In this episode of Income Insights, host Denny Neidhardt and Income founder Kimmo Rytkönen engage in a comprehensive discussion covering the platform's journey through 2023 and its ambitious goals for 2024.
Key Points:
1. Reflecting on 2023 Challenges:
- Kimmo highlights the difficulties faced by FinTechs, discussing the impact on loan onboarding due to market shifts and funding struggles.
- Regulatory hurdles and issues with existing lenders are addressed, impacting the platform's performance.
2. Strategic Approach to Growth:
- Despite challenges, Income achieved a commendable growth from 7 million to 11 million outstanding investments, with a peak at 13 million.
- The focus in 2024 is on doubling assets under management, with plans to attract larger Loan Originators and resolve the cash drag issue.
3. CEO's Strategic Transition:
- Kimmo discusses his shift to a more strategic role, emphasizing the importance of regulatory developments and potential jurisdiction changes.
- Plans for a funding round in 2024 are unveiled, with a target of around 1 million euros to support the platform's growth initiatives.
4. Regulatory Developments:
- The discussion delves into the significance of becoming a regulated marketplace, addressing potential benefits in attracting investors and institutional support.
- Kimmo expresses the platform's intention to pursue licensing in Estonia or explore other jurisdictions if necessary.
5. Funding Round and Financial Outlook:
- The episode provides insights into the platform's financial situation, highlighting ongoing support from key investors and plans for a funding round.
- Kimmo mentions a target of approximately 1 million euros in the funding round, contributing to a positive financial outlook for 2024.
6. Operational Improvements and Challenges:
- Kimmo discusses ongoing efforts to enhance the platform's IT infrastructure, addressing challenges related to auto-invest functionality.
- Consideration for a financial audit is mentioned, weighing the benefits against the resource and time commitments.
7. 2024 Goals and Priorities:
- The main priority for 2024 is to double assets under management, with a short-term target of reaching 30 million outstanding investments.
- Strategic collaborations with Loan Originators and resolving the asset issue are emphasized to mitigate cash drag and enhance investor experience.
Conclusion:
The episode provides a transparent look into Income Marketplace's past challenges, present strategies, and future aspirations. Kimmo's insights offer investors a comprehensive understanding of the platform's resilience, adaptability, and commitment to growth in the evolving landscape of peer-to-peer lending.
