Earlier this week, Monethera issued a rather brief statement via Twitter that it was ceasing all activities due to the COVID-19 outbreak. Details of the decision were said to be forwarded in an email to investors.
Sorry to tweet this, but we are forced to suspend all activities due to the coronavirus crisis. We want to explain all the details, so there is a newsletter on your emails. We don’t tell you goodbye and hope to see you after the pandemic. pic.twitter.com/HnxFbygo1e
— Monethera (@monethera) March 27, 2020
Monethera is a small peer to peer lender operating in Estonia. Founded in 2017, Monethera claimed to be occupying “one of the leading places in the Finance 2.0 industry.” The marketplace catered to individuals, SMEs, and real estate projects.
According to the website, Monethera has originated about €55 million in loans generating an average APR of 18.9%.
Monethera is not the only Estonian platform to struggle as of late. Earlier this year two Estonian platforms, Kuetzel and Envestio effectively vaporized leaving relevant authorities to state the collapse of the two platforms may indicate an act of fraud.
