Monefit SmartSaver is a new alternative for P2P investors who prefer to invest in products with high liquidity, fixed returns and an easy handling. The product itself was set-up by the Creditstar Group, which is an international fintech company. With SmartSaver, Creditstar wants to establish yet another financing source for its loan portfolio.
In this Monefit SmarSaver review, investors will find all the information that they need to know about before investing on the platform. From the investment basics up to the various risks that need to be considered. Since the main characteristics of SmartSaver have strong overlaps with Bondora Go & Grow, a direct comparison is made in this Monefit review as well.
Please note that all the information that are covered in this Monefit SmartSaver review are based on my own due diligence of the platform. Make sure to do your own research before investing on this 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 Monefit SmartSaver.
- Monefit SmartSaver is an investment platform from the international fintech company Creditstar. Investors can invest directly in the Creditstar Group’s loan portfolio and achieve a return of up to 10.52%. The operational launch took place at the end of 2022.
- The main characteristics of Monefit SmartSaver are high liquidity, a fixed return and simple handling. The profile of the product is therefore very similar to the Bondora Go & Grow offering.
- Monefit SmartSaver is not subject to any supervision by a regulatory or financial supervisory authority. The platform has not yet published any KPI’s on the performance of the loan portfolio, which makes it difficult to assess the quality of the product and the promised repayment quality.
- Monefit SmartSaver is perceived as a slightly above-average platform in the P2P lending sphere. In the Community Voting 2024, Monefit took 13th place out of 30 platforms.
Founded / Started: | 2022 |
Company: | Monefit Card OÜ (Part of Creditstar Group AS) |
Headquarter: | Tallinn, Estonia |
Regulated: | No |
Expected Return: | Up to 10,52% |
Community Voting: | 3.02 out of 5 | See Voting |
Assets Under Management: | Not Disclosed |
Number of Investors: | Not Disclosed |
Primary Loan Type: | Consumer Loans |
Minimum Investment Amount: | EUR 10 |
Costs and Fees: | None |
Bonus: | EUR 5 Bonus + 0.25% Cashback for 90 Days |
About Monefit SmartSaver
Monefit SmartSaver is a new investment platform from the international fintech company Creditstar, where investors can invest directly in the Creditstar Group’s loan portfolio and achieve a return of up to 9.96%.
The unique selling point of the product is the high liquidity with up to max. 10 days after payout request, as well as the easy handling when investing. For example, the functionalities do not allow a manual selection of loans, which makes the investment experience with Monefit very simple. Due to these characteristics, there is a certain similarity to the already established Bondora Go & Grow product.
The first investments can be made with a minimum of EUR 10, while the return is promoted with 7.25%. With a longer term commitment via the SmartSaver Vaults, returns of up to 9.96% can be achieved.
Creditstar Group
The Monefit SmartSaver product is operated by the 2006 founded Creditstar Group. Creditstar is a large and established fintech company, active in many European credit markets as a licensed lender.
With Monefit SmartSaver, Creditstar Group is looking to build another source of funding for its loans. In April 2019, they also founded the P2P platform Lendermarket, where investors can earn an above-average return of up to 16%.
Since loans on Monefit are offered exclusively by Creditstar, investors should look into the performance of the Latvian company more closely.
According to the last audited annual report for 2023, the Group has been able to achieve a net profit of EUR 10.6 million (2022: EUR 6.4 million). Equity, on the other hand, amounts to EUR 58.2 million (equity ratio 25.3%).
Ownership and Management
Who are the main shareholders and management executives behind Monefit SmartSaver? Let’s have a look!
Ownership
Who owns Monefit SmartSaver? Monefit SmartSaver operates under the name “Monefit Card OÜ“. A look at the Estonian company register reveals that this is a limited liability company with an equity contribution of EUR 50,000.
Monefit Card OÜ is 100% owned by the Estonian parent company “CREDITSTAR INTERNATIONAL OÜ”. This company in turn is 100% owned by the Latvian “Creditstar Group AS”.
The Latvian holding company is more than 50% owned by businessman Aaro Sosaar. He is the founder of both the Creditstar Group and Lendermarket. In June 2024, as part of my P2P trip through the Baltic States, I was able to meet the Creditstar founder in person for the first time.
Management
The Monefit SmartSaver team is led by Creditstar CPO Kashyap Shah, who is a manager with 20+ years of experience in the financial sector. At Monefit, he looks after the strategy, new implementations as well as growth at the product.
According to him, there are currently 10 permanent employees working on the development of Monefit. In addition, there are shared resources through the Creditstar Group as well. In my podcast with Kashyap, we talked, among other things, about the origin story of Monefit SmartSaver, how transparent the product will become later on, how to ensure liquidity and when Creditstar repayments on Mintos will occur.
Sign Up and Bonus
To invest on Monefit SmartSaver, investors must meet three requirements:
- A minimum age of 18 years,
- A personal bank account in the European Economic Area or Switzerland,
- Successful verification of identity by the SmartSaver team
Also legal entities have the opportunity to register on Monefit SmartSaver. These must also have a bank account in the EEA or Switzerland.
Monefit SmartSaver Bonus
If you want to register on Monefit SmartSaver, make sure to use this link for sign up. This will enable you to get an additional Cashback of 0.25% on all net deposits in the first 90 days after registration, including a EUR 5 sign up bonus after succesful registration.
Investing on Monefit SmartSaver
How does Monefit SmartSaver work and what should investors keep in mind when investing on the platform? In the following sections of my Monefit SmartSaver review you will find all the necessary information that you need.
How Does It Work?
Investing on Monefit SmartSaver works as easy as with Bondora Go&Grow. Deposit money, start investing and you’re done. There is no need to configure an Auto Invest or manually select any loans.
In the background, the platform automatically invests in a broadly diversified loan portfolio of the Creditstar Group. There is no precise insight into which loans are bought in the process. In this regard, the “black box” character is similar to Go & Grow.
What can be said about the loans is that they are unsecured consumer loans from the EEA. Possible borrower countries include Estonia, Finland, Sweden, Czech Republic, Denmark, Poland and the UK.
Currently, investments are possible from as little as €10 at Monefit SmartSaver. The maximum amount, on the other hand, is currently EUR 500,000. There is no such thing as a monthly deposit limit in place.
Expected Returns
The expected return advertised by Monefit ranges from 7.25% to 10.52%, depending on the product selected. Investors can achieve a return of 7.25% with the classic Monefit SmartSaver, which offers daily liquidity (up to 10 days after the payout request).
However, higher returns can be achieved with longer-term commitments through the ‘SmartSaver Vaults.’ A six-month term commitment yields 8.33%, a twelve-month term commitment yields 9.42%, an 18-month term commitment yields 9.96%, and a twenty-four-month term commitment yields 10.52%.
Monefit has reserved the right to make possible adjustments to their offered interest rates in the future.
SmartSaver Vault
Since March 2024, Monefit SmartSaver has provided the opportunity to invest in ‘Vaults,’ which function similarly to fixed-term deposits. Investors can achieve varying levels of return depending on the investment period.
The 6-month term offers a return of 8.33% APY, while the 12-month term provides a return of 9.42% APY. Additionally, there are vaults with an 18-month term that offer a yield of 9.96% and vaults with a two-year fixed term that pay interest at 10.52% APY.
At the launch of the SmartSaver Vaults, Monefit also announced an increase in the deposit limit to EUR 500,000.
Costs and Fees
The use of Monefit SmartSaver is completely free of charge for investors. This applies to registration, investing as well as deposits and withdrawals.
Monefit SmartSaver 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 Monefit SmartSaver.
Monefit SmartSaver Taxes
Generally, interest income generated by loan financing is considered investment income and thus must be reported as such at the tax declaration.
Unlike other platforms, Monefit SmartSaver does not withhold taxes through interest income such as in Latvia or Lithuania.
Monefit SmartSaver Risks
Monefit’s primary purpose is to raise money to fund Creditstar’s lending business. Hence, the risks of Monefit SmartSaver should be looked at in a precise manner, as it is neither a classic P2P platform nor a P2P marketplace.
So, where are the underlying risks at Monefit SmartSaver and how can those be assessed?
Intransparency of Loan Portfolio
The concept of Monefit SmartSaver is clearly inspired by Bondora Go & Grow. Unfortunately, this means that investors don’t receive any insights as to how the underlying loan portfolio is performing. However, this would be necessary for investors to assess the risk-profile more appropriately.
In the past, the Creditstar CPO promised to publish a report with transparency KPIs in the future. However, this has not been the case yet.
In this regard, the “black box” nature of Monefit SmartSaver is something investors should consider in their valuation.
Is Monefit a Serious Platform?
Behind the Monefit offer stands the Creditstar Group. A company with a track record since 2016 that focuses on unsecured consumer loans in the European Economic Area. The audited annual reports make it clear that the Group has built up a profitable business model in recent years. Hence, the seriousness is definitely given.
Also my personal discussions with Creditstar CPO Kashyap Shah have underlined serious impressions so far.
Monefit has kept all its promises so far – both in terms of delivered returns and timely payouts.
Repayment Issues
What cannot be concealed with Monefit is the possibility of delays in requested payouts. This aspect is particularly important because Monefit SmartSaver promotes a high level of liquidity for its product. With this in mind, investors should be aware that the Creditstar Group has not always honoured the promised buyback guarantees on Mintos and Lendermarket in a timely manner in the past.
Creditstar pursues a rather aggressive loan financing policy, which is why volatility in the acquisition of external funds have often been leading to delays in repayments. This might be one of the key reasons why Monefit SmartSaver has been set-up in the first place as it serves as an additional source of financing.
Investors should be prepared that liquidity at Monefit SmartSaver cannot be met at all times.
“In the rare event that a substantial number of our investors request withdrawals simultaneously, we have a plan in place. Withdrawals may be processed gradually over time, ensuring fairness for all investors.”
At the same time, a positive note can be made that Creditstar repaid its pending payments on Mintos in full during September 2023. At times, the pending payments on the Latvian P2P platform totalled EUR 8+ million.
Advantages and Disadvantages
In this section, I have listed the most important advantages and disadvantages of Monefit SmartSaver.
Advantages
- Creditstar: Established fintech company with a profitable business model.
- Liquidity: Faster availability of the investment compared to traditional P2P platforms.
- Stability: So far, all payout requests have been honoured within 10 days.
- Alternative: Possible alternative for investors who like Bondora Go & Grow.
Disadvantages
- Return: The interest rate is not competitive compared to traditional P2P platforms.
- Transparency: Black box character with no insight into the actual performance of the loan portfolio.
- Deposit Protection: The investment is not protected or secured in any other way.
- Repayments: Creditstar loans are frequently extended and not always repaid on time.
Monefit SmartSaver Alternatives
Which Monefit SmartSaver alternatives are available in the P2P lending environment?
Due to the main characteristics of the product, which primarily lie in its high liquidity and ease of use, Bondora Go & Grow, Esketit and Income Marketplace are the main Monefit SmartSaver alternatives.
Bondora Go & Grow
Monefit SmartSaver is by far the most frequently compared alternative to Bondora Go & Grow. But how many overlaps can be found in reality? Let’s have a look at it.
Criteria | Monefit SmartSaver | Bondora Go & Grow |
---|---|---|
Expected Return | 7.25% | 6.75% |
Credit | Daily | Daily |
Availability | Max. 10 Days after Request | Daily |
Minimum Investment Amount | EUR 10 | EUR 1 |
Maximum Investment Amount | EUR 500.000 | Unlimited |
Deposit Limit | No | No |
Deposit Insurance | No | No |
If you compare the two alternatives, the liquidity of Bondora Go & Grow seems to be slightly better, while Monefit SmartSaver scores with a slightly higher return. Further information on the Monefit SmartSaver alternative can be found in my Bondora Go & Grow review.
Esketit
Esketit is an unregulated P2P marketplace based in Ireland. The platform has achieved impressive growth since its operational launch at the beginning of 2021, which is essentially due reliable repayments and due to the high liquidity on the marketplace. This happens because of the short-term loans, the secondary market or the opportunity to sell loans prior maturity via the automated Esketit strategies. Further information on the Monefit SmartSaver alternative can be found in my Esketit review.
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 Mintos alternative can be found in my Income Marketplace review.
You can find more Monefit SmartSaver alternatives on the P2P Platform Comparison page.
Community Feedback
In 2024, Monefit SmartSaver took part for the first time in my annual P2P Community Voting. The P2P platform achieved a score of 3.02 points on its debut, while receiving 116 ratings. This result wasn’t just good enough for 13th place this year, it also puts Monefit SmartSaver in a solid midfield position and makes it the second-best newcomer of the year.
The most popular P2P platforms in 2024 have been Robocash, Profitus, Viainvest, PeerBerry and Esketit. The ratings are based on my P2P Community Voting 2024.
Summary Monefit SmartSaver Review
What is the final verdict of my Monefit SmartSaver review?
Monefit SmartSaver is an investments product from international fintech-company Creditstar. The two most important user promises of Monefit SmartSaver are high liquidity and ease of use. If you are an investor who does not want to deal with P2P lending in depth and who is looking for similar alternatives to Go & Grow, this offer may be for you.
In general, the return of only 7.25% for short-term and unsecured consumer loans does not represent an appropriate risk-return ratio. Especially since there is no guarantee on the part of Monefit for the advertised return.
The argument of high liquidity, with up to 10 days, should also be questioned in comparison to other P2P alternatives. Platforms like Esketit or Income Marketplace allow to pursue short-term strategies as well, while at the same time the expected return could be significantly higher and more appropriate to the risk profile.
It also remains to be seen whether Monefit’s repayment practices will be adhered to. Due to the frequently used credit lines, it also occurred on marketplaces such as Mintos or Lendermarket that repayments have been delayed numerous times. Should a bigger amount of withdrawal requests occur, partial payouts would certainly not be a big surprise.
If you want to test Monefit SmartSaver, sign up via this link and get an additional 0.25% cashback on all deposists in the first 90 days, including a EUR 5 sign up bonus after succesful registration.
FAQ Monefit SmartSaver Review
Monefit SmartSaver is a new investment platform from the international fintech company Creditstar, where investors can invest directly in the Creditstar Group’s loan portfolio and achieve a return of up to 10.52%.
Monefit SmartSaver operates under the legal name of Monefit Card OÜ. This is a limited liability company from Estonia with an equity contribution of EUR 50,000. The company is more than 50% owned by businessman Aaro Sosaar who is also the founder of Creditstar Group and Lendermarket. Another shareholder is Tauri Jaanson.
The company behind Monefit SmartSaver is limited by liability. In addition, there is no form of investment protection. The funds can theoretically be lost at any time.
As you can see, the liquidity is a bit better at Bondora Go & Grow. In return, Monefit SmartSaver can score with a slightly higher return and more flexibility when it comes to deposits.
If you want to register on Monefit SmartSaver, make sure to use this link for sign up. This will enable you to get an additional Cashback of 0.25% on all net deposits in the first 90 days after registration, including a EUR 5 sign up bonus.
Both Monefit and Creditstar have huge bad history on Lendermarket, where investor money are locked for longer 6month. Before that Creditstar had issues for several month on Mintos. So they are not a kind of entrepreneurs who value investor money and are responsible for promises. Good luck to investors who is still trusting in them.
The tie from Monefit to Lendermarket comes via Creditstar. Apart from that, you are right with your conclusions. Thanks for sharing.
Credistar currently offers loans with a 15.5% yield on Mintos and I even managed to buy some at 17.5%. If the risk with Moneyfit vs Loans is the same, guess that investing on their loans on Mintos is safer.
Hi Lavinia,
thanks for commenting and sharing your view. Everything involving Creditstar is a bit of a gamble. But your are right, if you commit to it, then you might as well go for the high-yield option in exchange for a bit less liquidity.
Best, Denny