Esketit Review: Top 5 P2P Platform in 2024! (Here’s why!)

After the operational launch of the platform in 2021, Esketit has developed into one of the best and most popular P2P platforms in Europe. This is due to its high degree of transparency, reliable repayments, high liquidity and competitive interest rates. This is why Esketit has become an integral part of my P2P portfolio in 2022.

In this Esketit review, we will look at the background story of the P2P platform, the risks to be aware of and how much substance there is behind one of the fastest-growing platforms in Europe.

All the information that are covered in this Esketit review are based on my own research and personal experiences with the platform. Please make sure to do your own due diligence before investing on Esketit or any other 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 Esketit.

• Esketit is a P2P platform with jurisdiction in Ireland, on which investors can invest primarily in short-term consumer loans, while achieving a return of up to 12%.
• Esketit was primarily established to fund the international lending operations of the two Latvian shareholders, who have decades of experience in the financial sector.
• Due to the combination of competitive interest rates, high liquidity and reliable repayments, Esketit has been one of the fastest growing P2P platforms in recent years.
• Esketit’s popularity is highlighted by its excellent community voting results, where the platform ranked first in 2023 and fifth in 2024.

About Esketit

Esketit is a P2P platform based in Ireland, which was launched in December 2020. On the platform, investors can finance a variety of international consumer loans, while earning a return of up to 12%.

Esketit was set up by two experienced founders from Latvia who have been active in the international lending business since 2012. Their names are Matiss Ansviesulis and Davis Barons. With Esketit, the two founders wanted to establish a platform through which their lending companies could finance their loans.

The strong popularity of Esketit, which was rewarded with a top 5 ranking in the P2P community voting in 2023 and 2024, is easy to explain. The platform offers a high degree of liquidity, coupled with competitive interest rates and regular loan repayments.

The Origin Story

Esketit was founded in July 2020. The launch of the website happened in December 2020 and the first loans have been issued in March 2021.

The driving forces behind Esketit are the two founders Matiss Ansviesulis (left) and Davis Barons (right), who have already built a succesful company with AvaFin Holidng, formerly known as Creamfinance.

The idea behind Esketit is to establish a low-cost funding source for their worldwide lending operations.

Interestingly, the name “Esketit” is based on a song and a frequently used word by the US rapper Lil Pump, who came up with the expression “esketit” which refers to “Let’s get it”. 

Ownership and Management

Who are the main shareholders and management executives behind Esketit? Let’s have a look!

Esketit Ownership

Who owns Esketit? A look into the Irish company register reveals that “Esketit Platform Ltd.” is owned 50% each by the two founders Davis Barons and Matiss Ansviesulis.

In 2012, both businessmen founded the Latvia-based SIA Cream Finance, which operates as an international non-bank lender in the consumer loans segment. Also this company is owned with each 50% by the two Latvian founders.

I was able to meet one of the Esketit owners back in 2019. At the time, we also recorded a short interview during our meeting. In 2024, as part of my travels through the Baltics, I was able to meet both Esketit shareholders and discuss a few topics.

Esketit Management

Latvian Vitalijs Zalovs is CEO of the Esketit platform since April 2021.

Vitalijs is not an unknown face in the industry. He previously worked for six years at the Latvian P2P marketplace Mintos where he was employed as Head of Investor Relations.

After being identified by a head-hunter for the CEO position, he jumped at the chance and moved into the management position at Esketit.

Business Model and Finances

Throughout the due diligence process, 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? Find out more about those topics in the following paragraphs of this Esketit review.

Monetization

How does Esketit earn money? The platform generates its revenue primarily through commission fees charged to the lenders represented on the marketplace. These are divided into a fixed fee and a variable fee. The flexible fee depends on the financed loan volume on the platform.

The average commission is around 2%, which corresponds to a standard market percentage.

Profitability

Is Esketit profitable? According to the platform, profitability was achieved on a monthly basis in the second half of 2022. The threshold for this was an outstanding loan portfolio of around EUR 20 million. This enabled the platform to cover its total expenditure of around EUR 33,000 per month.

However, there are no reliable figures for this, as Esketit has not yet published audited annual financial statements.

On the flip side, profitability plays a subordinate role at Esketit for two reasons:

• Esketit’s aim is not to be profitable, but to finance the lending operations of both shareholders.
• As both owners are multi-millionaires, they can guarantee the maintenance of the platform at all times.

Even if Esketit were not profitable, investors should take these two factors into account. Regardless of this, however, it would be desirable for the platform to provide insights into its financial performance.

Sign Up and Bonus

To invest on Esketit, investors must meet two requirements: A minimum age of 18 years and a bank account in the European Union or the European Economic Area.

The sign-up process on Esketit is fairly simple and intuitive. After opening the account via email, the KYC and AML questionnaires must be completed. After that, the verification of the identity takes place as well as from the bank account.

Also legal entities have the opportunity to register with Esketit.

Esketit Bonus

If you consider investing on Esketit, a sign up through this link will enable you to get an unlimited cashback bonus of 0.5% for the first 90 days after registration.

Investing on Esketit

How does Esketit work and what should investors know and consider when investing on the plaform? In the following sections of this Esketit review you will find all the necessary information that you need.

Loan Offering

The Esketit marketplace is home to a large number of international lenders who offer their loan portfolio for financing. These lenders can be roughly divided into three categories.

• Lenders of AvaFin Holding: Lendon and Extraportfel (both from Poland), CreditAir (Czech Republic), Creditosi (Spain)
• Lenders Owned by Esketit Shareholders: Mojo Capital (United Arab Emirates), Spanda Capital (Spain), Money for Finance (Jordan)
• External Lenders: Credus Capital and A24 Group (both from Latvia), Utopia Music (Liechtenstein)

The loans on Esketit are predominantly short-term and unsecured consumer loans. 

In June 2024, Esketit communicated some numbers for the outstanding portfolio of the individual lenders on the platform. The breakdown is as follows:

• 64% of the portfolio (EUR 25.5 million) comes from lenders owned by Esketit shareholders
• 29% of the portfolio (EUR 11.8 million) comes from lenders owned by AvaFin Holding
• 7% of the portfolio (EUR 2.5 million) comes from external lenders

AvaFin Holding (formerly Creamfinance Group)

AvaFin Holding (formerly Creamfinance Group) is one of the most important pillars of Esketit. The company was originally founded by the two Esketit owners in 2012. The company employs 300+ people in 15 different countries at the moment.

In 2023, AvaFin Holding generated a profit of EUR 7.8 million. The annual report has been audited by BDO and in accordance with IFRS standards.

In March 2024, the South African Capitec Bank acquired a majority stake (97%) in AvaFin Holding (source). During my visit to Latvia, the Esketit founders explained the reasons for the sale, which raised EUR 26 million for them.

Costs and Fees

Investors can register on Esketit free of charge. There are also no costs or hidden fees for investing on the platform. Also depositing funds and withdrawals on the platform are free of charge.

Unfortunately, this is no longer a common thing among many other P2P platforms.

Expected Returns

The interest rates on Esketit are determined by the lenders and thus can be adjusted flexibly. At the moment, the range for interest rates on Esketit is currently between 7% and 12%.

My personal return after almost two years is 10.67%, which is a realistic and expected return on Esketit.

If you invest enough money on the platform, you can improve your return even further. With an outstanding portfolio of more than EUR 25,000, you will receive an additional 0.5% interest and with more than EUR 50,000 even 1% more interest on all loans.

Important: The additional interest is currently only added for Jordan loans.

Auto Invest

On Esketit, investors can invest in loans manually as well as through an Auto Invest feature. This leads to returns being automatically reinvested in the self-selected criteria. 

The Esketit Auto Invest is divided into two types: the “Esketit Strategies” and the “Custom Strategies”.

Custom Strategies are more or less the classic Auto Invest. Investors can select individual lenders, borrower countries, the term of the loans, the interest rates, the investment amount, the loan type as well as the buyback guarantee option.

Esketit Strategies, on the other hand, have three predetermined investment options with different country weightings and interest rates.

The “Diversified” strategy automatically invests on all lenders, with an average expected return of 12%. The country weighting is composed of 33% Jordan, 37% Poland, 27% Spain and 3% Czech Republic loans. The “Jordan” strategy includes only Jordanian loans at an interest rate of 12%.

With the “AvaFin (CreamFinance)” strategy, an average return of 11% can be achieved, with a country breakdown of 55% Poland, 40% Spain and 5% Czech Republic.

Those who opt for one of the predefined Esketit strategies can liquidate their entire loan portfolio immediately if there is also a corresponding market demand.

Secondary Market

Esketit also offers a secondary market. Here, investors can both buy and sell loans prior maturity. Both a discount or a premium can be specified on the sale. In addition, no fees are paid for the use of the secondary market. A rare expection in the current P2P environment.

Buyback Guarantee

Esketit promotes the concept of a buyback guarantee, whereby the loans are repurchased by the lenders after the loans are 60+ days late in the repayment schedule. Here, also the accrued interest is reimbursed. On top, AvaFin Holding offers an additional group guarantee as a liability for its own lenders.

So far, the buyback guarantee on Esketit has always been honoured.

Esketit 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 Esketit. 

Esketit Taxes

Generally, interest income generated by loan financing is considered investment income and must be reported as such on the tax declaration. Unlike other platforms, Esketit does not withhold any taxes at the moment.

For the tax declaration, investors can download an income statement for tax report purposes as PDF within the “Statement” tab in the main menu. This information can then be used and forwarded to the tax office.

Esketit Risks

When considering a P2P platform, investors should take a very close look at the potential risk factors and evaluate them before making an investment. What should be considered in the specific case of Esketit? What are the underlying risks and how can they be assessed?

The platform itself is providing a list of potential risk elements that could mature for investors. These include e.g. regulatory risk, credit default risk or loan originator risk.

Platform Risk

The platform is registered as “Esketit Platform Limited” in Ireland. Consequently, the P2P platform is not subject to any form of regulation by a financial regulator. The freedom that Esketit enjoys as a result comes at the cost of less security for investors in terms of transparency and compliance.

Therefore, it is important to check whether the platform’s shareholders can be trusted.

As both Esketit owners have a very positive reputation, are already financially secure and have been able to establish many profitable business models in various borrower countries in the past, a potential platform risk appears to be extremely low.

Nevertheless, confidence-building measures, such as the publication of audited annual reports, would certainly be desirable and beneficial in terms of platform transparency.

Lender Risk

The founders of Esketit have 10+ years of experience in the international lending business. Therefore, they should know what to look out for with both their own lenders and external lending companies.

In the event of loan defaults, these are supposed to be covered by the lenders’ buy-back guarantee. To date, the buyback guarantee has been honoured by all lenders and no losses have been incurred by investors. Should the lender itself run into problems, investors still have the right to make claims against the borrower.

Another positive aspect to emphasise is that all lenders represented on the marketplace are regulated and are therefore subject to national guidelines and regulations when granting loans.

Esketit Loans in Jordan

The fact that geo-political risks should not be underestimated has been proven not least by the war in Ukraine. The increasing tensions in the Middle East also lead to Jordan loans on Esketit being under special observation.

The local management commented on Telegram that Jordan, due to its neutrality, has always been a stable cornerstone in the politically unstable region of the Middle East. The management doesn’t see any negative effects at the moment. Instead, the lender is experiencing stable growth in loan volume, while at the same time maintaining a calculated risk profile.

During my visit to Latvia, I spoke to both Esketit founders about the situation in Jordan. We discussed the geopolitical risks, the local regulations and the differences to the European lending markets.

Advantages and Disadvantages

In this section, I have listed the most important advantages and disadvantages of Esketit.

Advantages

• Experience: Both Esketit founders have many years of experience in the lending business.
• Diversification: Broad selection of international lending companies.
• Liquidity: Flexible investments through short-term assets, secondary market and early cash-out option.
• Reliability: Delayed loans are always bought back in time.
• Performance: Investors have not yet incurred any losses.
• Fees: There are no costs or hidden fees on the P2P platform.
• Auto Invest: Passive income with P2P lending thanks to automated options.

Disadvantages

• Regulation: The platform is not controlled by any regulator or financial supervisory authority.
• Conflict of Interest: Overlapping shareholders between the platform and many lenders.

Esketit Alternatives

Esketit’s business model is best compared with other P2P marketplaces. Therefore, the most similar Esketit alternatives can be found on platforms such as Income Marketplace, Mintos or Debitum Investments.

Income Marketplace

Income Marketplace is an unregulated P2P marketplace based in Estonia. The platform, which had its operational start in January 2021, markets itself with a range of innovative security features that are designed to provide investors with significantly better protection against problematic lenders. So far, investors have not suffered any losses on Income Marketplace yet. In addition, many of the lenders represented on Income offer an attractive combination of high interest rates and high liquidity. Further information on the Esketit alternative can be found in my Income Marketplace review.

Mintos

With EUR 600+ million in investor assets under management and more than 500,000 registered users, Mintos is the largest P2P lending platform in Europe. In addition to a wide range of loans, the Latvian P2P marketplace also offers other asset classes. These include ETFs, bonds or real estate. Additional information can be found in my Mintos review.

Debitum Investments

Debitum Investments (formerly Debitum Network) is a P2P marketplace based in Latvia and regulated by the local financial supervisory authority. What makes Debitum special is its unique positioning in the P2P lending environment, as it is regulated, follows a marketplace model and offers buyback-secured business loans. A combination that cannot be found in this particular form on any other P2P platform. Additional information can be found in my Debitum review.

You can find other Esketit alternatives on the P2P Platform Comparison page.

Community Feedback

Esketit made the biggest leap of all P2P platforms in the Community Voting 2023, improving by 1.97 points to a score of 4.15 (71 votes). At the same time, Esketit was also voted the most popular P2P platform (out of 30 competitors).

In 2024, the score was only 3.42 points (175 votes), which was still good enough for 5th place though. The only platforms with a better rating in 2024 have been Robocash, Profitus, Viainvest and PeerBerry. The ratings are based on my P2P Community Voting 2024.

Summary Esketit Review 2024

What the final verdict of my Esketit review and which conclusions can be drawn for investors? 

Esketit is a P2P platform registered in Ireland on which investors can invest primarily in short-term consumer loans and achieve a return of up to 12%.

The popularity of Esketit, which has led to two top 5 rankings in the 2023 and 2024 community voting, is relatively easy to explain: The platform offers competitive interest rates, coupled with high liquidity and reliable repayments. Achieving a double-digit return with Esketit is therefore absolutely realistic.

What also speaks in favour of Esketit is the highly experienced shareholder duo, who have been able to build and establish profitable business models in a wide variety of borrower countries for over a decade.

The requirements are given for Esketit to establish itself as one of the best options in the P2P lending environment in the long term. If you are looking for a reliable P2P platform and want to expand your portfolio with highly collateralised consumer loans, you should take a look at Esketit.

FAQ Esketit Review