Mesofinance in opkomende landen via crowdfunding June 2015

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1 Mesofinance in opkomende landen via crowdfunding June 2015

2 Introduc>e Financial Engineering (Master IEM) 7 jaar ondernemer: website ontwikkeling en ontwerp Thesis bij Lendahand 2

3 Inhoud Introduc>on This is Lendahand Why Reac>es Risico s The Market Effect 3

4 This is Lendahand 4

5 Kenmerken: Primair maatschappelijk doel, secondair financieel; OnaSankelijk van giten of subsidies; Gebaseerd op evenwich>ge zeggenschap van alle betrokkenen; Transparant over inspanningen en resultaten. 5

6 6

7 Wat is crowdfunding? Gezamenlijk projecten financieren via internet In de kern: dona>on- based en investment crowdfunding (equity en debt) Type crowdfunding Consumenten kredieten (geld voor elkaar) Bedrijfskredieten (crowdaboutnow) Bedrijfskredieten interna>onaal (Lendahand) Dona>es (Kickstarter, Indiegogo) Ar>s>ek (Voor de Kunst) Aandelen (Symbid) Vooral in de US en UK is crowdfunding booming 7

8 An untapped opportunity Micro enterprises Have access to micro- finance Firms with opportuni>es that need money Large enterprises Have access to bank loans Donators Care about social impact People with money that look for opportuni>es Savers/ investors Need financial return Ample access to financing, but against high yields. Besides, not everyone can be a successful entrepreneur! SMEs * in developed economies account for 60% of the jobs, but in emerging economies that is only 30%, due to a structural lack of access to financing. Able to get a bank loan or tap financial markets. More than ever, donators want more control and bang for buck. A large group in the middle is looking for wealth preserva>on, financial return, and at the same >me want their money to have a posi>ve impact. Savers/investors are gefng hit by low interest rates and lack of opportuni>es. v SMEs in emerging countries are too small for bank loans and too big for microfinance ins>tu>ons à missing middle v Social investors/savers seek an alrac>ve combina>on of financial and social returns v Lendahand connects these two groups via its plamorm ü Cash- rich funders provide MESO CREDITS to cash- strapped SMEs 8 * SMEs: Small & Medium Enterprises. We define these as having 5-20 employees and a funding need of 2-20K.

9 Business model Lendings go through local partner 3-4% 3-4% 15-17% 20-30% 9

10 Why? 10

11 Waarom zijn we er? MKB als banenmotor In opkomende landen zorgt MKB voor slechts 30% van de banen (NL: 60%) Oorzaak: gebrekkige toegang tot betaalbare financiering MKB wordt in opkomende landen daarom missing middle genoemd Wereldbank (2014): Alleen al op Filipijnen 14,6 miljoen baankansen nodig komende jaren MKB sector hee? toegang nodig tot betaalbare financiering, aangezien ze doorgaans niet in aanmerking komen voor microkrediet of bancaire lening 11

12 Wat doen we? Lendahand richt zich op MKB in opkomende landen, het Midden- en KleinBedrijf: We verstrekken leningen aan deze ondernemers tegen een betaalbare rente 12

13 Waar ac>ef? Inwoners: 100 miljoen Werkloosheid 7% > 25% onder armoedegrens Inwoners: 25 miljoen Werkloosheid 11% > 30% onder armoedegrens 13 Inwoners: 45 miljoen Werkloosheid 9% > 35% onder armoedegrens

14 Reacties 14

15 Recognition in the media as a do-good savings alternative Lendahand combines social impact & financial return Lendahand fights poverty in emerging countries Lendahand as a serious alterna>ve for savings Lendahand has supplied over 1 million in loans 15

16 Learning points so far we hit different nerves with different people The idea that I can help a small company and get a fair interest rate in return appeals to me This is a good way of making use of the money that I make in my own company I believe in direct and small scale rela>onships between lenders and companies I prefer crowdfunding over banks who, in my mind, pay low rates while paying out high salaries It s nice that I can directly connect my savings money with a great venture on the other side of the world Microfinance does not develop a middle class and that is exactly what Lendahand is solving for. So it makes sense to invest through Lendahand S>mula>ng entrepreneurship will get people out of poverty quicker than development aid Of course I do this for the higher rate than I get at the banks I like that I can choose the companies I lend to myself 16

17 Learning points so far there is appetite by the public We have seen a tremendous growth of volumes but there is no obvious trend in number of new lenders #Lendings Cumula>ve #Unique Lenders Cumula>ve 17

18 Learning points so far money follows money and is sticky 1 New lenders On average a funder starts by lending Recurring lenders 21% of the lender- base lends more the following month On average these people add 950 in that month (excluding re- investments) 3 Lendahand Plamorm STcky money 18% uses the auto- lending feature 55% of repaid money is re- lent v v v Once people are in, they are willing topping up as well as re- lending the repayments Currently the average investment per lender is 2,200, which is much higher than any other crowdfunding plamorm Life- Time Amount per Lender: 5,000 * 18 * Main assump>ons: Addi>onal amounts occur on start date; avg maturity: 1y; avg rate is: 3.5 %. ** Main assump>ons: Avg Lendahand margin: 3.25%, risk- free rate: 1%.

19 Key to risk management: trustworthy and financially robust local partners 19

20 Risks No savings product => no deposit- guarantee Risk not in individual loan, but local partner could default Risk in local partner: bad pormolio, large natural disaster, fraud So: Careful screening of partners: strategy, organisa>on, financial mangement Local partners carry the risk on default and currency hedging Currently in procedure for AFM permit 20

21 The market 21

22 The potential market is large as our proposition appeals to donators, investors, and savers Lendahand s appealing features Private donatons for internatonal aid Size in Netherlands: 450mn * ü Direct involvement ü More efficient use of funds ü Establishment of accountability (lending vs dona>ng) Foreign investments Dutch private investors: 51bn ** Dutch ins>tu>onal investors: 980bn *** ü Access to the lower end of the SME sector in emerging economies ü High yields ü Diversifying asset class Private Savings Size in the Netherlands: 376bn ** of which sustainable savings: 14bn **** ü Alrac>ve financial return ü Knowledge of how money is used in the real economy 22 * Bekkers, R.H.F.P. & Boonstoppel, E. (2011). Geven in Nederland 2011: GiTen, Nalatenschappen, Sponsoring en Vrijwilligerswerk (pp ) ** De Nederlandsche Bank: hlp:// *** De Nederlandsche Bank: hlp:// instellingen/index.jsp **** VBDO (2012). Duurzaam Sparen & Beleggen 2012

23 The success stories of related initiatives provide market validation StaTsTcs versus peers/compettors Name LocaTon Amount Since Loan Type Region Interest for Lender Kiva USA ~$610mio 2005 Microcredit Global 0% MYC4 Denmark ~ 24mio 2007 Microcredit (top side) Africa Auc>on Babyloan France ~ 9mio 2006 Microcredit Global 0% Zafen Hai> ~ 2mio 2010 Microcredit Hai> 0% OnePlanetCrowd (OPC) Netherlands ~ 2.5mio 2012 Dutch (sustainable) SME conver>ble loans Netherlands Risk- based GeldVoorElkaar Netherlands ~ 30mio 2011 Dutch SME loans Netherlands Risk- based Lendahand Netherlands ~ 800K 2013 EM SME loans Global 3-4% Except for MYC4, other social plamorms have achieved success without paying interest to the lenders GeldVoorElkaar and OPC show that a crowdfunding plamorm for loans can be successful in the Netherlands 23 Lendahand is the first crowdfunding plamorm that solely focuses on SME loans in emerging markets

24 Effect 24

25 Success story of a Lendahand meso credit 25 Strictly confiden>al

26 Risks No savings product => no deposit- guarantee Risk not in individual loan, but local partner could default Risk in local partner: bad pormolio, large natural disaster, fraud So: Careful screening of partners: strategy, organisa>on, financial mangement Local partners carry the risk on default and currency hedging Currently in procedure for AFM permit 26

27 My work at Lendahand Website/IT/Design: stagaire zijn Social impact report / Thesis: wat is het sociale effect van de leningen van Lendahand? 27

28 Vragen? 28