We greet year 2019 with major news. We are happy to announce that Lenndy signed an agreement with Estonian LHV bank and integrated brand new SEPA payment solutions. Update will go live on 21st January and all investments will be done using Lenndy depository account instead of individual Paysera accounts. We are trying to make this transition convenient and stress-free for our investors, therefore, you will be able to transfer your available funds from Paysera account to depository LHV account in just a few seconds.
Lenndy depository account at LHV bank is dedicated for holding clients’ funds and to make sure transactions are fast and secure. Funds deposited into this depository account are separated from Lenndy company assets. Lenndy will keep investors’ money segregated from funds for business operations. Investor funds will not be included in Lenndy financial statements. You can withdraw funds that are not invested in loans from your Lenndy investor account to your bank account at any time. Lenndy ensures the payout of funds from investor accounts within two business days of receiving withdrawal requests. Similar solutions are offered by most major crowdfunding and peer-to-peer platforms in Europe.
Differences between Paysera and LHV depository account processes:
Depository account SEPA payment solution at LHV Bank
Once investors register and confirm their email at Lenndy, they have to sign up at Paysera, create a personal account and complete full verification process. Once the account is opened, it can be linked directly to Lenndy platform. Then, investors are able to choose which loans to invest in and transaction is done directly from personal Paysera account to loan originator’s Paysera account. KYC and AML policies as well as all transactions are handled by UAB Paysera LT.
All investors automatically get unique ID numbers when they register on the platform. It allows all deposits to be allocated to corresponding investors. Investors can only make deposits from their own bank accounts as their full name has to match the one verified by Lenndy team. When you want to withdraw funds from Lenndy to your bank account, you are able to choose any of the accounts that were used previously to make a deposit. In order to process your first withdrawal, you will need to provide a copy of your ID or passport. KYC and anti-money laundering procedures are managed by SIA Lenndy team in cooperation with LHV bank.
• Why is Lenndy changing the money management solution?
SEPA money management solution enables Lenndy team to quicken investor onboarding process, improve the speed of transactions and ensure error-free statistics.
• Are deposits protected by deposit insurance?
Lenndy depository account deposits in LHV Bank of up to 100,000 EUR are protected on account of the Deposit Guarantee Sectoral Fund.
• How will the changes affect current investors using Paysera accounts?
Current investors who use Paysera accounts will have to confirm their date of birth and input the amount they would like to deposit to Lenndy depository account at LHV Bank.
• How can I deposit funds and invest if I am from outside Europe?
We accept SEPA money transfers from bank accounts or payment services in the European Economic Area. If your bank does not use SEPA transfers, please contact our investor service team to find the best way for you to deposit your money.
• Will I recover my money if I do not agree with updated platform terms and conditions?
We will be asking all investors to agree with updated platform terms and conditions in order to carry on investing at Lenndy. If you do not agree with updated terms and conditions, you will be able to withdraw available funds but you will not be able to make any further investments.
If you have more questions about your account transfer, you can always visit our Q&A section or email us at email@example.com. Thank you for being part of Lenndy family and wish you a secure and stable return!