Investor Presentation - Bondora · 2. Executive Summary •Bondora AS is a leading consumer lender...

Investor Presentation

2

Executive Summary• BondoraASisaleadingconsumerlenderinEuropewithsolidtrackrecordintheFinnish,EstonianandSpanish markets

• BondoraCapitalOÜ,awhollyownedsubsidiaryofBondoraAS,operatesapeer-to-peerlendingmarketplacethat allowsinvestorstoacquireloansissuedbyBondoraAS(wholeorfractional)

• BondoraGroupcompaniesuseinstitutionalqualityserviceproviders(KPMG,PwC,BDO)thatprovidefinancialand internalauditingaswellascomplianceservices

• Thegroupcompanieshaveshownexceptionaldevelopmentandhaveestablishedthemselvesasoneofthemain playersinthefast-growingnon-bankconsumerlendingaswellaspeer-to-peerlendingindustries

• Bondora.commarketplaceinvestorbasehashistoricallybeenretailwithover25,000investorsfrom67countries• In2015institutionalofferingwaslaunchedwithcurrentlyoneinvestmentfundandfamilyofficeacquiringissued loans

• Thereisstrongtrackrecorddatingbackto2009withinvestorreturnssignificantlyhigherthanthatofthepeergroup

Disclaimer.ThisdocumentispublishedbytheManagementBoardofBondoraCapitalOÜforinformationalpurposes,solelytoenableyoutogainsomeinitialfamiliaritywiththeserviceofferedbyBondoraCapitalOÜ.Theopinionsexpressedinthisdocumentarethoseheldbytheauthorsatthedateofthisdocumentandmaybesubjecttochange.Thisdocumentshallnotbeconsideredasolicitationtobuyoranoffertoselloraninvitationtopurchase,orarecommendationfor,asecurity,oranyotherinvestmentproductorservice.Theviewsexpressedhereinarenottobetakenasinvestmentresearch,investmentadviceorrecommendation,norwilltheyformapartofanyinvestmentdecisionoranydecisiontoenterintoanycontractofsaleofsecurities.Youaresolelyresponsiblefordeterminingwhetheranyinvestment,securityorstrategyoranyotherproductorservice,isappropriateorsuitableforyoubasedonyourinvestmentobjectivesandpersonalandfinancialsituation.Youshouldalwaysseekyourownindependentprofessionaladvice,ifnecessary.BondoraCapitalOÜnoranyofitsagentsoweadutyofcaretoyou,normakeanyexpressorimpliedrepresentationorwarranty,andnoresponsibilityorliabilityisacceptedbyanyofthemwithrespecttotheadequacy,accuracy,completenessorreasonablenessofthefacts,opinions,estimates,forecasts,projectionsorotherinformationinthisdocumentoranyfurtherinformation,writtenororalnotice,orotherdocumentatanytimesuppliedinconnectionwiththeservicesprovidedbytheIssuer,andnothingshallberelieduponasapromiseorrepresentationregardinganyhistoricorcurrentpositionorfutureevents.Theentirecontentofthisdocumentisconfidentialandsubjecttocopyrightwithallrightsreserved.Youmaynotcopy,reproduce,distribute,transmit(byelectronicmeansorotherwise)ormodifythecontentsinwholeorinpartwithoutwrittenpermission.Byacceptingdeliveryofthisdocument,youacceptthetermsofthisdisclaimerandagree,uponrequest,toreturnallmaterialreceivedfromBondoraCapitalOÜ,includingthisdocumentwithoutretaininganycopiesthereof.Theinitialrecipientofthisdocumentshallalwaysberesponsiblethattheconfidentialityobligationpresentedhereinisdulyfollowed.

3

1 Investment Offer

2 MarketOverview

3 InformationonBondora

4 LoanOriginationandServicing

4

Investment Offer

Buy whole loans based on a custom strategy

Passively buy into the entire market

• Investmentproductsaredevelopedtomeetvaryingneedsandpreferencesoftheinvestors

• Bondoraoffersinvestorsalternativestoinvestintoloansthroughdifferentchannels(website,APIorforward-flowpurchaseagreement)

• Investmentpolicycanbetailoredtopurchasewholeloansbasedonpre-definedcriteriaorinvestintofractionalloansacrossthemarket

• Expectedreturn8%-20%dependingonselectedproductandstrategy

Investment methods tailored to investor preferences

Investment offer

Direct investments to loans (Expected return 8% – 20%)

5

Investment Structure

Bondora andits subsidiariesBorrowers Investor

• Investor’sassetsaresegregatedonaseparateaccountincasewholeloansareacquired

• TheaccountissweptdailyforthebenefitoftheInvestor

Loanpurchases(LoanAssignmentAgreement)

Principalandinterest(LoanServicingAgreement)

Loan,lesscontractfee

Principal,interestandBondora’sfees

Structure of investments to loans

6

1 InvestmentOffer

2 Market Overview

3 InformationonBondora

4 LoanOriginationandServicing

7

Our Markets: Economic Perspective• BondoraoperatesinFinland,EstoniaandSpainwithtotalpopulationofover53millionpeople

• Ourmarketsareuncorrelatedbyeconomicperformanceandallthecountrieshaveinvestmentgradesovereignratings

• Finlandwentthroughrecessionin2012–2014andSpainin2008–2014

• Bondorahasbeensuccessfulinthesecountriesinrecessionaryenvironment

• UnemploymenthasbeendecreasinginSpainandEstoniaandisprojectedtostabiliseinFinlandin2016,improvingloanservicingcapabilityoftheborrowers

• Acceleratingeconomicgrowthandexpandingprivateconsumptionareensuringattractiveenvironmentforconsumerlending

Our markets: Snapshot

Population(million)GDP(EURbn)GDPpercapita(EUR) Consumercreditmarket(EURbn) GDPgrowth2016Unemployment2016

Sovereignrating(Moody’s)

5,5

14,1

Finland

207

0,4%

37878

8,8%Aa1

46,1

61,0

Spain

1081

3,2%

23469

18,4%Baa2

1,3

0,8

Estonia

21

1,6%

15769

6,8%A1

Unemployment rateGDP growth y-o-y %Pivate consumption y-o-y %

Spain Finland EstoniaSpain Finland Estonia

Spain Finland Estonia

Sources:FocusEconomics,SEB,EuropeanCommission,ECRI

20162015

2014

2013

2012

2012 2013 2014 2015 2016

18,4%

22,1%

24,4%26,1%

24,8%

8,8%9,4%8,7%8,2%7,7%

6,8%6,2%7,3%

9,0%10,0%

3,2%3,2%

1,4%

-1,7%-2,6%

1,6%

1,1%

2,9%

1,6%

5,2%

4,4%

2,9%

0,3%

-0,5%

0,6%

3,1%

1,2%

-3,1%

-3,6%

3,4%

1,4%

3,8%3,5%

5,0%

3,4%

0,4%0,5%

-0,7%-0,8%-1,4%

8

Market Overview: Consumer loans• ThemarketsBondoraoperatesinareattractiveforconsumerlendingduetolimitedavailabilityofcreditthroughthebanks,causedbytechnologicalandregulatorybarriers

• Consumercreditmarkethascontractedconsiderablyfromtheirpeakwitnessedin2008inSpainandEstonia,buthasgrowninFinland

• Finland,EstoniaandSpainarehighlydigitalisedmarkets,withSpainofferingmostsignificantupsideindigitalconvergence

• Inlinewithadvancementsintechnology,themarketshaveattractedalternativelendersofferingconsumercreditonline

• CompetitiveadvantageofBondorastemsfromprovision ofloanswithclearproductutility,attractiveinterestratesandseamlesscustomerexperience

• Targetednear-primesegmentenablestocoverwidestmarketandwinovercustomersbothfrombanksandpaydaylenders

• Risk-adjustedinterestrates,controlleddefaultsandstrongperformanceinrecoveriesensurehighreturns

Bondoratargetssegmentsthatbankshavedifficultiesreachingdueto

technologicalandregulatorybarriers

Advancedunderwritingenablestoofferbettertermsthanthepaydaylenders

Bondora focuses on near-prime segment overlooked by banks where it has a competitive edge

Interest rates and net returns

Banks Paydaylenders

Cash flow restored(% of planned principal)

2015

46%

2016

51%

2014

46%

Interestrate

Returnnetoflossesandfees

2015 20162014

13,3%

30,9% 36,3%28,2%

11,5% 19,4%

Prime Near-Prime Sub-Prime

9

1 InvestmentOffer

2 MarketOverview

3 Information on Bondora

4 LoanOriginationandServicing

10

Overview of Bondora• Bondorafocusesonunsecuredconsumerlending

• BondoraissuesloansinFinland,SpainandEstonia

• BondorahasprocessedmorethanEUR1.6billionofloanapplicationsandissuedoverEUR 89millioninloans

• Bondorahasallthenecessarylicensesforthemarketsinwhichitoperates;itadherestotheAMLrequirementsandresponsiblelendingprinciplesrequiredbythelawseachrespectivecountry

• In comparison to its peers, Bondora has a solid track record ingenerating returns for investors

• Investors can generate 400 to 1000 basis points of additional yield,depending on borrower credit score grades, without noticeablyincreasing risk

Corporate profile

Expected return by risk grade: Bondora relative to its peer group

Markets

Amount

Averageloansize

Interest

Amortisation

Security

Maturity

Established

Numberofemployees

Auditor

InternalAuditor

2008

38

KPMG

PricewaterhouseCoopers

Loan profile

Finland,Spain,Estonia

EUR500-11,000

EUR2500

Dependsontheborrower’sriskrating

Monthly

Unsecured

3-60months

Sources:LendingClub,Prosper,Bondora

11

History of Bondora

Bondora has been adapting its business so it can offer credit products in selected markets

Foundedin2008

Winnerofthe“BestEstonianE-serviceof2011”award,andaquarterfinalistattheWorldSummitAwards

LaunchofloanproductsinFinlandandSpain,makingBondorathefirstmarketplace

providingcreditseamlesslyacrossmultiplecountries

Bondorasplitsoutandshiftsitsdebtservicingandloanmarketplaceactivitiestosubsidiary

companies

Raiseda€4.5millionSeriesAroundledbyValinorManagement,a

€3billion,US-basedprivateinvestment

firm,whichwasanearlybackerofLendingClub

Rolloutofscorecardandrisk-basedpricingwiththelatterreplacingauction

bidding-basedinterest-ratesetting

Bondorarollsoutthesecondversionofitsscorecardsandrisk-basedpricingrolledout,increasingthe

performanceofFinnishandSpanishmodelsandopensitsAPItothepublic

LoanmarketplaceopenedtoretailinvestorsacrossEurope,making

Bondoratheworld’sfirstcross-borderlendingplatform

Bondorabeginsoriginatingloans

usingitsownbalancesheettocomplywith

consumercreditlegislationacrossthethreelocaleswhereit

operates

BondoraislicensedasacreditproviderbytheEstonian

FinancialServicesAuthority,theprimarylocal

bankingregulatoranditeffendsitsbalancesheet

model

Raiseda€1.3millionseedroundledbyGlobalFoundersCapital,aprivateinvestmentvehicleoftheRocketInternetfounders

FirstversionofBondora’sfrauddetectionprocessimplemented

TheUKFinancialConductAuthoritygrantsBondoraaninterimlicense

BondoraestablishesthefirstNordicmarketplace

lendingplatform

2008 2009 2010 2011 2012 2013 2014 2015 2016

12

Competitive Advantages

Bondora leverages its strengths and the assets it has developed over the past seven years to capitalize on a unique opportunity

• Bondora’sfocusoncreatingcost-effectivewaystoservelowerandmiddle-incomecustomersandpaydayloancustomershasenabledittodeliverstrongrisk-adjustednetreturnsonitsloanportfoliowhilekeepingcustomeracquisitioncostsundercontrol

Experience in serving lower and middle income customers

• Bondoraconductsthoroughbackgroundchecksonprospectiveborrowers,includingverifyingtheirincomeandexpenses

• Bondora’sapproachfacilitatesafasterandcheaperassessmentofcreditandfraudrisks,enablingittoofferthemostappropriateloanproductstoitscustomers

• ItsservicingpracticesaffordBondoracompletecontroloveraccountsandhelpensurethatloansarerepaidinatimelymanner

Proprietary underwriting, collection and recovery

processes

• Bondoracombinesuniqueandbest-in-classskillsderivedfromitsexperienceinandtheresourcesavailableacrossmultiplecountries

• BondoraleveragesSwedishbankinginfrastructure,Germantechnologymanagement,Estonianapplicationdevelopmentskills,cost-effectiveFinTechback-officeoperationsandAmericanmarketingknow-how

International business architecture

• Bondorahasdevelopedasingletechnicalplatformthatcanbeusedinanynumberofjurisdictions,regardlessofborrowers’residency,languageandcurrency

• Bondora’sproprietarytechnologyallowsextensiveeconomiesofscale;functionalimprovements,aswellascostsaresharedacrossthemarketsitoperatesin

Single platform for borrowers across Europe

• Bondora’slegalentityisbasedinEstonia,whichhasastrongsovereigncreditratingandafavorabletaxenvironment

• BondorahasaccesstoaqualifiedITworkforcewithexperienceworkingatleadingtechnologycompanies(e.g.Skype,GrabcadandTransferwise)

Advantageous base of operations

13

Management and Shareholders

Management Board Executive team of Consumer Credit

ShareholdersSupervisory Board

Joao Monteiro, Chairman of the Board

Pärtel Tomberg, CEO Kairo Kraaner, Head of Borrower Product Targo Tennisberg, CTO of Consumer Credit

Phil Austern, Board Member

Mati Otsmaa, Board Member

Rein Ojavere, CFO

• ExecutiveatKuehne+Nagel

• PreviouslyresponsiblefororganizationaldevelopmentatLSGSkyChefsandRolandBerger

• FounderofBondora

• PreviouslyresponsibleforBalticregionalmanagementatQuelleAGandHalensAB

• FormerlyBondora’sdigitalacquisitionmarketingexpert

• Hasworkedasadigitalmarketingmanagerandprojectmanageratseveralorganizations

• MajorityofthesharesareheldbyFoundersandPrivateInvestors

• ThelargestinstitutionalinvestorisValinorManagement

• SoftwareArchitectatseveralleadingITcompanies

• SeniorDevelopmentLeadatMicrosoft

• FoundingmemberofValinorManagement

• PreviouslyVicePresidentatFranciscoPartners

• E-commerceandfinancialservicesexecutive

• HasengagedinassignmentsforAmericanExpress,Barclays,Citibank,Chase,Experian,HSBC,HyundaiandProvidian

• FormerlyHeadofCorporateBankingatDNBinEstonia

• HasworkedinassetmanagementandinvestmentbankingatLimestone,Swedbank,EvliandSuprema

Foundersandprivateinvestors

Institutionalinvestors

79,7%

20,4%

14

Company Structure and FunctionsCompany Structure and Functions

All functional units and subsidiaries of Bondora Capital OÜ and Bondora Servicer OÜ are headed by seasoned professionals and supported by experienced development teams

• Borroweracquisitions

• FrauddetectionandKYC/AML

• Underwriting

• Scoringanddatamodelling

• Loanservicing

• Support

• Investoracquisitions

• Investorrelations

Consumer Credit

24 11

Loan Marketplace

Management (2)Front OfficeBack OfficeCollections

HR (1)

Functions

Number of employees

15

Governance and Risk Management

Governance model

Heads of Departments

Management Board

Supervisory Board

Shareholders’ Meeting

Supervisory Board

Management Board

Risk management

• Bondora’sManagementBoardisoverseenandappointedbytheSupervisoryBoard,whichhas,inturnbeenappointedataShareholderMeeting

• TheManagementBoardisresponsibleforday-to-daymanagement

• Bondora’soperationalmanagementteam,whichincludesspecialistsincreditriskassessment,marketrisk,ITsecurity,operationalriskand compliance,isresponsibleforriskmanagement

• Specificriskmanagementresponsibilitiesaredelegatedtotherespectivedepartmentheads,whoreporttotheManagementBoard

• TheSupervisoryBoardfurtherreviewsriskmanagementonaquarterlybasis

• Theinternalauditfunction,carriedoutbyPwC,isdirectlyoverseenbytheSupervisoryBoard

3 L I N E S O F D E F E N C E :

+ ExternalAudit+ InternalAudit

16

1 InvestmentOffer

2 MarketOverview

3 InformationonBondora

4 Loan Origination and Servicing

17

Borrower Profile• ThefollowingaretherelevantstatisticsforloansissuedbyBondorainalltoborrowersinthe2016inallcountriesofoperation

• WeexpectthatthesecharacteristicsarerepresentativetotheloansissuedbyBondoraintheinthefollowingperiods

• Incomeverificationinmorethan60%ofthecases

• Weightedaverageincomeoftheborrowersacrosscountriesisabovethenationalaverage

Weighted average income of the borrowers across countries is above the national average

Issued loan amount (EUR)Income vs. national average Use of loanIncome verification

Incomeunverified

Incomeandexpensesverified

Incomeverified

Weightedaveragemonthlyborrower

netincome

Weightedaveragenationalmonthly

netincome

500-1499 Travel1500-2499HomeImprovements

2500-3499Loanconsolidation

3500-7499 Other

Above7500 Transportation

1291

1473

18

Sourcing and Volume Generation

• Finland,EstoniaandSpainaresizableandhighlydigitalisedmarketswelladaptedtoonlinelending

• LoansofferedbyBondorahaveclearproductutilityinrelationtocompetition,aslongerdurationsenablecustomerstotakebiggerloanswithlowermonthlyinstalment

• TotalmarketofconsumercreditinFinland,EstoniaandSpainisclosetoEUR76billionandannualestimatedturnoverisEUR25billion,withonlyafractionofthemarketbeentappedbyBondora

• Bondoramarketsitselftoborrowersusingacombinationofsearchenginemarketingandtelevisionadvertising

• Bondorainitiatesalsoemailcampaignstargetedatexisting,previousandprospectivecustomers

• BondorahasbeenoperatinginEstoniaover8years,ontheFinnishandSpanishmarketfor3yearsandithasdevelopedanefficientcustomertargetingmodel

• In2016thevolumeofinvestableloansgeneratedinFinland,Estonia,SpainreachedEUR59m

• BondorahasonmultipletimestestedthatthevolumecanbemorethantripledwithoutchangingtheriskprofilewithadditionalinvestmentsdirectedatTVandonlineadvertising

Bondora has developed efficient marketing model to address high volume of potential customers

Split of marketing channels in 2016

Market potential of investable loans (EUR m)

VolumegeneratedbyBondora

25000

59

Totalnewconsumerloansissued/rolledoverin

Finland,EstoniaandSpain

19

Underwriting Process

• Personalinformation

• Contactinformation

• Sociodemographicinformation

• Employmentinformation

• Incomeinformation

• Informationonoutstandingliabilities

• Supportingdocumentation

• Executionoftheloanagreement

• StandardEuropeanConsumerCredit Informationformissigned

• Ariskratingiscalculatedusingallofthecollecteddata

• Variablesareadaptedthroughstatisticalanalysisandscorecardcalculated

• Thescorecardprovidesan estimate of a loan'sprobability of defaultand 12-month firstpayment default

• The Credit team has extensive experience in developing credit models.

• Credit risk-related activities are supported by data engineers, including one who has aPhD in economics, and a PhD candidate in machine learning/computer science.

* BondoraRatingsrangefromAA(thesafestgrade)toF(theriskiest“investmentgrade”rating).Additionally,Bondoraassignsagradeof“HR”(highrisk)toloanapplicationswithanexpectedlossof25%orhigher.

• Alifetimecashflowmodelisconstructedusingtheriskscoringresults

• Theinternal rate of returnis calculated

• Theexpectedreturn andthecreditscoring resultsareusedasinputs forestablishingafair interestrate

• Loan applications areassigned a BondoraRating based on theestimated one-yearexpected loss*

• Emailaddressverification

• Mobiletelephonenumberverification

• IDverification

• Addressverification

• Bankaccountverification

• Dataprovidedbytheborrower

• Dataavailableinthelocalcreditbureaus

• Supportingdocumentssuchasbankstatementsandpayslips

• Informationavailablefromspeciallocaldatasources

• Dataavailablefrompopulationregistryandpropertyregistry

• Behavioraldataavailablethroughthirdpartydatavendors,socialnetworksorserverlogs

Customer applies for a loan

Underwriting is managed by a team of highly

experienced and skilled professionals

Data collection and verification

Identification and fraud detection Risk scoring Loan pricing Loan agreement signed

and loan issuedLOAN

ISSUED

20

Risk Scoring

• Sincelaunchoftheoperations,BondorahasanalyzedloanapplicationswithvalueofoverEUR1,6 billionofandhasdevelopedsignificantexperienceincreditscoringusingthedataithasamassed

• BondorahasdevelopedhighlevelofexpertiseinFinland,EstoniaandSpainwithitsproprietarycredit scoringdatabasethatprovidesinsightintocustomerbehavior

• Bondorausesaninternallydevelopedcreditscoringand pricing modeltocalculateaprospectivecustomer’srisk rating

• Theriskratingiscalculatedusingallofthedatacollected

• Theexactvariablesthataffectcustomer’screditriskratingareestablishedandadaptedasneeded throughstatisticalanalyses

• Thesevariablesmayincludeincomeinformation,employmentrecordsandcredithistoryaswellas marketingandothernon-traditionaldata

• Bondorascorecardsarepreparedbyitsconsumercreditbusinessunit’sscoringandpricingteam

• Thescorecardsareregularlyevaluatedandcalibrated

Bondora has developed high level of expertise in its markets with its proprietary credit scoring

Data collection and analysis

Proprietaryscorecards

21

Recovery Process

E-mailandtext messageswith

upcomingpaymentdetails

E-mailwithupcomingpayment

details

Dailyemail,textmessage,postalletterandautomatedcalls

requestingborrowertotakeimmediateactiontorepaythedebtorto

contactusinordertofindasolution

FINLAND:legallitigationwillbestartedinthelocalcourt.Theprocesstakes

typically4monthsuntilaverdictismade.SPAINandESTONIA:Casehandedbackto

alocaldebtcollectionagency.

FINLAND:Thecaseishandedovertoalocalbailiffafteracourtmakesa

decision.SPAINandESTONIA:IncasetheDCAisunsuccessful,butpotentialrecoverythroughacourtprocedureishigh(e.g.customerdoesnothavemanydebtsandhasassets)thenacourtcase

willbefiledwiththelocalcourt.

Casehandedovertodebtcollectionagents(external,in-houseorbothinparallel)forcollections

Casehandedbackifnotsuccessful.Emailnotifyingthecustomerofcharge-offandstartoflegal

action

Accountindefault.Borrowerdetailswillbepublishedwiththelocalcreditbureau.

Through efficient process Bondora has achieved relatively high recovery rates

Days from payment

Success factors

-7 -1 +1 to +7 +8 +60

+166 to +200+75

+74

Process

Current account

Delinquent account

PaymentsarehandledviaeitherSEPACreditTransfer,SEPADirectDebitTransferoronlinepaymentgateways(suchasTrustly)

• Collectionstrategyfocusesonefficiency,time,quality andcustomersatisfaction

• Bondorahas8-yeartrackrecordinmanagingcollection inEstonia,3-yeartrackrecordinFinlandandSpainand ithasachievedrelativelyhighrecoveryrates

• Earlyinititationthroughremindingcustomersonpaymentsinadvanceandfaststartofcollectionprocessondelinquentaccounts

• Goodcooperationwithlocalcourtsanddebtcollectionagencies

• FastandefficientexecutionofcourtcasesfiledthroughAPIorlocalpartners

22

Traceability and Policy Rules

Credit policy rules are supported with national ID infrastructure ensuring traceability of the borrowers

In Finland, Estonia and Spain traceability is very high due to the linkage between individual’s national ID number and almost all the aspects of public life

• TheBorrowerisaresidentofFinland,EstoniaorSpainandisatleast18yearsold

• Incomeoftheborrowerisatleast€1,000netpermonthinFinland,€300inEstoniaand€600inSpain

• Loanisintheminimumamountof500Eurosandthemaximumamountof11,000Euros

• TheaggregateoutstandingamountofloansissuedbyBondoratothesameborrowermaynotexceed11,000Euros

• Loanhasatermofnotlessthan3monthsandnotmorethan60months

• LoanhasaBondora’sinternalcreditriskratingofAA,A,B,C,D,E,ForHR

• Annualpercentagerateoftheloanatthetimeofconcludingthecreditagreementwaslessthanstatutorylimitsinthespecificcountry

• Loanispaidinmonthlyinstalments

• TheBorrowerhasnoactivedelinquenciesbylocalcreditbureaus

• InFinland,EstoniaandSpaincustomerscanbetracedbasedontheirIDnumber

• Alltheborrowersareidentifiedbytheirphonenumber,addressandbankaccountdata,wherebyidentityandIDnumberarelinkedtotheapplication

• Strongtraceabilityenablestoidentifypotentialfraudandensuresthatdebtscanbecollected

Key terms of the Policy RulesIdentification and traceability of customers

Address change Job change Public

support Healthcare

USE OF NATIONAL ID NUMBER

Tax, police and legal system

Bank, insurance

and payments

Subscription to services

Loans are issued one the basis of stringent Policy Rules of Bondora

Contact

investor@bondora.com

BondoraCapitalOÜ

A.H.Tammsaaretee47Tallinn11316,Estonia