Bondora is one of the biggest and most established P2P platforms in Europe. Hence, the platform owns a special status among many investors. With the inception of Bondora Go & Grow in 2008, the platform has set a new standard in terms of offering a product that is easy tu use, offers daily liquidity and a fixed return.
However, investors should be aware of potential risks as well, specifically when it comes to the performance of the loan portfolio. In this Bondora review, we look at the core of the Bondora business model and if the platform offers a good return for your time and money.
All the information that are covered in this analysis are based on my own research and my personal experiences with the platform since 2017. Please make sure to do your own due diligence before investing on Bondora or any platform. More information can be found in the Disclaimer.
Further analyses of other platforms can be found on my P2P Platform Review page.
Summary
Before we get started, here is a quick summary with the most important information about Bondora.
- Bondora was founded 2008 in Estonia, making it one of the oldest and most experienced P2P platforms in Europe. At the Estonian P2P platform, investors can invest in European consumer loans and achieve a return of up to 6%.
- The Bondora P2P platform is not subject to any legal supervision by a regulatory or financial supervisory authority.
- With the launch of Bondora Go & Grow in 2018, the platform has created a product that promises a fixed return, easy handling and daily liquidity. Important KPIs regarding the performance of the Go & Grow loan portfolio have not been published yet.
- Bondora is one of the more popular platforms in the P2P community. In the last four years, Bondora has always managed to achieve at least a top 8 ranking.
| Founded: | 2008 |
| Legal Name: | Bondora Capital OÜ (LINK) |
| Headquarter: | Tallinn, Estonia |
| Regulated: | No |
| CEO: | Pärtel Tomberg (December 2007) |
| Community Voting: | P10 out of 30 | See Voting |
| Assets Under Management: | EUR 600 Million (December 2024) |
| Number of Investors: | 477.000+ |
| Expected Return: | 6% |
| Primary Loan Type: | Consumer Loans |
| Collateral: | No |
| Bonus: | 5 Euro |
About Bondora
Bondora is an Estonian P2P platform, founded in March 2008, where investors can invest in a variety of European consumer loans and earn a return of up to 6%. Considering its long history, the company is one of the oldest and most experienced P2P platforms in Europe.
Thanks to its many years of market experience, Bondora has earned a reputation as a crisis-tested and reliable P2P platform. The support of satisfied Bondora investors shows regularly at the P2P Community Voting, which leads to top rankings every year.
The Bondora Go & Grow product launched in 2018 is particularly popular, as it promises investors a fixed return of 6%, with easy to use handling and daily liquidity.
The Origin Story
While studying in England, on a bus trip from Oxford to Bristol, Pärtel Tomberg, who was only 19 at the time, stumbled across an article in the Economist. The article was about the British P2P platform Zopa, the world’s first marketplace for P2P loans.
Pärtel was attracted by this story because lending by non-banks had been little known until then and because there seemed to be an ever-increasing need for it.
Increasing digitalisation, which has made it possible to automate complex business processes, but also the stricter regulations on lending for traditional banks, which arose as a result of the financial crisis, were two important trends that played into the Bondora CEO’s hands.
Pärtel Tomberg completed the first business plan by the end of 2007. The knowledge about marketing, the credit system or the acquisition of investors was added and covered by the later co-founders.
Friend Loan, isePankur and Bondora
The P2P platform, which is known to most investors as Bondora, had two other names in its history. Originally, the P2P platform was called “Friend Loan”. However, this name was changed already after two months. The reason: There is an Estonian proverb that says you should never lend money to a friend – unless you are prepared to lose it.
In order to make the perception of the company more positive, it was then decided to use the name “isePankur”. This translates as “iBanker” and was based on Apple’s iPods, which were on the rise at the time. This terminology led many Estonians to believe that isePankur was an Apple company.
The third name change took place in April 2014, again motivated by a desire to change the perception of the company. The focus of the name “Bondora” is supposed to be on the English word “bond”. The double meaning of the word refers to both the bond between people and the “bond” as a financial instrument.
The figure of Bondora is thus a characterisation between the human and the financial bond and is still considered the figurehead and symbol of the company today. The Bondora figure was designed by the brother of CEO Pärtel Tomberg, who is an animator.
Ownership and Management
Who are the main shareholders and management executives behind Bondora? Let’s have a look!
Bondora Ownership
Who owns Bondora? The P2P platform is operated by “Bondora Capital OÜ”. This company in turn belongs to the parent company “Bondora Group AS”.
A look at the Estonian company register reveals that CEO & Bondora founder Pärtel Tomberg, through his company “TOMBERG MANAGEMENT & CONSULTING GROUP OÜ”, holds a total of 51.8% of the shares in this company and is also the ultimate beneficiary.
The second largest shareholder is the Portuguese “Joao Pinto Da Silva Monteiro”, who owns approx. 24.4% of the shares. The third shareholder, with just under 23.8% of the shares, is the German “European Founders Fund GmbH & Co. Beteiligungs KG”.
Bondora Management
Pärtel Tomberg is the CEO and the face of Bondora. Born in Estonia and raised in Tallinn with three siblings, Tomberg emigrated to the UK at the age of 17 to study International Business Management, graduating from Oxford Brookes University after three years.
During this time, he played with the idea of setting up a P2P platform based in Estonia. After gaining numerous business experiences at a young age, he founded the P2P platform that is today known as Bondora, in 2008. To this day, he is the CEO of the platform.
Business Model and Finances
Throughout the process of due diligence, investors should also have a look at the business model of a P2P platform as well as the overall financial situation. How does the company earn money? Does the platform operate profitably? And how well is the company positioned financially? In the following paragraphs of this Bondora review, you can follow-up on those questions.
Business Modell
Bondora is an Estonian P2P platform that is financing unsecured consumer loans in Europe. However, the company’s own perception is increasingly moving towards that of a licensed banking institution. According to a statement by Bondora CEO Pärtel Tomberg in May 2024, the company aims to obtain a pan-European banking licence within the next five years. To get there, Bondora has already hired already staff with a banking background to initiate this transition and to be able to meet future requirements.
The Bondora CEO sees the benefit of having a banking license on two levels. Firstly, investors can be offered a state-guaranteed deposit protection. Secondly, the licence would make it easier to expand in Europe, diversify the portfolio and balance geographical and macroeconomic risks.
Monetization
Looking at Bondora’s 2024 annual report, the company divides its revenues into two categories: contracts with customers and other revenue.
Most of Bondora’s revenue is generated through agreements with borrowers. This includes loan management fees and commission income from loan origination:
Loan Management Fees: Historically, Bondora has always earned the largest share of its revenue from loan management fees (EUR 26.8 million in 2024), which amount to 4% annually of the original loan principal on the P2P platform.
Loan Contract Fees: Bondora earned an additional EUR 9.5 million from commission income related to loan origination. Borrowers are charged a fixed fee of 5.95% of the loan amount, which must be paid to Bondora at the beginning of the loan term.
Other income includes additional services, contributing EUR 15.1 million to the total revenue. This includes fees for services like Bsecure, which allows borrowers to adjust their payment date or loan term flexibly in exchange for a monthly fee of EUR 10.
Smaller sources of income include other revenues (€775,000) and court fees claimed (€374,000).
Profitability
Is Bondora profitable? Yes, the parent company “Bondora Group AS” has consistently achieved profitable results since the 2017 financial year. In its most recently published annual report, Bondora reported a consolidated profit of EUR 1.2 million. Bondora’s financial stability is a major advantage compared to many other P2P platforms.
Balance Sheet
Bondora’s balance sheet is also extremely clean and solid.
The equity ratio stands at a strong 71%, and the debt ratio (0.40) has remained consistently low over the past years. The liquidity ratio of 3.45 is also impressive. From a financial perspective, Bondora is therefore a very well-positioned company.
Sign Up and Bonus
In order to invest at Bondora, investors must be at least 18 years old and also have a residence in the European Union, Norway or Switzerland.
Overall, the registration process is very intuitive and takes only a few minutes. Here are the step-by-step instructions:
- Click on the green button “Register now” on the homepage.
- Enter your email, name and mobile phone number.
- Verify the email in your mailbox.
- Log in with email and password.
- Enter personal data (name, address, phone number).
- Complete AML and KYC questionaires.
- Verify your identity.
Bondora Bonus
If you want to invest on Bondora, you will receive a EUR 5 welcome bonus if you register via this link.
Investing on Bondora
How does Bondora work and what should investors know and consider when investing on the plaform? In the following sections of my Bondora review you will find all the necessary information that you need.
Loan Offering
Bondora offers investments in private and unsecured consumer loans from Estonia, Finland, Spain and the Netherlands on its platform. In the course of expansion, further borrower countries from the European economic area are to be added in the future.
In terms of borrowers, Bondora focuses on people with medium incomes who need a loan of between EUR 500 and EUR 10,000, with a term of three to 60 months. The average loan amount on Bondora is around EUR 2,800.
As there is no classic auto invest function on Bondora, investors have no influence on the loan selection. This lack of transparency means that Bondora Go & Grow and Bondora Go & Grow Unlimited have a kind of black box character.
Costs and Fees
The registration at Bondora is free of charge. There are also no fees that apply for using the platform.
The only exception is a EUR 1 withdrawal fee when withdrawing funds from Bondora Go & Grow / Go & Grow Unlimited.
Expected Returns
At Bondora, investors can choose between two investment products.
Bondora Go & Grow offers a return of 6%, while Bondora Go & Grow Unlimited offers a return of 4%. The expected return is subject to the general investment risks and is therefore not guaranteed.
Until February 2023, it was possible for investors to invest in Bondora’s two Portfolio Builder products (Portfolio Manager and Portfolio Pro). However, these have been discontinued due to low demand and systematic devaluation on the part of Bondora.
One of the reasons for stopping the portfolio builder products has been the poor return for many investors. In the five years that I have been using Bondora Portfolio Pro, my total return has been less than 2%.
Bondora Go & Grow
In April 2018, Bondora Go & Grow was launched by the Estonian P2P platform. Go & Grow advertises a fixed interest rate of 6%, simple handling and daily liquidity. Hence, the one-click-solution product is among the most popular investment opportunities for European P2P investors.
In recent years, I have published numerous articles and videos about Bondora Go & Grow. You can find a detailed Bondora Go & Grow review on my blog for further information.
Go & Grow Unlimited
Bondora announced the launch of Go & Grow Unlimited on 06.04.2022. This product is structured the same way as the classic Bondora Go & Grow product, but with two major differences: There is no monthly deposit limit and the interest rate is 4% p.a.
Originally, the interest rate was only 2%. However, due to a lack of demand, the platform has raised the interest rate to 4%. According to Bondora CEO Pärtel Tomberg (June 2024), only around 10% of the funds on Bondora are invested in Go & Grow Unlimited.
Bondora Limit
In the past, Bondora has frequently adjusted the monthly limit for possible deposits. After the corona-virus pandemic, this limit was adjusted to EUR 1,000 per month for Go & Grow (September 2020) and later even to EUR 400 per month (December 2020). The current monthly deposit limit is at EUR 1,000 per month.
The exception is Bondora Go & Grow Unlimited where investors can deposit as much money as they want without a monthly limit.
Bondora Forum
The P2P lending industry is a fast-moving environment. Hence, make sure to stay on top of all relevant information by subscribing to my channels on Telegram or WhatsApp. This way, you will always receive the latest information from the P2P industry, including platform news regarding Bondora.
Bondora Taxes
In general, interest income generated by loan financing is considered investment income and thus must be declared as such in the tax declaration.
Unlike other platforms, Bondora does not withhold taxes through interest income such as in Latvia or Lithuania.
Bondora Risks
Bondora is a very crisis-tested company. Since its inception, Bondora has experienced the recessions in their borrower countries Finland and Spain, the Corona pandemic and most recently the war in Ukraine. Last but not least, Bondora is a company that emerged from the financial crisis of 2008. In this regard, the Bondora CEO rightly said:
“Being ready for a crisis is part of the Bondora DNA”
When considering a P2P platform, investors should take a very close look at the potential risk factors and assess them before making an investment. What should be considered in the specific case of Bondora? What are the risks and how can those be assessed?
Platform Risk
Bondora Capital OÜ is an unregulated P2P platform from Estonia. This means that there is no regulatory authority or financial supervisory authority that controls and monitors the operational activities of the platform.
Trust in the platform is therefore an important factor.
As pointed out in this Bondora review, the platform has built up a stable economic foundation in recent years. Even in times of crisis, the platform has managed to remain profitable. At the same time, the annual reports have also been consistently audited by large and recognised auditors (BDO), which provides additional credibility to the key financial figures.
At shareholder level, the focus is on CEO Pärtel Tomberg, who is the ultimate beneficiary of the platform. According to my Bondora experience so far, he is a smart guy with clear views who does not allow himself to be influenced by the demands of external opinions. With regard to Bondora, this can be seen as both positive and negative.
Among other things, publishing KPIs for investor assets under management would be a positive step in terms of the platform’s transparency.
Bondora Deposit Insurance
Investors should note that there is no form of deposit insurance at Bondora. In banking, deposit insurance is a type of creditor protection designed to protect them from losing their funds. In Germany, bank customers’ capital is protected by the statutory deposit protection scheme up to EUR 100,000.
As Bondora is an unregulated P2P lending platform without a banking licence, investors are not entitled to compensation in the event of a loss.
Lender Risk
In contrast to the P2P platform, all lenders represented in Europe are subject to the licensing requirements for lending in the respective countries. This means that Bondora’s lenders must fulfil a certain standard of compliance.
However, it is problematic that Bondora does not share any information on the performance of the loan portfolio. Although a few key figures can be found in the general statistics, these relate to the overall performance since 2008. However, there is no detailed report for Bondora Go & Grow, which was launched in 2018.
Because Bondora’s overall performance has been below the Go & Grow return of 6% for some time now, the question of the sustainability of the advertised return remains unclear. Therefore, I initiated a request for more transparency regarding the portfolio quality of Go & Grow, which was rejected by Bondora.
Recoveries and Debt Collection
The recovery process at Bondora consists of four steps:
- Step 1: Internal Debt Collection. Internal debt collection begins even before the official payment default, which helps to prevent immediate defaults in up to 97% of cases.
- Step 2: Debt Collection Agency. If the loan has been overdue for 90 days, the contract is terminated and handed over to a debt collection agency.
- Step 3: Court Proceedings. As a last resort, the case is taken to court. The timeline varies by country, but on average, a court decision is reached within two to six months.
- Step 4: Bailiff Enforcement. Once a court ruling has been issued, the case is passed on to a local bailiff. Bondora receives regular updates to monitor the progress.
According to Bondora, about 31% to 54% of the defaulted principal is recovered within three years, depending on the country. On average, the amount recovered from a defaulted EUR 1,000 loan is between EUR 667 and EUR 689.
In July 2025, Bondora published a breakdown of the currently defaulted loans and which phase of the recovery process they are in. In established markets like Estonia and Finland, 54% and 66% of loans, respectively, have already reached the bailiff stage, meaning the final step in the collection process. In the Netherlands, a newer market, 75% of the loans are still with the debt collection agency.
Recovery prospects are considered particularly low in Estonia, where 23% of defaulted loans are classified as unlikely to be recovered. In contrast, the outlook is much more optimistic in Latvia, where only 3% of loans are seen as unlikely to be recovered.
Bondora in Crisis Situations
In the recent past, P2P platforms have had to overcome several crisis situations. These included the coronavirus pandemic and the war in Ukraine. How did Bondora deal with these situations?
Corona Crisis / Covid-19 Pandemic
Bondora reacted early after the outbreak of the Covid-19 pandemic and adjusted its business processes accordingly. As a result, new lending was significantly reduced and in Spain and Finland it was even completely suspended for several months.
Overall, Bondora has pursued a very conservative and cautious course. As a result, many expenses have been scaled back in line with the volume of loans financed. This adaptability has resulted in Bondora’s strongest financial year to date. The platform was able to report a net profit of EUR 3.4 million for 2020.
Operationally, Bondora Go & Grow experienced a few liquidity restrictions for just under four months. Due to a lack of cash reserves, Bondora had to introduce partial payouts for a certain period of time. As a consequence of this, Bondora later introduced a monthly deposit limit on Bondora Go & Grow following the coronavirus crisis. This allows the P2P platform to control demand from investors to a much greater extent and adjust it to the supply on the borrower side.
War in Ukraine
The war in Ukraine didn’t have a direct impact on Bondora as the platform’s credit markets are located outside the war-affected countries. However, economic consequences may also reach the Baltic States and Scandinavia.
According to its own information, the platform didn’t suffer any operational restrictions. Nevertheless, the situation continues to be monitored very closely.
Advantages and Disadvantages
In this section I have listed the most important advantages and disadvantages of Bondora.
Advantages
- Track Record: Bondora is one of the oldest P2P platforms in Europe with market experience since 2008.
- Go & Grow: A product that promises fixed returns, easy handling and high liquidity.
- Liquidity: Bondora Go & Grow advertises daily liquidity, which can usually be maintained.
- Finances: Bondora has performed very well in recent years and is on a financially stable ground.
- Popularity: Bondora has always ranked at least 8th in the community voting.
Disadvantages
- Transparency: No public KPIs on investor assets under management or the exact performance of the Go & Grow loan portfolio.
- Performance: Publicly available statistics suggest that Bondora has problems with the performance of the loan portfolio.
- Returns: Bondora does not offer competitive returns in the P2P environment.
Bondora Alternatives
In terms of history, business model and focus on one credit segment, Bondora is most comparable to the Croatian P2P platform Robocash. Other alternatives are PeerBerry and Esketit.
You can find other Bondora alternatives on the P2P Platform Comparison page.
Bondora Community Feedback
How is Bondora rated within the P2P lending community? If we take the results of the annual P2P Community Voting as a benchmark, the trend is generally positive but shows a downward tendency.
While Bondora managed to win the Community Voting in both 2021 and 2022, the following three years saw it consistently placed in the upper midfield, still remaining within the Top 10. Although Bondora still seems to be a good choice for many P2P investors overall, other platforms have emerged in recent years as even more popular alternatives.
The Top 5 P2P platforms in 2025 were Viainvest, Debitum, Mintos, Swaper, and Income Marketplace.
Summary Bondora Review 2025
What conclusions can be drawn from my Bondora review?
There is no denying that Bondora is one of the biggest and most experienced P2P platforms in Europe. Anyone who is looking at the various options in the P2P lending environment will therefore find it hard to ignore the Estonian platform.
Bondora Go & Grow’s track record, financial stability and high liquidity are major advantages that speak in favour of investing with Bondora.
However, there are also some points of criticism to consider. These include the lack of transparency in the performance of the Go & Grow loan portfolio and the interest rate of just 6%, which is uncompetitive across all platforms.
Anyone who is aware of these risks can consider Bondora as an alternative for their portfolio.
FAQ Bondora Review
Bondora was founded 2008 in Estonia, making it one of the oldest and most experienced P2P platforms in Europe. At the Estonian P2P platform, investors can invest in European consumer loans and achieve a return of up to 6%.
Bondora earns money by different fees charged to borrowers. Those are mainly management fees and origination fees.
Bondora has been consistently profitable since 2017. In 2021, the platform could announce a record profit of EUR 6.67 million, which was almost double the previous year’s figure.
If you want to invest on Bondora, you will receive a EUR 5 welcome bonus if you register via this link.
I’m Denny Neidhardt, the founder of re:think P2P. On this blog, I help retail investors make smarter, well-informed investment decisions in the world of P2P lending. Since 2019, I’ve been publishing in-depth analyses, platform reviews, and risk assessments to bring more transparency to this investment space. My goal is to challenge marketing claims, question developments, and empower investors with honest, independent insights.