{"id":6458,"date":"2024-01-12T10:00:00","date_gmt":"2024-01-12T10:00:00","guid":{"rendered":"https:\/\/getincome.com\/blog\/?p=6458"},"modified":"2024-01-11T09:56:47","modified_gmt":"2024-01-11T09:56:47","slug":"income-insights-episode-3","status":"publish","type":"post","link":"https:\/\/getincome.com\/blog\/income-insights-episode-3\/","title":{"rendered":"Income Insights Episode 3"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6458\" class=\"elementor elementor-6458\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-8e5cf86 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"8e5cf86\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-733c4e9\" data-id=\"733c4e9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8da0aa elementor-widget elementor-widget-image\" data-id=\"a8da0aa\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/open.spotify.com\/show\/2S6ijCBxBl4DI7geLKkOEt\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/spotify-icon-300x300.png\" class=\"attachment-medium size-medium wp-image-5970\" alt=\"\" srcset=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/spotify-icon-300x300.png 300w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/spotify-icon-150x150.png 150w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/spotify-icon.png 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-a475ccf\" data-id=\"a475ccf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7446d4f elementor-widget elementor-widget-image\" data-id=\"7446d4f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/income-insights\/id1715832116\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/apple-podcasts-icon-300x300.png\" class=\"attachment-medium size-medium wp-image-5968\" alt=\"\" srcset=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/apple-podcasts-icon-300x300.png 300w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/apple-podcasts-icon-150x150.png 150w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/apple-podcasts-icon.png 512w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-373099c\" data-id=\"373099c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3161a0e elementor-widget elementor-widget-image\" data-id=\"3161a0e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS9lRVVoQV9YaA\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/google-podcasts-icon-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-5969\" alt=\"\" srcset=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/google-podcasts-icon-150x150.png 150w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/google-podcasts-icon-300x300.png 300w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/google-podcasts-icon.png 512w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-066c280\" data-id=\"066c280\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57a2d0c elementor-widget elementor-widget-image\" data-id=\"57a2d0c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/youtube.com\/playlist?list=PLT1BSpY1iacTzrcVj00R1WYGFrzkWBO1d&#038;si=pu7j0P8uzq1JFwvR\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"400\" src=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/youtube-color-icon.png\" class=\"attachment-full size-full wp-image-5971\" alt=\"\" srcset=\"https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/youtube-color-icon.png 400w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/youtube-color-icon-300x300.png 300w, https:\/\/getincome.com\/blog\/wp-content\/uploads\/2023\/10\/youtube-color-icon-150x150.png 150w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-256c252 e-flex e-con-boxed e-con e-parent\" data-id=\"256c252\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-473f408 elementor-widget elementor-widget-shortcode\" data-id=\"473f408\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe src=\"https:\/\/player.simplecast.com\/1271c2ff-50e7-451e-b6fd-0a79f8231867\" height=\"200\" width=\"100%\" title=\"Episode 3 I 2023 Challenges I Strategic focus I 2024 Goals\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0ad87c1 e-flex e-con-boxed e-con e-parent\" data-id=\"0ad87c1\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0c7e902 elementor-widget elementor-widget-text-editor\" data-id=\"0c7e902\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The third episode of the &#8220;Income Insights&#8221; podcast features Denny from <a href=\"https:\/\/rethink-p2p.de\/\" target=\"_blank\" rel=\"noopener\">Re:Think P2P<\/a>, the host, and Kimmo Rytk\u00f6nen, the founder and majority shareholder of Income Marketplace, an Estonian P2P lending platform. The podcast covers various topics, including a recap of 2023, New Year resolutions, challenges faced by FinTechs, regulatory developments, a funding round, and future goals for 2024.<\/span><\/p><p><strong>New Year Resolutions:<\/strong><\/p><p><span style=\"font-weight: 400;\">The hosts discuss the common tradition of making New Year&#8217;s resolutions. Kimmo mentions he doesn&#8217;t have many bad habits, so his resolutions are focused on general fitness goals, especially to stay ahead of his 17-year-old son at the gym.<\/span><\/p><p><strong>Recap of 2023:<\/strong><\/p><p><span style=\"font-weight: 400;\">Kimmo rates 2023 as a challenging year for FinTechs, citing difficulties in onboarding new companies due to market changes and funding challenges. Despite setbacks, Income Marketplace managed to double its investments, ending the year with around 11 million outstanding investments.<\/span><\/p><p><strong>Challenges and Growth:<\/strong><\/p><p><span style=\"font-weight: 400;\">The conversation delves into the challenges faced, such as regulatory issues, existing LO (Loan Originator) problems, and the impact of market dynamics on onboarding. Despite these challenges, the platform experienced growth in the 5,000 to 25,000 investment bracket, with strong investor demand.<\/span><\/p><p><strong>Auto Invest Functionality and IT Issues:<\/strong><\/p><p><span style=\"font-weight: 400;\">The hosts discuss the importance of IT infrastructure and improvements made to speed up the system. Kimmo addresses concerns about the Auto Invest functionality, attributing dissatisfaction to cash drag caused by a lack of available assets. Plans for collaboration with existing LOs and exploring new products aim to address this issue.<\/span><\/p><p><strong>CEO Change and Strategic Focus:<\/strong><\/p><p><span style=\"font-weight: 400;\">Kimmo talks about stepping down as CEO in 2023 to focus more on strategic development, including new lender acquisition, regulatory processes, and an upcoming funding round. The conversation touches on the importance of becoming a regulated marketplace to enhance trust, attract investors, and navigate legal requirements.<\/span><\/p><p><strong>Regulatory Developments:<\/strong><\/p><p><span style=\"font-weight: 400;\">The hosts discuss the significance of regulation for P2P lending platforms. Kimmo emphasizes the importance of regulation for investor protection and mentions the ongoing efforts to obtain licensing in Estonia. If not feasible in Estonia, they may consider moving the business to another jurisdiction to fulfill regulatory requirements.<\/span><\/p><p><strong>Funding Round:<\/strong><\/p><p><span style=\"font-weight: 400;\">Income Marketplace plans to raise around 1 million euros in a funding round, aiming for a similar amount as the previous round in 2022. Kimmo notes the positive shift in investor interest in crowdfunding equity and private placements, indicating a better funding environment in 2024.<\/span><\/p><p><strong>Financial Reporting and Audit:<\/strong><\/p><p><span style=\"font-weight: 400;\">The hosts discuss the lack of a financial report for 2023 and the possibility of having a proper audit. Kimmo mentions the ongoing discussions about the audit, considering factors such as time, resources, and costs. He estimates the cost of an audit for their size to be around 20,000 euros.<\/span><\/p><p><strong>Future Goals for 2024:<\/strong><\/p><p><span style=\"font-weight: 400;\">Kimmo outlines the goals for 2024, with the main target being to double the assets under management (AUM). The platform aims to reach 20 million euros by the end of the year, with a short-term target of 30 million outstanding. Plans include attracting larger LOs, collaborating with existing ones, and addressing the asset issue to reduce cash drag.<\/span><\/p><p><strong>Conclusion<\/strong><\/p><p><span style=\"font-weight: 400;\">The episode provides insights into the challenges and achievements of the Income Marketplace in 2023, as well as the strategic focus and goals for 2024. The platform aims to enhance investor trust, address regulatory requirements, and achieve significant growth in the coming year. Investors can expect increased transparency, strategic developments, and potential improvements in the platform&#8217;s functionality.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3a69721 e-flex e-con-boxed e-con e-parent\" data-id=\"3a69721\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-276e49f elementor-widget elementor-widget-video\" data-id=\"276e49f\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/SsvEiEyaXlc&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The third episode of the &#8220;Income Insights&#8221; podcast features Denny from Re:Think P2P, the host, and Kimmo Rytk\u00f6nen, the founder and majority shareholder of Income Marketplace, an Estonian P2P lending platform. The podcast covers various topics, including a recap of 2023, New Year resolutions, challenges faced by FinTechs, regulatory developments, a funding round, and future [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"_links":{"self":[{"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/posts\/6458"}],"collection":[{"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/comments?post=6458"}],"version-history":[{"count":9,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/posts\/6458\/revisions"}],"predecessor-version":[{"id":6473,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/posts\/6458\/revisions\/6473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/media\/6459"}],"wp:attachment":[{"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/media?parent=6458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/categories?post=6458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getincome.com\/blog\/wp-json\/wp\/v2\/tags?post=6458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}