P2P Lending Year 2025: My Winners and Losers!

The time has come! The P2P lending year 2025 is now part of the history books.

Over the past few years, it has become an established tradition that the first article of the new year focuses on a retrospective, briefly highlighting the most important developments for each individual P2P platforms, followed by my personal assessment and a forecast for the year ahead.

As every year, the selection of platforms is limited to those companies from my personal P2P portfolio that I followed most closely over the past year and where I feel confident in providing a qualified assessment.

As always, this ultimately remains a purely subjective evaluation. Hence, feel free to comment below the article and share your personal opinion and assessment.

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Afranga: Strong Development; Successful Marketplace Transformation!

My Assessment: B+ (12/15) [Afranga Erfahrungen | 0,5% Cashback (90 Tage)]

My Evaluation: 2025 was Afranga’s first full fiscal year since its relaunch as an ECSP-regulated P2P marketplace. Looking back, it has been a successful year for the Bulgaria-based platform.

The managed portfolio grew to nearly EUR 20 million, there were competitive loan offers (particularly from established lenders like Stik-Credit), over 4,000 investors joined the platform, and there were no defaults or issues to report. Beyond Stik-Credit, five new lenders were added to the P2P marketplace, four of which are also based in Bulgaria. On the lender side, it’s worth carefully evaluating each option, as not all companies are suitable or necessary for diversification.

For me personally, Afranga was one of two new P2P platforms to enter my portfolio this year. With nearly EUR 12,500, Afranga is my sixth-largest position at the end of 2025.

My Forecast: Afranga has had a strong year. For an even better outcome, both the Auto Invest feature and the secondary market would have needed to be launched. Both features are already announced for 2026, along with additional lenders from across Europe.

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Bondora: New Records Despite Lower Interest Rates!

My Assessment: B- (10/15) [Bondora Erfahrungen | 5 Euro Bonus]

My Evaluation: From Bondora’s perspective, 2025 has been a successful and satisfying year. With a net-result of EUR 1.2 million, the Estonian P2P platform has been profitable for the eighth consecutive year. The financial metrics of the Bondora Group continue to rank among the best in the entire P2P market.

Due to the lower-interest environment, demand for Bondora Go & Grow rose significantly again (e.g., EUR 45 million in financed loans in October 2025; a new record!), also because the removal of the monthly deposit limit beyond March 2025 was maintained. The reduction in Go & Grow’s interest rate from 6.75% p.a. to 6% p.a. also appears to have had little impact on investor interest.

I was also pleased with the progress in transparency. In addition to several detailed blog articles on topics such as loan defaults and loan recoveries, Bondora published figures on its managed loan portfolio for the first time in 2025 (note: EUR 600 million). Years of follow-up on this topic now seem to be paying off.

My Forecast: After about a year and a half, 2025 marked my personal “comeback” with Bondora Go & Grow. For the short-term share of my P2P investments, the product will continue to play a pivotal role in 2026. Major changes at Bondora itself are not to be expected. The focus will be on smaller adjustments to the Go & Grow product (objectives and child accounts), improved statistics, expansion in existing markets (especially Lithuania), and possibly a re-entry into Spain. There are still no specific updates regarding a banking license.

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Debitum: Strong Growth; More Liquidity Soon?

My Assessment: B+ (12/15) [Debitum Erfahrungen | 1% Cashback (60 Tage)]

My Evaluation: Debitum was also among the stronger platforms of the past year. The portfolio nearly doubled, growing from EUR 27.3 million to EUR 53.3 million, over 10,000 new investors joined, the platform was profitable on an annual basis for the first time, and the loan offerings impressed both in quantity and quality (interest rates and repayments).

Key drivers of these developments were the Latvian Forest Development Fund and Sandbox Funding. Both lenders were analyzed in detail on the blog this year.

Among the side stories in 2025 were the temporary repayment issues with Triple Dragon, the exit of Eriks Rengitis as a shareholder (he has now taken on a new role in the USA), and the continued lack of visible progress in handling the defaulted Ukrainian loans.

My Forecast: Debitum was able to continue its positive momentum from 2024 into 2025. To maintain this streak in 2026, new and potentially larger lenders, beyond the Latvian forestry and agricultural sectors, should be added to the marketplace. According to my information, one or two new partners are expected in 2026. Additionally, a new product is planned this year to increase liquidity for investors (not via secondary market). A solution regarding the outstanding Ukrainian loans would also be desirable for the affected investors.

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Esketit: Big Fail; Back To Square One!

My Assessment: D (05/15) [Esketit Erfahrungen | 1% Cashback (90 Tage)]

My Evaluation: On Esketit, the portfolio decreased from EUR 48 million to EUR 45 million in 2025, marking the first annual decline since the platform’s launch. After the Esketit shareholders sold their majority stake in AvaFin Holding to South Africa’s Capitec Bank in Q1 2024, 2025 saw the complete exit of the lender. With the temporary exit of JMD Investments, Esketit was left almost entirely as a collection of young fintech startups without track record.

However, the problems run much deeper. Despite repeated intentions for platform regulation, Q4 2025 brought a relocation to Croatia, one of the few European havens where regulation plays no role at all. The move to Croatia has also significantly restricted investor liquidity. Since transactions via the secondary market are not possible, nor is early portfolio liquidation through the automated Esketit strategies, investor funds are now tied up with the platform for up to two years.

My Forecast: The increasingly unattractive loan offerings on the platform, coupled with the self-inflicted issues from relocating to Croatia, make Esketit one of the major losers of 2025. Early buybacks by the platform, better communication with greater transparency, and improvements in the loan offerings are the three key pillars if Esketit wants to regain its former strength in 2026. At present, however, a real turnaround for the better is barely visible.

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Estateguru: No Progress In Sight; Hope Remains!

My Assessment: E (02/15) [Estateguru Erfahrungen | 0,5% Cashback (90 Tage)]

My Evaluation: At this point, one could have copied last year’s text word for word, as Estateguru also failed to achieve a turnaround in 2025. While the portfolio shrank by around EUR 20 million last year, defaults continue to hover between EUR 130 million and EUR 135 million. For months now, the default rate has remained north of 60%! The situation, which also led long-time Estateguru CEO Mihkel Stamm to step down this year, appears to be worsening.

All the more impressive is that between EUR 5 million and EUR 7 million continue to be financed via Estateguru each month. Whether this is partly related to EG Grow has still not been publicly disclosed.

My Forecast: Every month that Estateguru stays afloat increases the chances that some of the defaulted funds might still make their way back to investors. That is a chance to be grateful for. However, in the long term, it should be clear to everyone that Estateguru’s fate and existence remain hanging by a thread. The outcome remains uncertain.

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Income Marketplace: Stability; But Below Expectations!

My Assessment: C+ (09/15) [Income Marketplace Erfahrungen | 1% Cashback (30 Tage)]

My Evaluation: With Virtus Lending, Simpleros, and Autofino, Income Marketplace – just like in 2024 – added three new and partially very promising lenders to the marketplace. By year-end, a good 40% of my EUR 26,000 portfolio on Income was already allocated to last year’s newcomers. Unfortunately, this does not change the fact that the Estonian platform underperformed in 2025, particularly in the first half of the year.

The strong momentum from 2024 could not be maintained, primarily due to the declining portfolio of the Indonesian lender Danarupiah (from EUR 8 million to around EUR 2 million), whom I even visited in Jakarta in Q1 2025. Thanks to a strong second half of the year, Income was still able to close the fiscal year with an active portfolio of approximately EUR 25 million, which is well below its own target of EUR 35–40 million.

Apart from that, no additional defaults occurred on the marketplace. Instead, another EUR 15,000 was repaid out of Income’s own pocket for the outstanding Clickcash claims. A default rate of 0.4% remains very respectable, although attractiveness has declined somewhat due to lower interest rates.

My Forecast: Income Marketplace is a good and reliable platform that has earned a solid place in the P2P market. What is still missing are larger partners who can easily finance a loan portfolio of EUR 10+ million via the platform. The liquidity required for this can only be achieved through a certain market size, which currently does not exist. Income will therefore continue to focus on developing smaller lenders until sooner or later it can attract bigger players.

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LANDE: Stable Growth And Consistent Performance!

My Assessment: C+ (09/15) [LANDE Erfahrungen | 1% Cashback (180 Tage)]

My Evaluation: A year ago, I mentioned that LANDE laid the foundation in 2024 to follow with platform growth in 2025. Looking at the figures 12 months later, this forecast seems to have been confirmed. The Latvian agriculture platform increased its managed portfolio by around EUR 7 million last year to now EUR 25 million, while maintaining a default rate of approximately 7%.

A positive factor in the portfolio’s performance is the increasing focus on collateral in the form of machinery and agricultural land. On the other hand, faster progress and results in recovering defaulted loans could further improve the overall assessment.

My Forecast: Strong growth in Romania and the development of the Polish market already indicate where LANDE is headed in 2025. With my personal portfolio, which grew into the five-figure range in 2025 with an overall return of around 10%, I feel very well positioned. Should decent results in recoveries follow, an additional expansion of my investment could also be considered.

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Mintos: More Fees For Financial Stability!

My Assessment: C (8/15) [Mintos Erfahrungen | Bis zu 500 Euro Bonus]

My Evaluation: Mintos was able to increase the managed portfolio by around EUR 60 million at the start of the year, representing a solid growth rate. However, recoveries fell somewhat short of expectations, as only about EUR 10 million made their way back to investors. With nearly EUR 130 million still to be recovered, a large backlog remains, representing roughly 20% of the total Mintos portfolio.

The 2024 business results highlighted that, while Mintos is a large and well-diversified company, it generates too little revenue from its existing base. Probably for this reason, several management fees for investors were introduced, both for Core Loans (0.39%), Custom Loans (0.29%), and the automated High-Yield Bonds portfolio (0.39%).

My Forecast: Mintos has now completed its second year since the transformation into a multi-asset platform. The variety of investment opportunities seems to be exhausted for the time being. History shows that investors who want to be successful on Mintos should not rely solely on the convenience of diversification but should examine the individual options in detail. For me personally, the bond offerings provide the best opportunities to secure good long-term returns from established companies.

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Monefit SmartSaver: More Liquidity, Returns, and Terms!

My Assessment: B- (10/15) [Monefit SmartSaver Erfahrungen | 0,25% Cashback (90 Tage)]

My Evaluation: Monefit SmartSaver celebrated its three-year anniversary at the end of 2025. The results: 26,000 registered investors, EUR 14 million in interest payments, and (most importantly) no withdrawal issues. There is no doubt that Monefit SmartSaver has now firmly established itself as a serious alternative to Bondora Go & Grow in the market.

Key developments in 2025 included increasing the interest rate on the main account to 7.5%, longer-term options for the Vaults product, and the ability to withdraw up to EUR 1,000 per month on a daily basis.

My Forecast: It is currently not expected that Monefit SmartSaver will set new transparency standards in 2026 regarding portfolio size, use of funds, or loan performance. Investors should therefore carefully consider the Creditstar Group and the potential limitations in liquidity. Personally, I consider SmartSaver a manageable risk for the short-term share of my P2P investments, which is why I started allocating funds here in the summer of 2025.

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Nectaro: Impressive Across The Board; My Winner Of 2025!

My Assessment: A- (13/15) [Nectaro Erfahrungen | 1% Cashback (30 Tage)]

My Evaluation: Looking at the bigger picture, many P2P platforms had a good year in 2025. If one platform stands out, in my view it is Nectaro! The Latvia-licensed P2P platform completed only its second full fiscal year, but impressed across the board.

First, investors received competitive returns from profitable lenders, which could be further increased by taking part in the various bonus campaigns. The result: a 14.9% return, placing Nectaro at the top of my personal P2P returns in 2025. In addition, the integration of the Auto Invest feature and the introduction of a group guarantee for Abele Finance added further value.

The positive overall development was supported by many investors, allowing the managed portfolio to grow from EUR 3.65 million to nearly EUR 20 million, with a default rate of 0%. The cherry on top was the sense of humor Nectaro showed: after Mintos introduced a 0.39% management fee for using Mintos Core Loans, Nectaro refunded the same percentage to investors who used the Auto Invest feature on the platform. Smart marketing, that along with a strong performance, rounded out a very impressive overall picture for 2025.

My Forecast: A secondary market is unlikely to be introduced in 2026, as this would require a capital increase and a different license. Instead, the focus will remain on expanding the ABS offerings. At least one new lender is expected to join in 2026, and there are considerations to explore collaborations with non-affiliated lenders for the first time. A closer integration with the travel business of Dyninno Holding is also on the table, as Nectaro has built a stronger profile within the group thanks to its strong performance in 2025.

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PeerBerry: Lots Of Stagnation; Still Room For Growth?

My Assessment: C (08/15) [PeerBerry Erfahrungen | 0,5% Cashback (90 Tage)]

My Evaluation: With its strong performance in recent years, PeerBerry had set a high benchmark and investor expectations that could not be met in 2025. The actively managed portfolio declined slightly, falling to EUR 116 million.

At the same time, investor demand remains high. The result: many investors struggle to stay fully invested, while PeerBerry’s partners can even afford to lower interest rates further. Economically understandable, although this is gradually reducing PeerBerry’s appeal to the broader investor community.

My Forecast: Are the actively served markets already saturated, or can PeerBerry’s partners push for further growth in 2026? According to the platform, the Aventus Group is already planning expansion into the USA, Australia, and Canada. At least in theory, these are much larger markets, which could drive additional growth for the Croatia-based platform. And who knows, expected returns might rise again sooner than later.

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Viainvest: Steady Growth; Business As Usual!

My Assessment: B (11/15) [Viainvest Erfahrungen | 1% Cashback (90 Tage)]

My Evaluation: It has been a classic year, comparable to many previous years at Viainvest. The actively managed portfolio once again saw strong growth, rising by approximately EUR 16 million to now EUR 58 million, while at the same time there were no repayment difficulties or other issues with the loan offerings. As a result, even in 2025 – the platform’s tenth operational year – a double-digit return was achieved once again.

On the other hand, the known challenges remain, preventing an even better assessment. There are still no real-time insights into the repayment status of individual lenders, and the 2024 annual report of the VIA SMS Group was not published by year-end.

My Forecast: For many years, Viainvest has reinforced its reputation as a steady and reliable platform, where certain challenges seem to be an unavoidable part of the investment experience. Anything other than maintaining the status quo would be a bold prediction, and therefore no such forecast is made here.

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Overview: P2P Assessments 2025

P2P Platform	Points	Note
Nectaro	13/15	A-
Afranga	12/15	B+
Debitum	12/15	B+
Viainvest	11/15	B
Bondora	10/15	B-
Monefit SmartSaver	10/15	B-
Income Marketplace	09/15	C+
LANDE	09/15	C+
Mintos	08/15	C
PeerBerry	08/15	C
Esketit	05/15	D
Estateguru	02/15	E

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