Go & Grow, API updates and self-service

For the dreamers

May was an exciting month for the Bondora team, with the final preparation work completed for the public release of our latest investment service Go & Grow. This has proved to be hugely popular so far, accounting for 24% of the total amount invested in the platform in May. As a result, our existing products Portfolio Manager and Portfolio Pro saw a significant reduction in popularity for the first time. At the end of May, Go & Grow had approximately 1,000 users with an average deposit size of €1,000.

From the feedback received to date, our investors love to see interest added daily to their Go & Grow account. Within a short period of time, you can clearly see the progress you are making towards your goal and how much Bondora has contributed to your total pot (as shown in the image below).

Go&Grow account

Within the P2P community, there has been a huge investor demand for a product that gives them an impressive net return (6.75% p.a.*) whilst being simple and easy to manage. Go & Grow meets this demand for existing P2P investors and those who are completely new to the asset class. Another attractive feature of Go & Grow is the instant liquidity, meaning there’s no need for you to lock your cash away for years at a time or be restricted in your goals.

Bondora-team-2018

The demand for Go & Grow has already exceeded our expectations at Bondora even before it was officially released, we’re excited to see it grow throughout 2018.

Self-service

In May, we completed an update which allows investors to upload their identification documents through a seamless and secure option once logged in to their account. We’ve also changed some internal processes, which means your ID and bank account will be verified much quicker than previously and there’s no need to notify us via email.

Updates to our API

  1. Past scheduled cash flow – After the recent fractional ownership update, we had feedback from some of our API investors that it became difficult to analyse the payment accuracy of a loan, as the API only allows you to view the payment history and schedule for a particular loan part. We have now added the past scheduled cash flow to our public reports (named Loan Schedules) so you can analyse the data even further.
  2. Collection events – We had a request from an existing investor to make the events of the collection process available as a daily updated file, which can provide useful information for modelling purposes. We have now implemented this and you can find it available as a public file for all users (named DebtEvents), it contains the structure ReportAsOfEOD, LoanID, Event, Comment.
  3. Non-expiring token generation – We have added non-expiring token generation to the API. When generating a new token via the API, the new field non-expiring can be specified with value true or the non-expiring token can be generated from the API web page’s applications page.

* As with any investment, your capital is at risk and the investments are not guaranteed. The yield is up to 6.75%. Before deciding to invest, please review our risk statement or consult with a financial advisor if necessary.

Go & Grow for the dreamers

Over the recent months, you may have heard about our latest way to invest called ‘Go & Grow’. In fact, you may already be in the lucky segment of investors who gained early access to Go & Grow. There’s been a huge amount of excitement around this product within the P2P community, at events we have attended and in the social media stratosphere. Today, we’re excited to tell you Go & Grow has officially been released to all Bondora investors, new and existing.

Bondora-team-2018

As it stands, approximately 1,000 investors have deposited an average of €1,000 each into their Go & Grow account.

If you haven’t heard anything about it, here are some of the best advantages:

  • 6.75%* p.a., via a completely automated service
  • Instant liquidity, meaning you can access your cash at any time
  • Low risk, thanks to a diversified portfolio of investments supported by advanced and reliable technology
  • Tax-efficient, as you only pay tax when you make a withdrawal over your invested capital amount.

The best part? You do not need any prior experience in investing or P2P to use Go & Grow, so whether you’re a retiree living in the Estonian countryside or an 18-year-old student in Berlin who’s new to the world of investing, Go & Grow is for you.

What’s more, you can invite someone you trust to join your Go & Grow account with you so you can invest for a shared goal, like a trip around the world, a wedding or even your child’s future.

Go & Grow is here

Pärtel Tomberg, Bondora CEO & Founder, had this to say about the release:

“Up to now, peer-to-peer loans have been reserved for seasoned investors who wanted to invest strategically and who were willing to spend considerable time and effort managing their portfolio. With ‘Go & Grow’, we open the P2P loan market to all private investors for the first time.

Savings accounts and other traditional investment methods with low risk and a predictable return are no longer an attractive option for investors due to the current low interest climate. New concepts are needed which offer an alternative to exactly this group of investors. ‘Go & Grow’ meets their needs and demonstrates the wide variety of possibilities peer-to-peer loans offer to private investors.

The demand for this product has already exceeded our expectations and we’re incredibly excited to see it grow over the coming months. ”

To find out more, check out our support article here and look out for our upcoming blog posts in June with more detailed info.

Go & Grow is for the dreamers. Make your dreams a reality today and join the Go & Grow community.

* * *

*As with any investment, your capital is at risk and the investments are not guaranteed. The yield is up to 6.75%. Before deciding to invest, please review our risk statement or consult with a financial advisor if necessary.

Go & Grow, major updates and more – Catch up with April’s changes here

April was a busy month for the Bondora team, with a major system update released and a new investment product launched. Find out more info below.

1) Go & Grow

Last month, we gave you a sneak-peek in to our latest product Go & Grow – Now, we’re happy to give you some more in depth information. In short, Go & Grow is an incredibly simple and automated tool that allows you to earn up to 6.75%* p.a. on your investment and take your cash out at any time. This is for the people who want low risk and ‘no-hassle’ investing with a predictable net return. Currently, this is still only available via invite-only for existing investors but is estimated to be available to all investors in June.

Go & Grow - Bondora

What are the benefits?

  • Up to 6.75%* yield
  • Instant liquidity
  • Low risk –  A diversified portfolio of investments supported by advanced and reliable technology
  • You only pay tax when you make a withdrawal over your initial capital deposit amount

Additional benefits?

  • Transfer your existing Bondora investment portfolio to Go & Grow
  • You can set up an auto-transfer from your existing portfolio to Go & Grow
  • A flat €1 withdrawal fee, no matter the size of the portfolio
  • Great for beginners
  • No annual management fees
  • Share your account with people you trust

How is it different to our other products?

With Portfolio Pro and the Portfolio Manager, it is unlikely that you will be able to liquidate your whole Portfolio at short notice. This is because you have to sell these loans on the Secondary Market to other investors who will then take over the loan for the remainder of its duration.

With Go & Grow, we take care of everything – meaning there’s no need to sell your loans one-by-one, all you need to do is click ‘withdraw’ and you can liquidate your whole portfolio at any time.

For more information and some Frequently Asked Questions, click here.

Bondora working on

2) Fractional Ownership

At the end of April, we rolled out a major update to our system which ensures an equal distribution of a loan repayment to investors. It’s easy to forget that the loan you funded with your investment is likely to be jointly funded alongside the investments of thousands of other investors – when a borrower makes a repayment to this loan, it’s important that each investor receives an equal amount of that repayment based on their total share of the loan. Even more so, this applies to payments received from our collection and recoveries process too.

What are the benefits to you?

  • The even distribution of debt servicing fees – Making it easier for you to manage and keep track.
  • Faster website and services – More specifically the overall speed of reporting, especially for users with a large number of loans.
  • More precise calculations – With results calculated up to 10 decimal points, ensuring fairness for everyone.

Why have we changed this?

You may notice that from time to time, the debt servicing fees applied to your investments in recoveries may not show an even amount each month. Previously, the distribution was equal but the equality was achieved over multiple payments (by recording how ‘unfair’ the previous payment was and then correcting it the following time for the customers who received more or less). Now, such fluctuations with payments will be eliminated. Please note that it will take up to a few payments on old loans until the fairness is restored.

For more information, click here.

3) And more…

A few smaller things we have been working on include:

24/7control – We mentioned in the previous post that we have been working on automating several processes to give investors more control over their account without having to contact our support team.

Errors in the system – We are aware that a small number of users are experiencing errors when using the platform, more specifically those using the API. We have been working on reducing the timeouts and will continue to optimize this throughout May.

New languages – We are currently working on adding new languages to our platform, in total there will be 22 once the project is completed.

***

*As with any investment, your capital is at risk and the investments are not guaranteed. Before deciding to invest, please review our risk statement or consult with a financial advisor if necessary.

You spoke, we listened – Fractional calculations

What is it?

This is a major update to our system which will ensure an equal distribution of a loan repayment to investors. It’s easy to forget that the loan you funded with your investment is likely to be jointly funded alongside the investments of thousands of other investors – when a borrower makes a repayment to this loan, it’s important that each investors receives an equal amount of that repayment based on their total share of the loan. Even more so, this applies to payments received from our collection and recoveries process too.

Bondora fractional ownership

What are the benefits to you?

  • The even distribution of debt servicing fees – Making it easier for you to manage and keep track.
  • Faster website and services – More specifically the overall speed of reporting, especially for users with a large number of loans.
  • More precise calculations – With results calculated up to 10 decimal points, ensuring fairness for everyone.

Why have we changed this?

You may notice that from time to time, the debt servicing fees applied to your investments in recoveries may not show an even amount each month. The Bondora engineering team has been working hard on an update to the system called ‘fractional ownership’ which will now make all loan repayment distributions equal across all payments for each investor.

Currently, the distribution is equal but the equality is achieved over multiple payments (by recording how ‘unfair’ the previous payment was and then correcting it the following time for the customers who received more or less). Now, such fluctuations with payments will be eliminated.

How does it work?

All calculations regarding past and future investor shares in the cash flows will be based on a loan schedule multiplied with their share (known as fractional ownership) with results calculated up to 10 decimal points. Payments to your Bondora account will also be made in amounts with up to 10 decimal points, however withdrawals to real cash are still limited to 2 decimal points as smaller increments are not yet supported by the traditional banking system (Not surprising…).

Thanks to this, even investors who own a €1 part of a €10,000 loan will always get their fair share of the repayment.

How will this affect your portfolio?

For a small number of investors, the present value of their portfolios will slightly change due to the added precision of the calculations. These changes are extremely small, nevertheless for those whose portfolio value decreases by any amount, Bondora will compensate them the difference.

The average compensation amount will be €0.25 and the largest being €25. With this in mind, the planned principal and interest amounts will also be recalculated in the cash flow reports to reflect these changes. This will be done automatically, so no action is needed from you.

The estimated release date for this update and the compensation is Friday 27th April.

If you have any questions, please get in touch at investor@bondora.com.

24/7 online control for investors – What were we working on in March?

In March, our main focus has been on finishing the development of our new product ‘Go & Grow’ for initial release. Currently, this is still available via invitation-only for existing investors – take a look below for a sneak-peak into some more exclusive information.

Bondora - What we are working on in March

1) Go & Grow

Go & Grow is Bondora’s brand-new and most simple investment method. Go & Grow is a tax efficient, instant liquidity product with a target yield of 6.75% per year. Enjoy the benefits of P2P lending, made even easier. More details to follow within the next month.

2) 24/7 online control for investors

Last month, we told you we were working on automating some common support related queries we receive to make your experience simpler and faster. We’re still working on this, but now you can already complete several changes yourself, they include:

  • Changing your contact number
  • Changing your email address
  • Changing your address details
  • Closing your account

Soon, the verification and identification process will follow suit too. Once completed, investors will have more control to complete time-sensitive actions themselves and ultimately allow our Associates to spend more time helping investors with more complex queries.

3) Distribution of debt servicing fees

For several months, we have been working on the huge task of ensuring the distribution of the debt servicing costs applied to your account for collections are achieved evenly. Currently, the distribution is equal but the equality is achieved over multiple payments (by recording how ‘unfair’ the previous payment was and then correcting it the following time for the customers who received more or less).

After we have completed the improvements, such fluctuations with payments will be eliminated. Based on our progress so far, we expect this to be completed by the end of April and thank all of our passionate investors for their patience with this issue to date.

4) Investor visits

In March, we have had the pleasure of welcoming many of our investors to Bondora HQ in Tallinn, Estonia. Thank you to everyone who has taken the time to visit us – we’re looking forward to those planning to come in April.

An invitation-only product in the pipeline. What were we working on in February?

In February, our main focus has been on automating some support related processes for investors and to make it visible in the user interface, giving investors more control and saving them time.

1) Reporting, statistics and cash flow

While this has not been an issue for all portfolios, we have received some feedback over the recent months that several pages on investor accounts were timing out or simply too slow. Now, we have made improvements to reporting, statistics and the cash flow page to ensure the pages load much faster.

2) Support related queries

Due to an increasing investor base and support queries, we are currently working on making it simpler and faster for you to complete basic changes on your account. This will include:

  • Changing your contact number
  • Changing your address details
  • Enable multiple accounts to withdraw funds to
  • Close/delete your account without having to contact us
  • Improve the identification process so you will not need to contact us to become fully verified

This will help our investors complete what are often time sensitive actions by themselves. Overall, this will reduce the number of queries we receive and allow us to be there for customers who need more support with their investments.

3) A new and exclusive invitation-only investment product

More details coming soon…

4) Still in progress

Bondora still in progress

In previous posts, we told you that we are working on ensuring the distribution of the debt servicing costs applied to your account for collections is achieved evenly. Currently, the distribution is equal but the equality is achieved over multiple payments (by recording how ‘unfair’ the previous payment was and then correcting it the following time for the customers who received more or less). After we have completed the improvements, such fluctuations with payments will be eliminated. Also, to improve the accuracy of our cash flow forecasting tool we are increasing the precision of the ratios used and splitting overdue loans from current loans in the forecasts.

We’re still working on both of these improvements and will provide you with an update next month.

What were we working on in January? New blog languages, cash flow improvements and more

1) Multilingual blog

You may have already noticed that our blog is now available in 3 languages; English, German and Estonian. This was implemented after we received feedback from our investors that they would like to read our blog in their own native language. Along with this, we are still working on converting the full functionality of our site in to 14 different languages to cater for our geographically diverse investor community.

Bondora multilingual blog

2) Improvements to the Bondora API

Last month, we told you that we were making some improvements to the Bondora API. More specifically, we have now increased the maximum results you can get with one query to 20,000 (although 10,000 will stay as the default value). We also added throttling to requests when the last request for the same user and endpoint has not yet completed. Previously, users were polling the same endpoints and the requests were piled up even in the instance that the last request had not finished, which created an unnecessary load and made the overall API experience slower.

Going forward, we will not add any new queries to the queue if a similar query (from the same user to the same endpoint) is already there.

3) Cash Flow Data

Over the past month, we have made some significant improvements to the cash flow data on your Bondora account. Now, all the data is pre-calculated daily and the page should quickly return monthly and daily overviews regardless of the period you choose. An intra-day view is not pre-calculated and can take more time to load opposed to looking at your portfolio from a higher overview level.

Bondora Cash flow

Please note, the data in overview and month levels are pre-calculated daily and any transactions completed today (such as new sales or purchases) are not reflected until the following day.

4) Mobile-friendly pages

The most commonly used pages including your Dashboard, Menu, Portfolio Manager, Invite Friends tab, Portfolio Pro, Withdraw and Add Funds pages are now ready for easy use on your mobile. We still have plans to perfect the view of the Statistics page and at a later date do the same with the numeric pages such as Cash Flow, Reports, Investments and the Secondary market. Now you can check your Bondora account on the go and with no hassle.

5) Still in progress

Bondora still in progressIn December, we told you that we were working on ensuring the distribution of the debt servicing costs applied to your account for collections is achieved evenly. Currently, the distribution is equal but the equality is achieved over multiple payments (by recording how ‘unfair’ the previous payment was and then correcting it the following time for the customers who received more or less). After we have completed the improvements, such fluctuations with payments will be eliminated. Also, to improve the accuracy of our cash flow forecasting tool we are increasing the precision of the ratios used and splitting overdue loans from current loans in the forecasts.

We’re still working on both of these improvements and will provide you with an update next month.

New Dashboard, Portfolio Manager page and more

Over the past few weeks, the Bondora team have been working hard to improve the layout of some of the most important pages on your investor account. This week, we will be releasing a major update to a few important sections which we will cover below.

portfolio-manager-strategy-slider

Portfolio Manager

Your Portfolio Manager now has its own separate page on your Bondora account. Here, you can adjust your chosen strategy and use our calculator to get an idea of your expected return based on a starting amount, monthly deposit and timeline.

Below this, you will find the ‘Sell loans’ feature which you can use to liquidate your portfolio. For more information on selling your loans, check out our top tip on how to successfully liquidate your portfolio.

Bondora-Sell-loans-feature

Dashboard

dashboard-overview-stats

The Dashboard has been simplified to show only the most important figures for your portfolio and the latest news from Bondora, including our weekly video in English, German and Estonian.

Account Statement

Account-statement-view

A common request we have received from our investors lately is to make the account statement page separate for easy viewing. On your cash flow tab, you will now have the option to turn on the account statement option to do exactly this.

The best news?

One of the best things about this update is that you will now find the Dashboard, Portfolio Manager and Invite Friends tab to be mobile and tablet friendly, meaning you can check your Bondora account while on the go with ease.

If you missed the top 5 things we were working on in November, take a look here and see what has changed already.

Remove loans from sale when borrowers make payments

This week we introduced a new feature which allows you to remove your investments from sales when a borrower makes a payment.

One of our investors, Sebastian, reached out to us and told that sometimes the data on loan repayments is not available enough for investors to optimize their portfolios. He wanted a way to remove loans from the Secondary Market at the moment borrowers make any repayments. This option would allow him to not miss out any opportunities when the investments he on sale start reproducing payments.

A new way to auto-manage your portfolio

We thought this feature would be simple yet great improvement for portfolio optimization, so now we’ve now added this into our product. You can use this feature any time you put your investments to sale on Secondary Market.

auto-cancel loan from secondary market

On the Investments page, add investments to sales cart and press the sell button on the top. You will be prompted with a popup where you can see a checkbox called “Cancel item if payment received”. This allows for the auto-cancellation of loans for sale on the Secondary Market if they begin to receive cash flow again.

Why is this useful?

Once you activate the feature, you can be confident that you’re selling loans on the assumption of up-to-date payment information. If any payment is made, the loan will automatically be re-evaluated and cancelled from the Secondary Market sales.

What feature are you missing? Leave us a comment below.

Faster and safer deposits to Bondora with Trustly

Last week we added a new payment method for our investors – Trustly Online Payment. Trustly is a payment method that makes it easy to deposit to Bondora directly from your bank account. It currently supports over 3,300 banks in 29 European countries.

Trustly online payment coverage in Europe

Is it safe to use Trustly?

Yes! Trustly is a licensed payment institution authorized and supervised by the Swedish Financial Supervisory Authority. It uses the highest encryption standard available and never stores any information that can be used to access your bank account.

How to make a deposit to Bondora with Trustly

You don’t need to sign up with Trustly online payment to make deposits and you can complete a secure deposit in 3 easy steps:

  • choose your bank and initiate the payment with your regular online bank credentials;
  • select the account you wish to pay from;
  • confirm the payment with your regular online bank credentials.

 

Make a deposit with Trustly