Bondora, a European peer to peer lender based in Estonia, announced on Friday it is removing the Primary Market View feature from its user interface. This change will go into effect on November 1st. Bondora stated it was removing the feature because the speed of their popular automated option meets the investing and borrowing needs before manual investing can take effect.
“Our process improvements have created an environment where almost all loans are funded before they become visible in the UI. As a result, the Primary Market is most of the time empty.”
Bondora confirmed in recent months, the Portfolio Manager has been offering greater efficiency through automation compared to the manually investing.
“The increasing benefits of Portfolio Manager are the result of recent updates to the funding process, which optimize speed. Moving forward we will continue to focus efforts on further improving Portfolio Manager, Bondora API, Secondary Market and the reporting features available on the platform.”
Bondora also explained that internal analysis and reporting showed that almost 100% of loans are funded within 10 minutes, and there is little reason to hold loans open any longer, and doing so would create unnecessary delays. In regards to what effect this has on API users, the lender noted:
“Removing the primary market from the user interface does not change anything for Bondora API users. However, API users should review their settings for polling loans from primary market and reconfigure their settings to match the changes to the current funding process. We recommend that the polling of new loans be set to once a minute. Our API allows for speeds up to one query per second, however such rapid polling is also not recommended.”