The amount of the deal was not disclosed.
In conjunction with the transaction, Prestamos Prima (which is led by CEO Andris Rozenbahs) also announced enhancement of its product offering including new features for its European peer-to-peer lending platform Viventor, which offers low risk investments in loans supported by mortgages, adding high-yield consumer loans and a “Secondary Market” to the platform.
Opened to investors from all over Europe, all loans listed on Viventor are secured by a 60-day Buyback Guarantee, and are 100% pre-funded. Now, investors can choose from a range of low-risk loans secured by real estate mortgages that generate modest returns, and a variety of newly added short-term consumer loans that have no underlying assets, have comparatively higher levels of risk, generating returns as high as 15% per annum.
The “Secondary Market” enables investors to sell their stakes in loans to other investors at a par, premium or discount, and exit their investment positions prematurely.
Investing in Viventor is free, with a minimum deposit of €50 needed to open an account. People can invest as little as €10 per loan.
The acquisition will allow Finstar to further strengthen its position in the European fintech market following the launch, last year, of its own portfolio company, Digital Finance International, with the aim of applying advanced technological solutions to deliver tailored consumer lending solutions globally.