Hive5 will roll out bank cards in Poland this 12 months, after withdrawing from the nation’s peer-to-peer lending market.
The Croatia-based P2P lending platform has earned its small cost establishment license in Poland which allows it to hold out funds transactions and begin its bank card operations. This can permit Hive5 to begin providing bank cards in Poland in some unspecified time in the future in 2024.
The platform additionally plans to broaden its mortgage originator base, with a brand new Spanish lender and a Romanian lender quickly set to launch. Hive5 hopes that these new developments will assist to extend the group’s profitability and liquidity reserves, and win new buyers.
“From the start of the 12 months, we’ll launch the Spanish mortgage originator and put together for one more launch in Romania,” mentioned a platform consultant in a weblog put up to buyers.
“Yet another undertaking is on the last stage earlier than launch – Polish bank cards. Moreover, we’ve an essential plan to extend the group’s profitability and liquidity reserve.
Learn extra: P2P lenders depart Poland forward of latest guidelines
“Lastly, we wish to broaden the group of buyers and guarantee smoother platform use. Therefore, we’ve many plans to enhance the web site of Hive5.”
A variety of European P2P lenders pulled out of the Polish market final 12 months forward of a brand new regulation which makes the pan-European P2P lending mannequin unimaginable to navigate. This regulation got here into power on 1 January 2024.
In November 2023, Hive5 exited the Polish P2P market, telling buyers that the regulatory replace has “inspired the acceleration of long-planned enlargement into new markets.”
Learn extra: Hive5: Shopper mortgage demand will stay excessive in 2024