Sweden listed P2P-lender TrustBuddy announced today that the investments in the new IT-platform and website have temporarily affected loan volumes during June. That is why the company now expects revenues in Q2 to be in-line with Q1.
TrustBuddy also says that it expects significantly increasing profitability in Q3 and Q4.
Says TrustBuddy CEO Jens Glasø: “The new system implementation contributed to higher costs and lower profitability during Q2. The new platform is now up and running and the weekly volumes for July have already surpassed the volume levels seen before the system launch.”
Already earlier this month, TrustBuddy announced that an institutional investor has committed to invest SEK 270m in order to finance loans on TrustBuddy’s platform, which is expected to lead to strongly increasing loan volumes.
TrustBuddy will report its Q2 2014 report on August 21st, 2014.