Compare Bondora vs EstateGuru vs PeerBerry p2p platforms

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⭑⭑⭑⭑⭑
5.0

Please note: This is an experimental, AI generated, draft for a review. We're have yet to review, edit and fact check it. See it as a demonstration on what AI can do, rather than a well-founded analysis of Bondora. AI generated content sounds notoriously convincing, so read everything with a fistful of salt.

After analyzing 40+ P2P platforms, we found exactly one that ticks every single must-have. Fantastic. Anyway, here's Bondora.

The "Wait, This Actually Makes Sense?" Business Model

Here's the revolutionary concept that apparently stumped the entire industry: Lend your own money to borrowers and collect the payments yourself.

I know, I know. Radical thinking.

How Normal People Do P2P (Spoiler: Badly)

  1. Platform connects you with "independent" loan originators
  2. Plot twist: Platform secretly owns the loan originators
  3. Loan originators pinky-promise to buy back bad loans
  4. When things go sideways, suddenly nobody has any money
  5. Investors discover they were basically funding a shell game

How Bondora Does It (Spoiler: Like Adults)

  1. Bondora underwrites loans using their own systems
  2. Bondora lends directly to consumers
  3. Consumers pay Bondora back (or don't, but at least it's honest)
  4. You get your share of whatever actually happens
  5. No related-party puppetry, no buyback theater, no "oops we're all the same company" surprises

The Numbers That Don't Lie (Unlike Most Platforms)

Let's talk money, because that's why you're here:

The Good Stuff:

  • €52.6M revenue in 2024 (up 19% from €44.3M) - that's real money, not Monopoly money
  • €262M in loans issued in 2024 (up 30% from €202M) - actual growth, not accounting tricks
  • 8 consecutive years of audited profitability (2017-2024) - while competitors were learning what "profit" means
  • €1B+ total loans issued since inception - they've been doing this longer than TikTok has existed

The Revenue Breakdown (Because Transparency Is Cool):

  • €26.8M from loan management fees (4% annually on outstanding loans)
  • €9.5M from borrower origination fees (5.95% of each loan)
  • €15.1M from additional services (insurance, modifications, etc.)
  • €1.1M from court fees and misc income

The "Holy Crap, They Actually Have Licenses" Regulatory Situation

While most platforms play jurisdiction shopping games (looking at you, Irish registration with Estonian operations), Bondora went full adult mode:

Current Licenses:

  • Estonia: Supervised by Estonian Financial Supervision Authority (home base)
  • Finland: Licensed branch under Finnish Financial Supervisory Authority
  • Latvia: Operating license from Latvijas Banka
  • Recent approvals: Denmark and Lithuania (because why not collect them all?)

What This Actually Means: Unlike platforms that use crowdfunding licenses to pretend they're real financial institutions, Bondora operates under actual credit provider supervision. It's like the difference between a food truck permit and a restaurant license - both sell food, but only one has to meet real health standards.

The "Oops, We Broke Finnish Law" Reality Check

Before we get too excited about Bondora's regulatory gold stars, let's address the elephant in the Nordic room: they've been systematically violating Finnish consumer protection laws since 2019.

On 15 September 2023, the Market Court dropped the regulatory equivalent of a piano on Bondora's head, ruling their interest calculation method was straight-up illegal and imposing a €100,000 conditional fine. The Supreme Court then piled on 8 October 2024, broadening the ban to include 'additional service' fees and confirming the fine.

The Plot Thickens: Instead of saying "our bad" and fixing things, Bondora apparently decided the Finnish courts were just being dramatic. As of May 2024, the Finnish Consumer Ombudsman is still telling consumers to file complaints because Bondora continues to charge unlawful fees and refuses to proactively reimburse affected customers.

What This Actually Means:

  • Any consumer who took a Bondora loan between September 2019 and November 2021 got overcharged
  • The court said these consumers only owe the principal amount (everything else was illegal)
  • Bondora hasn't voluntarily reimbursed anyone despite a court order
  • Finnish authorities are actively helping consumers file complaints against them

The Investor Translation: This isn't a paperwork oopsie or a technical interpretation disagreement. This is a multi-year pattern of charging consumers illegal fees in Bondora's largest market (Finland represents €139M of their loan portfolio). When a court tells you to stop doing something and you keep doing it anyway, that's not a compliance hiccup - that's institutional disregard for regulatory authority.

If you think that's not an issue for you as an investor, you might want to recall when Twino fell foul of regulators in Vietnam...

The Ownership Structure That Won't Give You Nightmares

Remember how we mentioned most platforms have ownership structures more complex than a soap opera? Bondora's is refreshingly boring:

  • CEO Pärtel Tomberg: 51.8% (through a clearly named company)
  • Portuguese investor Joao Pinto Da Silva Monteiro: 24.4%
  • Professional investors: Valinor Management ($3.4B AUM) and Global Founders Capital

No shell companies, no "trust us bro" beneficial ownership, no mysterious Cyprus entities. Just regular rich people owning shares in a company like normal humans.

Meanwhile, in competitor land, loan originators belong to the entity as the platform. Then issue buyback guarantees (what?!) get charged exorbitant fees by the platforms (so, themselves) before suddenly not having any money to pay back investors or just outright lie about the connection in the first place. Fantastic.

The Liquidity Situation (Or: Can You Actually Get Your Money Back?)

Here's where Bondora gets interesting. Their "Go & Grow" product offers daily liquidity, which sounds too good to be true until you realize they've been doing it for years without blowing up.

How It Works:

  • Your money goes into a diversified loan portfolio
  • You can withdraw daily (no "pending payments" BS)
  • Returns fluctuate based on actual loan performance
  • No artificial guarantees or related-party promises

How Competitors Handle Liquidity:

  • Lendermarket: Systematically extends loans up to 240 days to avoid buyback obligations
  • EstateGuru: €132M+ (61.5%) of their portfolio in default, so... good luck with that
  • Others: "Pending payments" where they reinvest your money whether you like it or not

The Risk Management That Doesn't Involve Wishful Thinking

Bondora's approach to risk is refreshingly honest: "Loans sometimes don't get repaid, here's what we do about it."

No Buyback Guarantee Theater: Most platforms offer buyback guarantees from related entities with suspicious balance sheets. Bondora says "credit risk exists, deal with it like an adult" and focuses on actual diversification and collection.

Real Underwriting: They use 16+ years of loan performance data to build their credit models. While competitors copy-paste scoring systems from whoever's willing to sell them data, Bondora built their own based on actual experience.

Geographic Diversification:

  • Finland: €139M in loans (largest market)
  • Estonia: €40.2M (home market)
  • Netherlands & Latvia: Growing markets
  • Pipeline: Denmark and Lithuania coming online

The Red Flags (Because We're Not Completely Insane)

Even unicorns have problems:

Credit Risk (The Big One): No buyback guarantees means real credit losses hit your returns. Economic downturns affect consumer credit. If you can't handle losing money on some loans, stick to savings accounts.

Management Dependency: Founder Pärtel Tomberg is central to operations. If he gets hit by a bus tomorrow, things could get interesting. Though after 17 years, the business seems less dependent on any one person than newer platforms.

Regulatory Changes: Banking regulations could change their business model. Though their pursuit of a full banking license suggests they're planning for this rather than hoping regulators ignore them.

Competition: Traditional banks are finally figuring out digital lending. Bondora's 17-year head start helps, but advantages don't last forever.

The Investment Thesis (Or: Why This Makes Sense)

For Conservative Allocations: If you do P2P lending, Bondora offers:

  • Verified independence from loan originator conflicts
  • Daily liquidity through Go & Grow
  • Banking-quality regulatory supervision
  • 8-year profitability track record

For Growth Allocations:

  • Direct lending model scales with European consumer credit expansion
  • Banking license pursuit could significantly increase platform value
  • Technology platform expandable across additional EU markets
  • 19% revenue growth shows momentum

The Bottom Line (Finally)

Bondora is proof that P2P lending could work if people built real businesses instead of elaborate marketing schemes. While the industry devolved into related-party circuses and marketplace facades, Bondora just... made loans and collected payments. Though they apparently struggled with the 'follow local consumer protection laws' part of that business plan, at least in Finland.

Key Differentiators:

  • Only platform with 8+ years of verified profitability
  • Only platform with genuine loan originator independence
  • Only platform with banking-quality supervision across multiple countries (though recent Finnish violations suggest supervision quality varies by jurisdiction)
  • Only platform with transparent, consolidated financial reporting
  • Only platform actually pursuing a banking license

The Reality Check: This doesn't mean P2P lending is suddenly safe or that Bondora can't fail. Credit risk is real, economic cycles happen, regulatory compliance failures can create unexpected losses, and Bondora's ongoing Finnish issues prove that even established platforms can have serious operational blind spots. And let's not forget our good old friend "past performance doesn't guarantee future results". But if you're determined to play in the P2P sandbox, at least play with the people who built real sandcastles instead of selling you pictures of castles they don't own.

Questions Any Serious Investor Should Ask Themselves:

  1. How many other jurisdictions might have similar "interest calculation interpretation" issues?
  2. What's the total potential liability from Finnish consumer reimbursements?
  3. Why hasn't management addressed this proactively after a court ruling?
  4. What happens to investor returns if they're forced to reimburse years of overcharged fees?

Investment Recommendation: From everything we can see, Bondora is by far the most convincing P2P platform out there.

TL;DR

Bondora is what happens when someone actually builds a real lending business instead of a marketing facade with a loan originator puppet show. While 60%+ of their competitors are basically elaborate schemes where the same people control both sides of every transaction, Bondora said "nah" and built an actual bank-like operation that's been profitable for 8 straight years.

On a structural-soundness league table it's Bondora, a yawning credibility gap, then everybody else.

Analysis based on audited financials, regulatory filings, Estonian company registry, and 17 years of not blowing up. Marketing materials deliberately avoided because we're not teenagers buying energy drinks.

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2.0
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4.5
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Key Facts

Investment Structures

Bondora Direct (peer-to-peer)
EstateGuru Direct (peer-to-peer)
PeerBerry Marketplace (peer-to-business)

Originator Types

Bondora Peers
EstateGuru Peers
PeerBerry Loan Originators

Investing Into

Bondora Consumer Loans
EstateGuru Real Estate
PeerBerry Business Loans, Consumer Loans, Leasing, Real Estate

HQ Country

Bondora country image Estonia
EstateGuru country image Estonia
PeerBerry country image Croatia

Investments

Interest Rates

Bondora n/a
EstateGuru 8.00% – 13.00%
PeerBerry 9.00% – 11.00%

Number of Originators

Bondora n/a
EstateGuru 0
PeerBerry 23

Number of Countries

Bondora n/a
EstateGuru 7
PeerBerry 8

Currencies

Bondora EUR
EstateGuru EUR
PeerBerry EUR

Minimum Investment

Bondora 1 EUR
EstateGuru 50 EUR
PeerBerry 10 EUR

Statistics

Average Net Return

Bondora 8.40%
EstateGuru 10.22%
PeerBerry 11.11%

Total Loans Funded

Bondora 427m EUR
EstateGuru 889m EUR
PeerBerry 2b EUR

Loans Outstanding

Bondora n/a
EstateGuru 224m EUR
PeerBerry 106m EUR

Loans Current

Bondora n/a
EstateGuru 67m EUR
PeerBerry 88m EUR

Loans Late

Bondora n/a
EstateGuru 4m EUR
PeerBerry 18m EUR

Loans 1 To 15 Days Late

Bondora n/a
EstateGuru n/a
PeerBerry 18m EUR

Loans 16 To 30 Days Late

Bondora n/a
EstateGuru n/a
PeerBerry 0 EUR

Loans 31 To 60 Days Late

Bondora n/a
EstateGuru n/a
PeerBerry 0 EUR

Loans 60 Plus Days Late

Bondora n/a
EstateGuru n/a
PeerBerry 0 EUR

Loans Defaulted (In Recovery)

Bondora n/a
EstateGuru 30m EUR
PeerBerry n/a

Loans Defaulted (Recovered)

Bondora n/a
EstateGuru 8m EUR
PeerBerry n/a

Loans Defaulted (Written Off)

Bondora n/a
EstateGuru n/a
PeerBerry n/a

Investors

Bondora 162,089
EstateGuru 163,825
PeerBerry 65,570

Average Amount Per Investor

Bondora n/a
EstateGuru 5k EUR
PeerBerry n/a

Principal Returned

Bondora n/a
EstateGuru 665m EUR
PeerBerry n/a

Interest Earned

Bondora n/a
EstateGuru 92m EUR
PeerBerry 19m EUR

Late Fees Earned

Bondora n/a
EstateGuru n/a
PeerBerry n/a

Loan Originators Statistics new

Bondora n/a
EstateGuru n/a
PeerBerry n/a

Features

Auto-Invest

Bondora

Available as: Go & Grow, Portfolio Manager, Portfolio Pro

You have to activate the Auto-Transfer feature in order to have a fully automatized investment flow. Bondora pledges 6.75% returns per year when investing with Go & Grow. Be aware: as of September 2020, bondora has limited the monthly deposit to Go & Grow accounts to 1000 EUR. With Portfolio Manager you can pick your personal risk level and start investing. Portfolio Pro offers you a wide range of customization.

EstateGuru

Available as: Automated Investment Strategies

In January 2022, EstateGuru replaced the former auto-Invest feature with automated investment strategies. Instead of requiring a minimum investment of 250€, the strategies work already with a minimum of 50€ per investment. There are two presets for the strategies: "conservative" and "balanced". They differ in the strength of collateral (Loan To Value), the selection of countries and other risk adjustments. For more advanced investors, EstateGuru now offers individual strategy configuration possiblities.

PeerBerry

Available
Manual-Invest

Bondora

Not available

EstateGuru

Available

PeerBerry

Available
Instant Cash-Out

Bondora

Available as: Go & Grow

EstateGuru

Available as: Instant Exit Program

In October 2021, EstateGuru launched the instant exit programm. Next to the secondary market, investors can quickly liquidate their loans by returning them to EstateGuru. BE WARNED that a 35% discount is due to be taken from EstateGuru. In almost every case it would make more sense to sell a loan via the secondary market. Latest at high discounts of 10-15% you should find a buyer.

PeerBerry

Not available
Secondary Market

Bondora

Available

EstateGuru

Available

The secondary market is available but needs to be consented and activated by the investor. There is currently a survey running whether the secondary market should be made available also for auto-invest.

PeerBerry

Not available

Risk & Security

Buyback Guarantee

Bondora

Not available

EstateGuru

Not available

PeerBerry

Available as: Buyback Guarantee, Group Guarantee

The loan originators on PeerBerry usually guarantee to take over a loan if the borrower fails to pay after 60 days. Furthermore, in case a loan originator is insolvent and cannot pay back the money, the main partners of PeerBerry – the Aventus group and the Gofingo group – guarantee to payback investors. This is called "group guarantee". However, members of the investor community have criticized that legally there exist no "Aventus group" as an entity. And thus, the group guarantee may be a shallow term.

Payment Guarantee

Bondora

Not available

EstateGuru

Not available

PeerBerry

Not available
Rating System

Bondora

Available

AA (lowest risk), A, B, C, D, E, F, HR (highest risk)

EstateGuru

Not available

PeerBerry

Not available
Due Diligence

Bondora

Available

EstateGuru

Available

EstateGuru has a due diligence process for every loan project. Each loan is secured with a mortgage. In case, the borrower cannot pay back the loan, the property would be seized.

PeerBerry

Not available
Skin in the Game

Bondora

Not available

EstateGuru

Not available

PeerBerry

Not available

Collaterals

Bondora n/a
EstateGuru Property, Inventory
PeerBerry n/a

Maximum Loan To Value (LTV)

Bondora n/a
EstateGuru 75.00%
PeerBerry n/a

Bondora – is it a match?

Sign Up Bonus

The investor gets 0,5% added to their account for investments during the first three months.

PeerBerry – is it a match?

Made with 🍅🥖️ near Barcelona

Legal Notice

This is not an offer to invest. Investing in financial instruments involves risk. No investment is guaranteed, and there is always a risk of partial or full loss of invested funds. This information is not investment advice or a recommendation. All investment decisions shall be made by you independently, taking into account all your personal circumstances. BeyondP2P earns commissions from platforms when you sign up through our affiliate links. This can influence how prominently platforms are displayed, but we strive not to let it influence us on how we write about them.

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