview.
- This interview does not constitute an endorsement.
- The answers have been provided by the interviewee.
- This is not a buy, sell or hold recommendation of any assets mentioned in this interview.
- Do your own research before you invest in anything.
- This press release/article/interview has been published for free.