Guys, to fund Lenndy did you use Paysera via your UK bank? i am reluctant to use this method as my bank charge £10 a pop for transferring Euros :-(((( I would prefer to use Transferwise if possible . Any others methods favoured here ?
Funding Paysera from UK bank is only 30p fee (charged by PaySera), the way it works is you just make a Transfer to UK Natwest Bank account which belongs to PaySera and they then pick it up. As far as your UK bank is concerned, you are doing a local transfer. Then all you have to do is do a currency exchange on PaySera system to EUR, the rate they use is pretty decent.
"UAB Lenndy" is officially moving all dealings to Latvia, creating "SIA Lenndy" equivalent:
Due to increased attraction from international investors, Lenndy is moving to Latvia and will be operated by SIA Lenndy. From the 5th of May 2017, lending marketplace will be operated by the company established in Latvia, which will engage in activities associated with the sale of claim rights of underlying loans.
Nothing is expected to change for current users – all obligations will be further handled by UAB Lenndy.
You can use your existing login details to reach your current investment portfolio. To invest in new loan projects published by SIA Lenndy you will have to register new account at www.lenndy.com and use a different email. Once registered, you will be able to link your Paysera account and invest in loan projects.
As you might know, Lenndy was operating the marketplace without the license in Lithuania. Lenndy mentioned that they are awaiting approval from the central bank. However, rumors say Lenndy has received the negative answer (due to misleading investors, improper disclosures, etc...) and thus decided to immediately transfer their business to less regulated market.
That is first I've heard of it, but looking at the timeline it is a logical assumption.
Lenndy without any warning says it is moving to another country. If this was planned they would've informed people before the move and from a bookkeeping perspective you would prefer a change like this on the 1st of a month. Combine this with the fact it is known that there is no/very limited regulation in Latvia compared to Lithuania. There is only one conclusion that really fits.
Lenndy was the first platform of "this type" in Lithuania where rights to the loans pre-funded by a different providers were sold as opposed to the platform itself issuing loans and crowdfunding cash. Quite possibly, due to this difference, they could not get the status of the crowdfunding lender and hence the move to Latvia, to join the rest of the gang... Let's wait for the official press statement which is due to come out soon.
In terms of the move, not much really changes, the only worry is that now all EUR P2P platforms I use are registered in Latvia, meaning that if new regulations arrive, some platforms may struggle to adapt and either big changes will come (I can smell the massive reduction in interest rates already due to possible increases to costs etc.) and some may cease trading all together... Only time will tell!