Comunitae: The Spanish P2P Lending Pioneer Stops Operations Due to Fraud

Posted by canythould43 on in P2P Lending
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Comunitae: The Spanish P2P Lending Pioneer Stops Operations Due to Fraud

It is the pioneer of the p2p lending industry in Spain. After almost ten years of activity, the Spanish p2p lending platform Comunitae faces the most complicated moment in its history:

The management board has decided to suspend the activity indefinitely and try amortizing the existing investor’s portfolio.

The reason? A fraud of false promissory notes detected by the company last October. Everything indicates that after the liquidation the closure will proceed.

Comunitae is the first major player in this sector in Spain. It was founded in 2008 and was created to facilitate loans to individuals.

In 2013 the platform went into SMEs financing business, with the discount of promissory notes as the main product, and three years later they focused exclusively on that.

During these years, Comunitae maintained its activity with a non-performing loan that, according to figures, was between 3 and 7 percent. The problem came last October. The management board detected an important fraud.

According to management board different issuers placed false promissory notes on behalf of several companies with the complicity of the risk analyst responsible.

The platform said that the fraud will generate a peak of nonperforming loans "too high" to other investors to continue operating.


I like to take risks, That's how I make money. But they are calculated risks.


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Guest Saturday, 17 November 2018