Go&Grow (Bondora) • Bondora / Go & Grow
P2P-marktplaats
Bondora / Go & Grow
Bondora AS lends to people in Finland and Estonia, and Go & Grow investors buy slices of its loans. Our memo scores Bondora AS 55 out of 100, a C, and puts the chance it fails to pay its debts within a year at about 4.8%.
Key project data
Would AI invest?
55/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
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<div class="ci-memo" data-ai-score="55" id="bondora-memo"><header class="hero">
<div class="kicker">Platform memo · Bondora / Go & Grow · Estonia</div>
<h1>Go & Grow: what do you own, and how likely is the company behind it to fail?</h1>
<p class="muted">This memo answers two questions rather than one, because Go & Grow needs both. First, <b>what a Go & Grow investor actually owns, and who stands behind it</b>. Second, the chance that <b>Bondora AS</b> — the licensed lender that grants and collects every loan — fails to pay its own debts in the next 12 months. Those are different questions about different companies, and the second is the one our score answers.</p>
<div class="meta">
<span class="chip">Written 13 October 2026</span>
<span class="chip">Based on the KPMG-audited 2025 accounts of Bondora Group AS and Bondora AS</span>
<span class="chip">And on the 2025 accounts of Go&Grow OÜ, which KPMG reviewed rather than audited</span>
<span class="chip">Also from the Go & Grow terms in force since 10 January 2026, the Estonian register and supervisor, Finnish court and consumer-authority releases, and Bondora's own statistics</span>
<span class="chip">Every figure in euros</span>
</div>
</header>
<div class="nfa" role="note"><strong>THIS IS NOT FINANCIAL ADVICE.</strong> This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.</div>
<!-- ANSWER -->
<div aria-labelledby="ans-h" class="answer">
<div class="score"><div class="sf-left">
<div class="kicker">Our score</div>
<div class="big tabnum"><b>55</b><span>/ 100</span></div>
<span class="grade gC"><i>C</i> Watch</span>
<div>
<div aria-hidden="true" class="scale"><div data-sf="is1"></div><div data-sf="is2"></div><div class="on" data-sf="is3"></div><div data-sf="is4"></div><div data-sf="is5"></div></div>
<div class="scale-l"><span>A</span><span>B</span><span>C</span><span>D</span><span>E</span></div>
</div>
</div><div class="sf-right"><div class="odds">
<div class="odd main"><b class="tabnum">about 4.8%</b><span>that Bondora AS fails to pay its debts in a year — about 1 in 21</span></div>
<div class="odd"><b class="tabnum">no second number</b><span>nobody has guaranteed Bondora AS, and its parent has no rating</span></div>
</div>
<div aria-label="Where this number sits on our scale of failure chances" class="bands">
<div class="kicker" data-sf="is6">Where that sits on our scale</div>
<div class="bandbar"><span>0–2%</span><span>2–5%</span><span class="on">5–10%</span><span>10–20%</span><span>20%+</span></div>
</div>
<div class="limit"><b>A C allows 6% of a portfolio.</b> Finland and Estonia are both B countries on our scale and would allow 25%, which does not bind, so 6% is the figure. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.</div>
</div></div>
<div>
<h2 id="ans-h">Three companies, and your claim is on none of them</h2>
<p class="muted" data-sf="is7"><b>This is the thing to get straight before any number.</b> <b>Go&Grow OÜ</b> is who you deal with, and since 30 June 2026 it is <b>not part of the Bondora group</b>. <b>Bondora AS</b> is the licensed lender that writes and collects every loan, and it is what we score. <b>Bondora Group AS</b> is the parent whose healthy-looking consolidated figures are the ones usually quoted. <b>And your claim is on none of the three: you own slices of consumer loans, so your claim is on the borrowers.</b></p>
<p class="muted" data-sf="is7"><b>Which makes the exit the real question.</b> To get money out you sell your loan slices back to Go&Grow OÜ at a price it sets, capped at the 6%-a-year target. It pays you out of other investors' new money and the repayments coming in. <b>If that is not enough, everyone who asked is paid in equal daily parts</b> (terms, s.7.6), and the terms say the investor <b>"waives any claims it may have against the Company in respect to the GG-Price"</b> (s.7.8). Daily parts are not hypothetical: withdrawals were paid that way for a time in 2020.</p>
<p class="muted" data-sf="is7"><b>The company says this itself, on its own website.</b> Go & Grow <b>"does not fall under any existing regulatory frameworks"</b>; Go&Grow OÜ <b>"is not a credit provider and does not issue loans"</b>; and <b>"Capital is not guaranteed."</b> We did not have to dig those out of a prospectus. They are on the product page.</p>
<p class="muted" data-sf="is7"><b>The lender we score is in better shape than it looks, and thinner than it looks.</b> Bondora AS has <b>no bank loan, no bond and no covenant</b>, and the group's interest cover is about 122 times, which is another way of saying there is nothing to cover. But Bondora AS pays <b>€67 of every €100 it earns to its parent</b> as group services and kept <b>€0.97</b> in 2025, after losing €1.02m in 2024. Its own cushion is €5.2m — about 50% of its assets, and small against what the Finnish regulator is asking of it.</p>
<p class="muted" data-sf="is7"><b>Two regulators have found unlawful lending, and the Finnish ruling is now final.</b> Estonia's supervisor fined Bondora AS <b>€200,000</b> in April 2025. In Finland the Market Court found Bondora had gained <b>at least €940,000</b> unlawfully and banned it from keeping the money; the Supreme Court refused its appeal on 11 December 2025, so that is final. The Consumer Ombudsman is <b>encouraging Finnish customers to claim refunds that "can be as much as thousands of euros" each</b>, and said in January 2026 that it is still examining whether Bondora is paying them.</p>
<p class="muted" data-sf="is8">Six things would stop us scoring at all and send the answer straight to E — a default, a missed payment, a regulator pulling a licence, an auditor doubting the company can continue, a broken promise to a lender, or accounts we cannot rely on. None of them applies to this company. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. Neither applies. Bondora Group AS has no credit rating and has given no written promise to stand behind anything, so there is no second number on this page.</p>
<div class="subs">
<div class="sub"><div class="top"><span>💶</span><b>Financial strength</b><span class="st wt">C</span></div><p>No debt at all, and a group cushion of €27.5m. But the lender itself keeps €0.97 of every €100 and its own cushion is €5.2m.</p></div>
<div class="sub"><div class="top"><span>📉</span><b>Loan book</b><span class="st bd">D</span></div><p>An aggregator puts 27.4% of the €786.1m book as non-performing. Bondora publishes no portfolio-wide arrears of its own.</p></div>
<div class="sub"><div class="top"><span>🇫🇮</span><b>Countries: Finland and Estonia</b><span class="st ok">B</span></div><p>Finland 56% of revenue, Estonia 31%. Both B. The Dutch and Danish books sit in countries we have not graded.</p></div>
<div class="sub"><div class="top"><span>⚖️</span><b>Group and other risks</b><span class="st bd">D</span></div><p>Two regulators found unlawful lending practice, and Go & Grow left the group in June 2026.</p></div>
</div>
</div>
</div>
<div class="flags">
<div class="flag bd"><strong>Your claim is on the borrowers, not on Bondora — and the exit depends on new money coming in.</strong>Go & Grow investors buy parts of consumer loans. To withdraw you sell them back to Go&Grow OÜ, which pays out of other investors' new money and the repayments arriving on the loans. <b>If that is not enough, all withdrawals are paid in equal daily parts</b> (s.7.6), and you waive any claim against the company over the price (s.7.8). <b>That is the structure working as written, not a failure of it.</b> Cash sitting on the platform is held for investors, outside the company's bankruptcy estate, per the same terms. It happened in 2020.</div>
<div class="flag bd"><strong>The Finnish refund bill is open-ended, and it lands on a company with €5.2m.</strong>The Market Court's ruling is final since 11 December 2025: Bondora may not keep credit costs it charged unlawfully, and must refund customers who ask. The Consumer Ombudsman has published a step-by-step guide telling Finnish borrowers to claim, says refunds <b>"can be as much as thousands of euros"</b> each, and covers loans signed from <b>1 September 2019</b> onwards — running, repaid or terminated. Customers need repay only the principal. The court put Bondora's unlawful gain at <b>at least €940,000</b>; <b>10 times that would exceed Bondora AS's whole cushion</b> without help from the parent. Nobody has published what has actually been paid.</div>
<div class="flag wt"><strong>Go & Grow is no longer part of the Bondora group, and its accounts were only reviewed.</strong>Since 30 June 2026 Go&Grow OÜ — formerly Bondora Capital OÜ — has been owned by a new company, Go&Grow Holding AS, with the same main shareholders. <b>KPMG performed a review of its 2025 accounts, not an audit</b>, which is a lower level of assurance. It had €3.6m of its own money and held <b>€58.8m of investors' cash off its balance sheet</b> at the end of 2025. Bondora AS still grants and collects every loan. <b>How the two companies now work together — servicing, pricing, what happens if one fails — is not published.</b></div>
</div>
<!-- WHY IT MATTERS -->
<div class="why">
<h2>Why this number matters</h2>
<p class="wlead">Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: <b>how likely is it that this company fails</b>, and <b>how much of your money would you lose if it did</b>. Put those together and you can see whether the reward is worth it.</p>
<div class="wbox">
<p data-sf="is9"><b>For Go & Grow, the usual sum does not finish the job, and it is worth saying why.</b> The target is <b>up to 6%</b> a year. On our reading the chance of Bondora AS failing in the next twelve months is about <b>4.8%</b>; if about 1 in 21 companies like it fail in a year and about <b>70%</b> of the money is gone when they do, that risk costs about <b>3.4% a year</b>, leaving about <b>2.6%</b>. <b>But that subtraction only prices the platform failing.</b> On Mintos and the other buyback platforms this memo series covers, the lender promises to buy a bad loan back, so the lender failing is most of the risk. <b>Here you hold the loans yourself.</b> Borrowers defaulting hits you directly, it is not in the 3.4%, and the 6% has to cover it too. So treat the 2.6% as the most that could be left after one of the two risks, not after both.</p>
</div>
<details class="wmore">
<summary>Three things worth holding on to</summary>
<div class="wgrid">
<div class="wcard"><h3>1. A target is not a rate</h3><p>Go & Grow aims at up to 6% and promises nothing. Returns above the target are kept back as a reserve rather than paid out, and the company says plainly that capital is not guaranteed.</p></div>
<div class="wcard"><h3>2. "No debt" is a real strength, and it is not the whole balance sheet</h3><p>The group owes no bank and no bondholder, which removes the commonest way a lender fails. What it does not remove is a refund bill set by a court, which no covenant governs and no cushion was sized for.</p></div>
<div class="wcard"><h3>3. Daily parts are a feature, not a breakdown</h3><p>If withdrawals exceed the money coming in, everyone is paid in equal daily parts. That is the terms doing what they say. The time to read s.7.6 is before it happens, not during.</p></div>
</div>
</details>
</div>
<!-- GLANCE -->
<div class="glance">
<div class="tile"><div class="k">What it is</div><b>A licensed consumer lender, and a separate product company</b><p>Bondora AS has held an Estonian creditor licence since 21 March 2016. Go&Grow OÜ (register code 12,831,506) runs the product and says it "is not a credit provider and does not issue loans".</p></div>
<div class="tile"><div class="k">What it sells</div><b>Unsecured personal loans, up to €20,000</b><p>The loans are sold on to investors rather than held by Bondora. Finland 56% of 2025 revenue, Estonia 31%, the Netherlands 10%, then Latvia, Spain and Denmark.</p></div>
<div class="tile"><div class="k">How big</div><b>€349m lent in 2025</b><p>Up 33% on the year. Group revenue €62.67m and group profit €9.51m — of which Bondora AS itself made €0.60m.</p></div>
<div class="tile"><div class="k">Who owns it</div><b>Bondora Group AS</b><p>Largest holder 27.8%: Tomberg Management & Consulting OÜ, founder Pärtel Tomberg's company. A Swiss nominee account holds 13.3% and Global Founders Fund 12.8%.</p></div>
</div>
<div class="glance">
<div class="tile"><div class="k">Platform</div><b>Its own, now goandgrow.eu</b><p>Bondora is not a Mintos originator. You invest through the company's own platform, and the product is run by Go&Grow OÜ.</p></div>
<div class="tile"><div class="k">How much is actually lent</div><b>€786.1m</b><p>Outstanding in September 2026, with 195,000 active investors — <b>both figures from P2P Empire, an aggregator</b>. Bondora does not publish the size of its outstanding portfolio, so we cannot check either against its accounts.</p></div>
<div class="tile"><div class="k">Rate and protection</div><b>Up to 6% target, and no buyback</b><p>No guarantee and no buyback promise. Returns above the target are kept back as a reserve. There is a €1 fee per withdrawal. The up-to-6% target was read on goandgrow.eu on 5 November 2026; the fee is as the product page showed it on 13 October 2026.</p></div>
<div class="tile"><div class="k">The platform's own score</div><b>There isn't one</b><p>Bondora is not on Mintos, so there is no Mintos Risk Score to quote. The figures above are an aggregator's; the rest of this memo is from audited accounts and public registers.</p></div>
</div>
</div>
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Platform offering this project
Go&Grow (Bondora) EE
Return Level
Laag
Risk Level
Hoog
Risk Return Level
Zeer laag
Minimale investering
EUR 1
Gefinancierd
EUR 2300,0M