Lithuania’s Financing Platform Debitum Releases Annual Financial Report

Lithuania’s borderless financing platform Debitum recently shared its annual financial report.

The team at Debitum noted that they are happy that the number of registrations “reached 8360 at the end of 2021.”

This means “an increase of 41%,” the company revealed while adding that it is also important to note that in 2021 investors “deposited 5,994 million to the Debitum platform, which was 45% more than in 2020.”

In 2021, the total amount of investments “made was EUR 27,345 million, which was 73% more than in 2020 (EUR 15,776 million).” This means that their investors “like the assets that are offered on the platform,” the Debitum team claims.

Last year, the platform’s investors earned 550,000 Euros from investments.

Knowing all these facts, the company now believes that despite the Covid-19 pandemic, 2021 “was a good year for Debitum.”

The Debitum annual financial report can be viewed here.

The auditors review can be viewed here.

In another recent update, it was noted that Chain Finance has “recovered 100% of its loans issued to a Latvian forestry company, and thus all Debitum investors have been credited with full principal amount, interest, and, wait for it, penalty amount for being late.”

This loan was “late by 75 days,” and Debitum explains why it was a “good thing” in the end.

As mentioned in a blog post, this was “a bridge loan for the forestry company while they were changing their bank to another one with better credit line conditions.”

Switching banks “took so long because of unexpected bureaucracy at the banks and also bidding wars – the old bank wanted to keep them as clients and proposed a counter offer, so they took time to negotiate the best deal.”

At Debitum, they claim to “ensure you get rewarded for waiting longer than the initial maturity of the investment.”

As noted in the update, there is “a set limit of a grace period, which for product claim rights was usually 10-35 days, during which interest rate still is calculated.”

Please note that the currently available ABS grace period “has been decreased to only 7 days.”

Once the investment gets past the due date, “an additional penalty fee is charged from the loan originator, and you as an investor earn more money.”

The initial maturity date “was March 31st, a grace period of 15 days ended on April 15th, and final repayment to investors was made on June 14th.”

On top of the regular interest between April 15th and June 14th, investors “received an additional penalty interest of 15%, making total income for the given period of 61 days a whopping 23% or 23.25%.”

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