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In December 2025, the annual report of Rapicredit (Lendermarket) was updated. In addition, new evaluations for Tiberus (Afranga) and Baltic Terra (Debitum) have been added.
Below is a brief summary of the key findings, including a personal assessment.
RapiCredit: Light and Shadow
Shortly before year-end, the Colombian lender RapiCredit published its financial results for 2024. Here are the key takeaways:
| Loan Originator | Year | Audited | Profit | ROA | Equity Ratio | Debt | Liquidity | Impairments | Score |
|---|---|---|---|---|---|---|---|---|---|
| Rapicredit | 2024 | Nexia Montes y Asociados | EUR 486K | 1,6% | 19,9% | 0,80 | 2,09 | 22,1% | 65 |
Positive: RapiCredit was profitable once again, generating the equivalent of EUR 486,000. The equity ratio increased from 15% to just under 20%, while both the debt ratio improved slightly to 0.80 (previous year: 0.85) and the liquidity ratio rose to 2.09 (previous year: 1.82).
Negative: Despite returning to profitability, net profit declined by around 63% compared to the previous year. In addition, portfolio quality deteriorated from 16.7% to 22.1%.
Conclusion: Within my rating system, RapiCredit improved from 59 points to 65 points, which corresponds to an average rating. On Lendermarket, RapiCredit remains the second-highest rated lender.
Tiberus: Next Bulgarian Lender on Afranga
Afranga stays true to its strategy and has added Tiberus as the fifth loan originator from its Bulgarian home market to the platform.
| Loan Originator | Year | Audited | Profit | ROA | Equity Ratio | Debt | Liquidity | Impairments | Score |
|---|---|---|---|---|---|---|---|---|---|
| Tiberus | 2024 | Unaudited | BGN (86K) | 4 |
Tiberus is a car leasing company launched in February 2024 and registered as a non-bank financial institution with the Bulgarian National Bank. The company was founded by team members who were also involved with Stik Credit and Lendivo. As of the end of September 2025, the portfolio amounted to approximately EUR 5 million.
The unaudited and incomplete financial figures provided in the management report offer limited informational value, making it impossible to assess the company’s financial stability at this stage.
Baltic Terra: No Meaningful Conclusions Yet
Shortly before the end of the year, Debitum added Baltic Terra to its marketplace, a new investment fund specializing in agricultural land, with a focus on Latvian farmland.
| Loan Originator | Year | Audited | Profit | ROA | Equity Ratio | Debt | Liquidity | Impairments | Score |
|---|---|---|---|---|---|---|---|---|---|
| Baltic Terra | 2025 | S. Vilcānes Audits | EUR 265K | 91,9% | 98,9% | 0,01 | 84,02 | 65 |
The business model shares many similarities with the Latvian Forest Development Fund (LFDF). According to Debitum, the key difference is that LFDF is more transaction-driven (timber sales and portfolio transactions), while Baltic Terra is more income-oriented and gradual (lease and rent income plus long-term value appreciation).
The financial figures offer very limited insight. First, the financial report of LLC BALTIC TERRA CAPITAL only covers the period from June 4, 2025 (registration date) to October 31, 2025. Second, the small balance sheet is heavily inflated by equity, making the numbers unsuitable for drawing real conclusions about financial performance.
However, because the same assessment rules apply to all loan originators, Baltic Terra receives a score of 65 points, corresponding to a medium rating and currently the best score on the Debitum platform. This highlights why the rating system should only be used as guidance and why the final results should be questioned.
Note: Some analyses of the latest financial figures have already been shared in advance via Telegram and WhatsApp. Follow me on those channels to always stay up-to-date with the latest news from the P2P industry.
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.