Creditstar is operating in 8 markets, has issued bonds, is listed on Mintos with a B rating, and even has their own P2P platform: LenderMarket. Sounds good, right? But there is one problem: no proper audit.
I am just wondering, how is it possible that Creditstar is placed on top of the lists of the lenders on Explore P2P and actually is rather getting better than worse there? Why don’t they take those issues into account? (Well maybe I should rather ask them, right?:D)
Thank you Kristaps for writing about this. Can you please ask Creditstar to provide also portfolio overview? There is not a single source of information about their overall book quality. Not included in any presentation or report where they are claiming to have 140MEUR portfolio. Investors should see at least following information: Current. 0-30dpd, 30-60dpd, 60-90dpd, 90-180dpd, 180-360dpd and 360+dpd. Even RedGate Capital who has arranged over 19 bond emissions to them does not have this information when asked by investors. Thanks!
Their recent setup to Ireland is Shady too. Irish residents only European residents excluded from investing in lendermarket. Lendermarket and omayra roig say it is because they have not applied for p2p licence in Ireland. But there is no such thing as p2p ilicence in Ireland, it is unregulated in Ireland. I suspect they learnt from Grupeer, who also setup in Ireland. Love to hear their bs answer if you challenge them on this
Creditstar: no audit, no problem?
Thanks for the article!
I am just wondering, how is it possible that Creditstar is placed on top of the lists of the lenders on Explore P2P and actually is rather getting better than worse there? Why don’t they take those issues into account? (Well maybe I should rather ask them, right?:D)
Thank you Kristaps for writing about this. Can you please ask Creditstar to provide also portfolio overview? There is not a single source of information about their overall book quality. Not included in any presentation or report where they are claiming to have 140MEUR portfolio. Investors should see at least following information: Current. 0-30dpd, 30-60dpd, 60-90dpd, 90-180dpd, 180-360dpd and 360+dpd. Even RedGate Capital who has arranged over 19 bond emissions to them does not have this information when asked by investors. Thanks!
Finally, CS has been audited by KPMG. Nevertheless, some questions are still in the air.
Very good research. I was already a bit suspicious that all the bloggers are moving towards Lendermarket. You should work in Audit ;-)
Capital Service was audited by a more reputable company and look at the theft they made
being audite by an obscure small company isn't necessarly sign of trouble...
Their recent setup to Ireland is Shady too. Irish residents only European residents excluded from investing in lendermarket. Lendermarket and omayra roig say it is because they have not applied for p2p licence in Ireland. But there is no such thing as p2p ilicence in Ireland, it is unregulated in Ireland. I suspect they learnt from Grupeer, who also setup in Ireland. Love to hear their bs answer if you challenge them on this