As our transition period to a fully-fledged investment brokerage is nearing the end, we would like to point out some of the most important changes you can expect regarding your experience on our platform starting from June 30th.
- Becoming a licensed investment brokerage means that we may no longer offer unregulated products such as investments into loans via assignment agreements (which is how you have been investing so far). This regulation applies not only to the primary market, but to the secondary market as well. This means that you will no longer be able to purchase loans neither from the primary nor the secondary market. Any outstanding sale listings will be cancelled on June 30, and you will no longer be able to put your loans up for sale. Your loans will stay in your portfolio until they have been completely repaid.
- We will start offering asset-backed securities (loan securities). The securities will come with a variety of documents to offer the highest level of transparency. These documents include a base prospectus, final terms, and a key information document. Investors will be able to read extensive information about the specific financial instrument and the potential risks related to investments. More detailed information on the securities will follow soon.
- The issuer of loan securities will be withholding tax from the income you receive. Please note that this applies only to income derived from investments in securities – your previous investments (including future income and repayments related to them) will not be affected. You can read more about the withholding tax and tax residence certificates here. For those of you that have already uploaded a tax residence certificate and have not received a confirmation – please bear with us as it will take some time to process all submissions.
- Currently, you are still able to log into the old user interface (UI), however, as the new product offering will be supported only by the new UI, it will become the sole available interface. We understand there are still some issues to be worked out, but you can rest assured that we are continuously working on improvements and considering your feedback. The feedback we have received in the past weeks has already helped us to prioritize future development. If you would like to share your thoughts with us, you can do so here.
There are many more exciting changes to come once the transition period is over. We will continue sending updates so that you are fully aware of what is coming next. In the meantime, please do not hesitate to send us a message if you have any questions or concerns.
