Lenndy was found in September 2016 to stimulate small and medium enterprises in Lithuania and since then it has attracted a lot of attention from abroad. Platform is moving some of its activities to Latvia in order to place more focus on international investors.
From this Friday, 5th May 2017, Lenndy lending marketplace will be operated by SIA Lenndy while UAB Lenndy will carry on as a traditional crowdfunding platform once it acquires licence from the Lithuanian Bank.
Lenndy does not deny that marketplace activities were transferred due to clearer, more convenient and transparent regulatory environment. Regulators in Lithuania are in progress of developing environment for standard crowdfunding and therefore, we not intervene.
“We were having a discussion with the Lithuanian Bank for the last few months regarding the lending marketplace model as we see it as more innovative and progressive. During this time we were quite surprised as more and more international investors found our platform. The gap between number of international and Lithuanian investors is getting narrower” – said SIA Lenndy director Donatas Šatkauskas.
Currently investors join Lenndy from Lithuania, Japan, UK, Norway, Estonia, Czech Republic, Finland, Belgium, Australia, Italy and many other countries. During the last 6 months the proportion of international investors grew from 5% to 38%. Lenndy has over 2000 registered investors and since our launch in September 2016 investors raised over 2.2 mln. EUR.
Latvian company will operate activities that involve sales of claim rights of underlying loans. UAB “Lenndy” is no longer publishing new loans and is in progress of acquiring a licence from Lithuanian Bank to operate standard crowdfunding activities. Once the licence is acquired, UAB “Lenndy” will be publishing business projects for Lithuanian and international investors.
There are no changes to current portfolio holders at Lenndy due to this change. All current claim right agreements of underlying loans will be managed by UAB “Lenndy”.
All investors will be informed about future changes and updates via email.