Note that this list doesn't show all the platforms I have in my portfolio, only the ones that are supported by TrackInvest so I can show you the exact numbers here. I am working hard with the remaining platforms so I can support them in the near future within TrackInvest.
Let's now talk about what happened recently within the crowdlending space. Kuetzal and then Envestio, two platforms on which I invested myself, closed down unexpectedly, with a large suspicion of fraud, and I am really sorry for those of you who lost money this way.
Let's go more into details about those two platforms, and how I talked about them on my site as I really want to be fully transparent. I lost around 500 Euros on Envestio (invested 450 Euros initially to try it out the platform). I published a review about it on my website, but never invested more or actively recommended it to be a big part of anyone's portfolio, as I believed the yields were too high to be sustainable.
For Kuetzal, the situation is a bit the same: invested 200 Euros initially, and I was in 'test phase' to see how my investment would evolve on the platform.
For both platforms, I tried to contact my usual contact persons at each platform, without any success. After waiting 3 days as I always do, I degraded my reviews for those platforms for people to avoid them, as well as pulled any video I had on Youtube about them.
However, that's not good enough, and I want to use that as a lesson to do better in the future. First, I'll change my review process to be much more strict about platforms I feature on my website. I usually posted my initial review about a platform after 3 months investing on it, and I will now double that and wait 6 months before talking about a new platform, to have more data from my own investments to show in the review.
For the review itself, I will also spend more time checking the background of not only the platform, but also key people that are currently running it, as well as the projects available on the platform, and track that over time. I also will put more numbers inside my reviews coming from the TrackInvest project, to include what results other people have with the platform.
Finally, I will also publish an article on my website as well a Youtube video to explain step-by-step how I review platforms, to provide full transparency on the process.
I hope that this will help you take better investment decisions in the future, and of course I would love to hear what you think about it in the comments.
That being said, I decided to immediately delay my reviews of platforms I was currently testing, like Monethera and Wisefund. I will most probably publish them within 4 months, applying the new, more strict review process that I mentioned above.
Let's now have a look at my total gains from crowdlending: