Brickfinance Review

Brickfinance is a platform under development. Their domain brickcredit.eu was registered on April 22nd, 2025. The actual launch date of the platform isn't known yet. The whois information for the domain mentions Knowledge Investment Services OU in Tallinn as an owner and lists Ansis with an e-mail address at KI Services as a point of contact. Based on those details we can dig a little deeper:

Ansis appears to be Ansis Kukainis who serves as Managing Partner at Commercial Real Estate (since 2005) and Founder/CEO at KI Services (since 2018). His professional background includes positions as Head of Investment at Kirsan Group and AiF Licensing Administrator. Based in the Baltics, he's been involved in multiple real estate developments including "Villa Moderna" and the "Jursils" series. Kukainis holds masters degrees from the University of Auckland and University of Derby. His documented activities center on real estate transactions, investment management, and fundraising across Latvia and Estonia.

KI Services appears to be a specialized consultancy focused on investment structures and platform development in the alternative financing sector. The company's project portfolio includes:

• Development of kvotum.com, a secondary market for loan trading that serviced Debitum, Mintos, Grupeer, and Crowdestor (2020).
• Mediation between Kirsan Group and Reinvest24 Holding regarding defaults (2023)
• Implementation of a Security Token Offering in Liechtenstein for AURA tokens, which involved consumer loans acquired via P2P platforms (2019)
• Legal structuring for Ventus Energy Group's investment platform, which reportedly reached €3 million monthly investment attraction (2025)

Seasoned P2P investors' will perk up at the mention of Grupeer. A Latvian platform that collapsed and failed to return tens of millions of Euro it had taken in from investors. Kristpas Mors, well known in P2P circles for his critical reports also covered that scandal. Crowdestor is another project that left a bad taste with investors - it defaulted on 69.2% of its obligations. So what did Kvotum actually do? It appears Kvotum resold loans available on Debitum, Grupeer, Crowdestor and Mintos, claiming "partnered up with the most trustworthy crowdfunding, crowdinvesting and P2P lending providers in the industry" as well as "provide their investors with enhanced liquidity on all investment projects". Oops.

Now, this might just be a case of 'high risk investments can go bad". However, as one report points out, "there are some indications of dishonesty. A number of the companies listed [...] either do not cooperate with 'Grupeer' at all or do not cooperate with the specific project identified in the platform." Not a great look for a company claiming to only partner with the most trustworthy providers in the industry.

When looking for information about Kvotum though, I haven't seen complaints about them losing customer funds. Though it appears they advertised themselves as a crypto off-ramp - so maybe those customers are less likely to raise a public ruckus. I'm not excited if someone offers to broker loans but doesn't carry out some serious due diligence.

When looking at KI Services' key personnel listed on their site, you'll also find Armen Tovmasian, CMO, who also appears to be managing director of KI Assets.

KI Assets operates as part of the broader KI Services organization, targeting ultra-high-net-worth investors through an SPV-based model. The company claims to have secured €11 million in targeted commitments and utilizes a partnership with UniCredit for bridge financing options. Their marketing materials project ROI ranging from 30-90% annually over 1-2.5 year timeframes, positioning their offerings as high-yield investment opportunities in the Milan luxury real estate market. 

At 'projected' 30 to 90% per year there seems to be some reason for skepticism. At the very least, I'd be cautious if those claims every make it into future projected returns because those aren't percentages I'd expect to see consistently in businesses that consistently operate in legitimate manner.

Aside from Armen Tovmasian (Co-founder and Managing Director), there is also Ekaterina Tsybulia (Chief Operating Officer) who seems to be former leadership at Sotheby's International Realty in Ukraine and now works at their Italy office, potentially explaining the Milan connection:

KI Assets focusses on Milan real estate market, highlighted as one of Europe's top cities for ultra-high-net-worth individuals, with properties in central Milan going for €10,000-€25,000 per sqm versus outer zones that sell for €5,000-€7,000 per sqm. The company claims Milan shows 7% annual organic growth with projections of 15-20% following the 2026 Olympics.

While I don't see outright red flags, there are definitely some yellow ones: Prior reselling of loans from Grupeer as well as projected 90% returns by entities that management has been involved in would mean that I'd probably old off on funding until some serious due diligence has been carried out.