Today, we want to clarify the new legal regulation in Poland which affects most P2P platforms. From 2024, the new law will prohibit Polish lenders from borrowing funds from investors through online platforms. Accordingly, hive5 is prepared for this change and has taken proactive steps to ensure smooth changes for our company and, most importantly, investors.
A Word From CEO:
"Our Polish operations have been consistently profitable for almost a year, and the company is committed to maintaining a strong track record. Additionally, Ekspres Pozyczka will continue to grow their lending portfolio using their resources and maintain an exceptionally low default rate, even lower than market players.", says Ričardas Vandzinskas, the CEO of hive5. "It is important to note that hive5 has been working closely with experienced Polish legal advisors who have thoroughly consulted with the local regulator.", adds Ričardas Vandzinskas. This careful preparation ensures that the company will fully meet the requirements, safeguarding the interests of investors.
The Current Situation of Payments
We want to emphasise that all existing consumer loans will be fully paid according to the schedule. Moreover, you can still invest in personal loans from Poland until the end of the year. It means that investors can move forward without disruption, and their financial interests will remain secure. Hive5 will continue to offer business loans from the region, which remain unaffected by the new regulation.
The Upcoming Plans
However, this regulatory update encourages the acceleration of long-planned expansion into the new markets. Thus, investors can expect the availability of investing in Spanish loans by the end of December. Further, we plan to introduce Romanian loans by the end of Q1 2024. With this expansion into new markets, investors can enjoy higher investment returns. Moreover, diversifying investment opportunities aligns with hive5's commitment to providing a range of options for its community.
Hive5 remains dedicated to transparency, security, and responsible lending practices.
In Addition
We want to share some incredible updates from hive5. We are thrilled to enter the second year of operations, and it has been an amazing journey so far.
Here are some of the latest highlights for our platform:
1. Consolidated Financial Reports: We are proud to present audited consolidated financial reports for 2022 and Q1-Q2 of 2023 for Hive Finance and its subsidiary companies - hive5 (Hive5 marketplace d.o.o.) and Ekspres Pozyczka (Argentum Capital Sp. z o.o.). You can delve into the detailed reports here: https://hive5.com/blog/second-quarter-2023-financial-results-hive-finance-ekspres-pozyczka-and-hive5/ and https://hive5.com/blog/financial-reports-of-hive-finance-hive5-and-ekspres-pozyczka-2/
2. Impressive Loan Volume: Hive5 has achieved a significant milestone by reaching a total loan volume of more than 20 million EUR. You can read all about it here: https://hive5.com/blog/hive5-monthly-review-more-than-20-m-eur-loans-funded-since-inception/
3. Consolidated EBITDA Break-Even: Hive Finance group reached a consolidated EBITDA break-even point in the first quarter of 2023. You can find more details here: https://hive5.com/blog/financial-reports-of-hive-finance-hive5-and-ekspres-pozyczka-2/
