Agricultural lending platform Lande completed a little over €1m in loans to farmers in March.
Lande’s investors earned just under €80,000 in interest in March, bringing the total up to €1.4m, the platform said in an update. It added that 91 new investors had registered on the platform in March.
Lande, which received its pan-EU crowdfunding licence in February, noted that out of the 956 projects it has funded, 421 have been repaid in full and 535 remain active. However, a total of 49 projects are now in default. Lande said its debt collection teams had exhausted all ‘soft recovery’ processes.
The platform added that it has sought to improve its debt collection process across markets by expanding teams in each country, introducing new procedures to make the process more efficient, as well as updates to the platform and connected software to streamline operations.
Back in December, Lande paused all activity on its secondary market after a large number of transactions were processed erroneously, leading to incorrect balances and calculations for investors. Linked to this, the platform recorded a 31% decrease in the number of customer support tickets in March versus February, marking a continuation of a downward trend.
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