Bondora Annual Report 2015

Today we are releasing our audited annual report for 2015. Previously as part of our governance and risk management series we have written about how governance and risk management is handled within Bondora, overviews of Bondora’s Management Board and Supervisory Board and also last week we wrote about the audit function in Bondora. Our management has prepared a small summary of the report below. You may also want to download Bondora AS 2015 Annual Report (eng).

Please let us know if you have any questions at or in the comment sections of our blog.


In 2015 the expansion of activities of Bondora („The Company” or „The Group“) continued, primarily in export markets and revenue increased by 70%. Active marketing and increased awareness of the Bondora brand enabled to expand our market share in Finland and Spain.

Revenues from export markets increased by 100% and reached 1.2 million euros. Sales in markets other than Estonia reached almost 50% of total. Largest growth was recorded in Finland, where revenue increased by 138%. Key drivers behind achieved revenue growth, in addition to volume increase, were restructuring of fees and introduction of new services.

In loans issued, the largest growth was again witnessed in Finland, where it increased by 73%, in Spain growth reached 9%. During the year we ceased to issue loans in Slovakia, We did not expand the volume in Estonia, as planned, and compared to 2014 lending volume in Estonia decreased by 11%. Total volume of loans issued increased by 11%.

The Company refined significantly its legal structure and developed investor communication. In July our branch was granted consumer credit provider license in Finland and we finalised preparations to receive credit provider license in Estonia that was granted by Estonian Financial Supervision Authority in March 2016.

Bondora established two daughter companies: Bondora Broker OÜ and Bondora Servicer OÜ. Bondora Broker OÜ is part of the structure in loan process that acquires claims issued by Bondora AS that are on opportunity sold to third parties. Thereby the business risks related to portfolio of loans issued is mitigated. The purpose of establishment of Bondora Servicer OÜ is to provide support services to Bondora AS. In the financial year its activities were not launched.

Merger of the daughter company Social Developments OÜ with Bondora AS was not completed during the financial year and the merger is planned to be finalised in 2016.

During the financial year equity round in total of 4.5 million euros was completed by which the capital base of the Group was significantly strengthened.

Due to fast increase of labour costs and marketing expenses the Company ended the financial year with a loss of 1.85 million euros.

Investments to tangible and intangible assets were 416 thousand euros and number of employees re- based to full time equivalent increased in the financial year from 32 to 47.

In the financial year the service concept was enhanced significantly and the Group renewed its technical base. In the field of activity new ways to find sharper focus were implemented, whereby the Management strives to make the service concept even more user friendly and reachable.

In 2016 we plan to increase volume in the current markets and analyse expansion opportunities to new ones. In addition, structure of the Group is planned to be streamlined in order to gain additional increase in efficiency.

The Company plans also to further strengthen the functions addressed to investors and to bring new investment products to the market. In loan product the focus in the upcoming year will be on development of credit analysis and quality of the loan portfolio.

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