Episode 18 of the Income Insights Podcast takes a deep dive into how Income performed in 2025 and what investors can expect from the platform in 2026. Host Denny Neidhardt is joined by Income CEO Lavrenti Tsudakov for an unusually transparent conversation covering performance ratings, supply challenges, institutional investors, onboarding new loan originators, and concrete targets for the year ahead.
Looking Back: How Did Income Perform in 2025?
When asked to rate Income’s 2025 performance on a scale from 1 to 10, Lavrenti gave the year a 7/10.
While this may sound conservative, the reasoning is deliberate. From Lavrenti’s perspective, 2025 was the strongest year in Income’s history in several respects, but also a year where expectations were intentionally set high.
2025 was strategically defined as a foundation-building year, particularly on the supply side. The onboarding process for loan originators was completely overhauled, and despite some large originators reducing exposure, the platform proved resilient. Assets under management grew by roughly 30% year-over-year, reaching around €25 million.
At the same time, AUM growth fell short of internal stretch targets. Portfolio reductions from some large loan originators – most notably Danarupiah – and periods of platform instability created friction for investors during peak demand.
As Lavrenti put it: Income did not fail, but it also did not fully hit its own ambitious benchmarks.
Strengthening the Core: Supply, Onboarding, and Platform Resilience
One of the most important strategic decisions in 2025 was to prioritise supply quality over speed. A dedicated Loan Originator Onboarding Manager joined the team, leading to a redesigned onboarding funnel with tighter processes, clearer materials, and more rigorous selection criteria. This approach opened access to loan originators that had previously been out of reach, even though it slowed visible onboarding in the short term.
Crucially, 2025 also acted as a real-world stress test. Despite portfolio reductions from several originators, the platform remained stable, confirming that Income now has a sufficiently diversified investor and originator base.
Institutional Investors: A Quiet but Major Milestone
One of the most meaningful, changes in 2025 was Income’s progress with institutional investors.
Income onboarded its first serious institutional players, which required stricter legal frameworks, dedicated reporting, and significantly higher expectations for transparency and responsiveness. These institutional portfolios are now live, operational, and growing without disadvantaging retail investors.
Lavrenti views this as a strategic proof point rather than a one-off success. Income is no longer considered “too small” or “too young” by institutional capital, and several additional conversations are already underway. Over time, institutional investment is expected to become a complementary growth stream alongside retail demand, with a stronger focus on risk-return balance and operational quality rather than headline interest rates.
New Loan Originators in 2025: Who Joined and Why It Matters
Despite a stricter selection process, Income onboarded three new loan originators in 2025:
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Autofino (~€570k outstanding)
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Simpleros (~€220k outstanding)
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Virtus Lending (~€3.8m outstanding)
Together, these originators represent roughly €4.5m, or close to 20% of total AUM.
Behind the scenes, Autofino took the longest to onboard due mainly to timing rather than technical hurdles. Simpleros launched intentionally at smaller volumes with a focus on very short-term products, while Virtus Lending stood out for its smooth onboarding and strong management engagement, including in-person meetings in Estonia.
Lavrenti noted that Income declines around 60% of potential loan originators, most often due to KYC issues, insufficient scale, or weak long-term potential. The preferred sweet spot is a loan book of €5m or more, although exceptions are made for standout cases.
Revenue, ClickCash, and Financial Discipline
Income generated approximately €690k in revenue in 2025, a ~40% increase compared to 2024.
Lavrenti also addressed the ongoing ClickCash recovery, confirming that Income remains committed to covering the remaining losses from its own funds. Around €90k is still outstanding, and while the recovery has been slow, this approach ensures investors are not bearing the cost of past mistakes.
From a profitability perspective, December 2025 was already profitable as a one-off. Recurring monthly profitability is expected once AUM reaches roughly €30–35m.
2026 Outlook: What Investors Can Expect
Looking ahead, Income’s goals for 2026 are ambitious and very concrete.
Two major platform upgrades are planned for Q1–Q2 2026: the launch of a secondary market and the rollout of two-factor authentication (2FA), which will be introduced in parallel for security reasons.
On the growth side, Income is targeting €50–60m in AUM by year-end, with two large new loan originators expected to onboard in Q1 and several others already in advanced due diligence.
A new funding round is planned to support this acceleration, alongside continued expansion of institutional investor partnerships. Strategically, Income intends to balance retail and institutional demand rather than favouring one over the other.
From a regulatory standpoint, Estonia remains unregulated for this sector. Income is actively evaluating regulatory paths in neighbouring countries, recognising that regulation would require local hiring and higher costs — but could significantly increase trust and long-term scalability.
Final Thoughts
Episode 18 paints a picture of a platform that deliberately chose discipline over speed in 2025 and is now positioned to accelerate.
Income enters 2026 with a stronger supply pipeline, proven institutional interest, improving financials, and clear product milestones. As Lavrenti put it: the plans are in place — now it’s about execution.
Stay tuned for the next chapter.
