Viainvest reports solid earnings for 2017

Viainvest, or put it correctly: its parent company Via SMS Group, reported its unaudited financial statements for 2017. Unaudited means that this report has not been validated by a statutory auditor like pwc, ey etc. Let us assume, that the figures are correct 😉 My first thought: Why aren’t they capable to upload a nice copy of their statements? Or at least scan and upload it straight…? Does not change the figures though, but the first impression is somewhat dilletantic. Personally I would make sure that my figures are presented in a nice fashion.

Lower net profit due to expansion

Net profit decreased from more then 1.1 million Euro in 2016 to a bit more then 838k for 2017. This was expected as they invested in the Viainvest marketplace and went into new markets. You have to invest money to earn money ;). The figures look solid and I don’t want to go too much in to detail, as the interpretation is hard for externals. In bookkeeping (reporting) there is always the possibility to sugercoat. In the end, we are anyway scrapping only the surface.

Catching my eye

While screening the report I found it exciting that Via SMS Group is in posession of more then 2 mio in liqudity. Missing liquidity would be a warning sign. The situation is not that great though. If (when) there will be a recession, the defaults will rise and the capital buffer will diminish. There are not many assets in the balance sheet besides the loan portfolio. No(t much) property or any other bigger assets which store value and could be sold just in case. You can take a look at the balance sheet on page nine of abovelinked pdf report.

It gets really interesting from page 18 onwards…

…as there you see a lineup oft he loan quotas in the different (arrear) states. A bit more then a fifth is in the area of 90 or more days delay, and this number is deducted from the total portfolio. This is somewhat better then 2016, as you can see on page 19. We can therefor say: the expansion of the loan volume did not lead to a deterioration of the non-payer quota. Nice to know, we will see if this will be sustainable. Further you can have a look at the loan distribution per country, as well on page 19. On page 23 you have an overview of all subcompanies from the Group, which mostly belong completely to the Group.

Viainvest seems to penetrate into new business fields in 2018, as an e-money institution (like paysera) was founded. Plus, they do some sort of crypto secured loans…


As already said: sound results. Viainvest is for sure (together with Peerberry) one of the most (financially) sound marketplace in the Baltics.. One shall never forget that the the pack will be reshuffled during a recession. Further I want to express that if even 839k Euro in net profits sound very good, profit figures need to be taken with caution. Profits are not liquidity on the accounts, and liquidity is what keeps companies going. Profits can base on illiquid balance sheet positions, which maybe never can be liquidated (I know there are standards to avoid such things, but history has proven that this is not enough in any case ;)). I don’t want to talk down the annual report, but I think it is good to be reasonable skeptic and a good portion of common sense are never misplaced. All in all I have to say: Well done Viainvest!

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Viainvest works smoothly & autoinvest settings

After I took a closer look at Viainvest I have a positiv attitude towards the platform. I would like to give you an update how it is going for me.

Go to Viainvest

An overview

Below you can see the overview of my (2nd) account (yes, I got more then one) at Viainvest. I have deposited EUR 1’000 at the end of February and for testing purposes I let my AI manage it for me. I just logged in once and sometimes checked my daily summary which I received per email. It worked smoothly, except for one weekend when the AI seemed to have gone on vacation ;). Afterwards all went fine again, but there is room for improvement….

…. for the autoinvest

If you examine my account overview you will see that there are EUR 5.66 on my account, which are not invested… catastrophic 😉 Just kidding, I could ignore this circumstance, but my ego doesn’t let me 😉 Especially when you look at my last investments I really ask myself why the autopilot has not just invested 4 x 20, as there were plenty of loans available. I did notice such situations here and there. No big deal, after one to two days all repayments were invested again and my account was empty, or some cent were left only.

I now try to resolve this situation by creating additional autoinvests (10 & 15 Euro). As we are at it, I will show you below how an AI is set up. The main problem with my situation seems to be that the definition of the bid amount does not work properly. The set bid amount is as well the max investment for a loan. So when I set it at 20 Euros, I guessed that every amount within 10 Euro (min investment) and 20 Euros could be bid. This does not work as it should, and therefor some new AI’s come in to play. You can call me crazy, but such situations keep me from sleeping. Ok not really, but once I caught fire with something, I have to solve the problem 😉 And yes, I am bored at the moment 😉

How to set up an autoinvest

Go to your account and click on Invest -> autoinvest -> create new. Now you should see the detailled AI settings which filled out look like this:

Actually all is really selfexplanatory and therefor I will only describe the important details. I have put in 100k for portfolio size, I cannot invest that much, this setting just makes my life easier. If I decide to deposit more funds, I don’t have to remember to adapt this setting, as the AI keeps the invested funds at 1k, and all money above this barrier will not be invested. The interest rates are set from 12.2 to 15 percent, the “to” field cannot be left empty. Duration is set to two months, just to be sure to include loans, if there ever are any, with a duration of more then 30 days. At the end you have to check the terms and conditions (not on the picture) and save it. Voila, your AI is ready.

register at viainvest

A short conclusion

Viainvest works really good and I hope my measures will help as expected. I will report back in some days/weeks and let you know if more AI’s are beneficial or not.

Taking a closer look at viainvest

Today I am going to take a deeper look at Vianivest, as at the moment it is hard to overlook this platform. The sheer number of loans (with the option of getting further countries) is to big to be ignored.

Via SMS Group

Behind the Viainvest platform stands the mother Company Via SMS Group, which was founded 2009 in Latvia. You can see here a timeline of milestones achieved. Next to the expansion in other countries I found something interesting: 2014 Twinero bought the Spanish subsidiary of Via SMS, which only in 2011 was founded. Twinero is the master loan lriginator behind the  p2p platform Viventor. Via Conto Sweden is financing at the moment through Viventor. Funnily Via SMS founded in February 2015 (just months after seling the old subsidiary) the spanish Loan Originator Via Conto Spain and therefor kept a foot in the spanish market. Concerning the Swedish market there are two companies active: Via Conto and Via Spar. Why that? Well Via Conto is a loan originator, while Via Spar provides the opporunity for investors to deposit money on savings accounts with interest rates. This money is used to finance Via SMS Group’s further expansion. What I find really interesting is the fact, that Via SMS Group and Twinero/Viventor have more in commong then I thought.

Borrowing through the capital market

Via SMS Group emitted an outstanding bond at Nasdaq OMX Baltic. It has a coupon of 12.5 percent and a nominal value of above 6 Million Euro. The money was incorporated in may 2016 for a duration of three years.  The business report per 30.06.2016 are also available on the Nasdaq Baltic Website.

Without conducting a detailled balance sheet analysis, I can say that the results don’t look bad. Via SMS Group is profitable. It is always hard to value the strenght of the numbers. We have to look at them in context to the circumstances. The Company is expanding and this can become very quickly expensive. Furthermore we had no deep recession or crisis sine the inception of the company in 2009.  If we should see a recession (and we will, it is only a question of time) we will be able to see how good Via SMS will perform. During good times when the borrowers (hopefully) have jobs, the loans are easily to redeem. We will see how high the default rates will be when a lot of their clients loose their jobs from one day to build reserves. For us investors it is good to know that Via SMS Group is geographically broadly diversified with subsidiaries in Sweden, Latvia, UK and so on. A renewed (financial) crisis will not occur at the same time in all countries and will not hit all countries  equally hard.


The Via SMS Group therefor Viainvest as well is on a good track. I will watch the platform closely and give updates from time to time.