Conversation with owner of Wisefund

During past couple of weeks I had a conversation with Wisefund owner Ingus and will post my conversation here below. This conversation publication is intended to cast light on some of the questions which have been given around different communication channels.

If you are short in time, you can go directly to the Email #5 which covers most of the discussed information.


Email #1

Dear Janis,

Recently we’ve discovered your reviews and ratings on different platforms, including Wisefund. Specifically, https://www.investingsmall.eu/2020/02/22/crowdlending-comparison-(update-feb-2020)/

And there on page we can read “Monethera and Wisefund – gets a 0 because of issues around buyback trustees in Hong Kong, response time and transfer operations.”

I’d like to ask you (and expect a reasonable response on that) why do you post information about Wisefund having issue in response time and transfer operations? Researching our communication channels we see you have never ever reached out to Wisefund nor you hold active account with us hence your information cannot be valuable and trusted.

Please provide what your statement is based on or remove the information as soon as soon as possible.

Best regards,
Wisefund Legal


Email #2

Dear Wisefund representative,

thank you for your interest and for your letter.

Firstly, would like to know with whom am I talking to (name and surname)?

Secondly, due to segregation reasons I have chosen to separate contact channels for my blog and personal matters. In the future I would like you to use the form in the blog or simply write to investingsmall.eu@gmail.com. This gives me an easy option to delegate tasks to whom this may concern (e.g., financial, legal matters). Also please provide information on how did you obtain my private email address (for avoiding future miscommunications).

About the statement in my blog.
“Monethera and Wisefund – gets a 0 because of issues around buyback trustees in Hong Kong, response time and transfer operations.”

Regards response time – most of these cases I have stumbled upon in different Telegram groups and Twitter (see Comm_x attachments).

Transfer operations – related to changing terms on buyback (https://dollarbill.online/wisefund-e-mail-statement-from-wisefund/) and switching providers for payments (https://www.p2pinvesting.eu/leaving-envestio-monethera-wisefund/) which unavoidably creates disruptions.
What caused the need to switch payment provider?
Are you back in line with fee-based buyout guarantee? What are percentages for that (from/to)?

Trustees in Hong Kong (https://www.passiveincomehk.com/?page_id=1146) – About attached letter of assurance, does a newer version exist? How much (volume in EUR) early buybacks have you had compared to the total invested volume?
Regards the Angelo’s post and your answer – why not be transparent about marketing part in your third party buyback description? E.g. saying “default has not occurred and we thus we can not provide with actual example of default case, however, provided XX EUR in early buybacks” and “agreement per request of approved investors or after signing NDA”.

Additionally, if you could publicly address questions published by Kristaps Mors (https://kristapsmors.substack.com/p/p2p-platform-ratings-march-2020https://docs.google.com/spreadsheets/d/10Q-YvuF84lBddA_No-lsxGXulMJ-6Cf3_Th94vGjVto/edit?pli=1#gid=368288974) would help tremendously to the image of Wisefund.

I am mostly interested in these (please elaborate, where possible):
Are financial reports published on platform’s website? In English?
Are financial reports audited?
If reports are audited, is it done by a big auditor with good reputation?
Is platform financially stable? Was it profitable last year?
Can investors get all data to create their own reports about platform’s portfolio quality?
Report about portfolio quality – detailed info about delays, defaults?
Is all info available to everyone and all the time?
All important documents available (user agreement, claim rights, pledges, guarantees, etc)?
Could you be completely open about the whole team and publish their identities?

With this out of the way. Would you be interested in providing with funds as initial deposit on your platform?
This way, I would see news directly from its source.

Please be informed that this conversation could be included in my personal blog so please clearly mark non-public information.

Kindly,
Janis @ www.investingsmall.eu


Email #3

(The next letter is in Latvian, however, below will follow a version shortened version in English. One can use this as a reference or get it translated to English.)

Jāni,

Prieks iepazīties. Ingus.

E-pastu dabūjām no Target Circle, kad izvērtējām, kādu informāciju kur par mums raksta, tāpēc arī tur pa tiešo rakstījām. Kādēļ nebija paraksta – ņemot vērā, ka rakstām nevis personīgā nolūkā, bet kompānijas vārdā, tad arī ar kompānijas vārdu bija paraksts. 

Jebkurā gadījumā, tagad rakstu es, Ingus Linkēvics – Wisefunda UBO un vadītājs.

Par response time – lūdzu ņemiet vērā, ka tas nav viens vai divi epapsti, uz kuriem jāatbild, un saistībā ar kuriem ir jāveic noteiktas darbības. Un skaidra lieta, ka sūdzēsies tieši tie, kas nesaņem atbildi. Un parasti tie, kas nesaņem atbildi laicīgi, viņu jautājumi ir vai nu neparasti un prasa ilgāku atrisinājumu, vai arī ir atkārtoti un bezjēdzīgi, jo atbilde jau tika dota. Situācijas ir individuālas, un par katru spriest varētu tikai skatoties pilnu komunikācijas vēsturi. Bet ja tā padomā – tādu sūdzību bija maz, tātad loģiski, ka pārsvarā visi saņēma atbildi, risinājumu un response time ir labs, līdz ar to tā ir viennozīmīgi subjektīva informācija, ko publicēji – un jāņem vērā, ka Tu esi influenceris, cilvēki Tevī ieklausās, un jābūt uzmanīgam ar to, ko raksta, jo var arī tādā veidā ar subjektīvu informāciju ietekmēt citu cilvēku dzīvi. Galu galā, neesam liela komanda, bet jebkurā gadījumā, iztiku pelnām, nodokļus maksājam.

Transfer operations –  
Change terms of buyback – īsti izmaiņas nebija. Bija limiti uz max buyback, kuri tika sasniegti vienā dienā (negaidīti, saistībā ar Envestio pazušanu), līdz ar ko tika nopauzēta turpmāka akceptēšana. Viss, kas tika pieprasīts, tika izmaksāts, nevienu neatteicām paši uz savu galvu. Lai risinātu turpmāku iespēju cilvēkiem pārdot savu portfolio, tika izveidots Secondary Market – būtisks finansiāls ieguldījums. Ja strādās, tad attīstīsim šo produktu.

Switched payment providers – sākotnējie pakalpojumu sniedzēji izrādījās dārgs prieks, un tika ieviesta sadarbība ar Paysera, kas ir ļoti ērts un ātrs veids, kā arī izdevīgs veids kā apstrādāt maksājumus. Informācijai – procentu izmaksas dienā, vairāk kā 600 maksājumi tika veikti bez kavēšanās – mums neprasa vairākas dienas apstrādāt izmaksu pieprasījumus – mēs to darām 2x dienā un bez kavēšanās, un tā arī to turpinām. T.i., ja cilvēkam kontā ir pieejami līdzekļi izņemšanai, tad to arī nekavējoties var saņemt. Nepieciešamības gadījumā ir arī atvērti citi konti, noslēgta sadarbība ar citiem finanšu pakalpojumu sniedzējiem, lai ja gadījumā brīvo līdzekļu uzkrājums pārsniedz noteiktu summu, tad var sadalīt šo apjomu un izslēgt riskus zaudēt klientu līdzekļus bankas vai finanšu pakalpojumu sniedzēja problēmu gadījumā.

Buyback turpmāk netiks piedāvāts – produkts, kas kalpoja arī kā rīks, lai tiktu iekšā tirgū, ir zaudējis savu uzticību un šobrīd diemžēl tiek pavērsts pret mums, līdz ar to turpmāk tas netiks piedāvāts. Jebkurā gadījumā, jau no sākuma mēs nesolījām šo opciju piedāvāt bez limitiem, jau no sākuma tika noteikts, ka ne visi projekti būs ar šo garantiju, tikai tas pienāca ātrāk nekā bija plānots.

Trustees in Hong Kong. Šai vēstulei jaunākas versijas nekad nav bijis, tā vienmēr ir bijusi viena. Tāpat kā garantijas līgums. Jaunāka versija bija vienmēr pielikumam ar aizdevumiem, kas iekļauti garantijas segšanā.

Izmaksātās summas priekšlaicīgai izmaksai iekļāvās noteiktajos 250 tūkst. EUR. 

Īsti nesaprotu jautājumu Why not be transparent about marketing part in your third party buyback description? 

Runājot par Kristapa Mora mistisko reitingu – es nevienā brīdī nedomāju uz to reaģēt un atbildēt. Jā, es ar to iepazinos. Cilvēks nav reģistrējies Wisefund platformā, nav investējis, nav lasījis līgumus, publicē maldinošu informāciju, liek kaut kādus mistiskus punktus un tml, ieliek reitingā WTF mūsu platformu. Man nav un nebūs intereses ar viņu komunicēt, jo ņemot vērā, ka pie manis ar jautājumiem pirms informācijas publicēšanas viņš nav vērsies, tad es tādu neuztveru un neuztveršu nopietni. 

Financial reports – Wisefund ir Igaunijas uzņēmums – protams, ka atskaites un gada pārskats būs pieejams, piedevām, publiski, jebkuram. Mums arī līdz šim tiek reģistrēts apgrozījums, atskaites iesniegtas, nodokļi maksāti, darbinieki algoti tie paši, kas arī norādīti, īpašnieks visam esmu es. Atskaites nebūs auditētas – likums to neprasa, un Wisefund ienākumi nav tik lieli, lai spētu segt auditu, kur nu vēl no lielā četrinieka. Padomājiet paši – cik ir tādi uzņēmumi, kuri var atļauties (ja to neprasa likums) un kuri izvēlas lielā četrinieka auditu. Varbūt nākotnē, kad apgrozījumi augs, tad par to var domāt. Šobrīd tam nepieciešamības nav, un arī ekonomiskā pamatojuma nav.

Platforma ir finansiāli stabila – galu galā, komisijas no finansētiem aizdevumiem tiek paņemtas līdz ar aizdevuma izsniegšanu, izdalot to uz visu aizdevuma laiku, lai varētu nodrošināt atmaksas procesa menedžmentu. Protams, ja ieguldām vairāk attīstībā, tad nepieciešams arī vairāk pelnīt. Šobrīd par finansiālo stabilitāti nesatraucos.

Portfolio quality – ja gadījumā būs kādas būtiskas problēmas ar atmaksu, vai aizņēmējs neizlietos aizdevumu mērķim, protams, par to tiks informēti visi, kas investējuši. Šobrīd arī plānojam ieviest Project Update sekciju, kur publicēt informāciju par projekta virzību un aizdevuma realizāciju. Attiecīgi, visi kas aizdevuši konkrētam projektam, tiks par to informēti. Citādi, citiem šī informācija ir aizvērta (izņemot, ja projekts ir piedāvājumā Secondary Market – tad šai informācijai var piekļūt reģistrēti un verificēti lietotāji (mēs uzskaitām informāciju, kur katrs lietotājs iet, lai nodrošinātu attiecīgu aizņēmēju datu aizsardzību saskaņā ar savstarpējo līgumu)

All important documents available – jā, user agreement paliek nemainīgs (ir noteikta procedūra, kā mēs šo mainām, un vienpusēja noteikumu maiņa iespējama tikai mazsvarīgos uzlabojumos, pabrīdinot, kas tas tiek mainīts. Būtiskām izmaiņām ir citāda procedūra, bet līdz šim nav bijis nepieciešams to ieviest). Var droši sekot tam, vai notiek izmaiņās noteikumos, regulāri saglabājot versiju un veicot kaut vai salīdzināšanu ar MS Word compare funkciju.
Aizdevuma līgums ir pieejams kā drafts pirms galējā lēmuma pieņemšanas aizdot, kā arī pēc tam pieejams elektroniskā katram aizdevējam savā kabinetā.

Jā, par komandu nav nekādu problēmu. Arī par partneriem, ar ko strādāju, arī tos varu norādīt.

Runājot par providing with funds as initial deposit on your platform – more likely, no – we don’t have allocated a budget for that. Platformā var reģistrēties un verificēties, un visa nepieciešamā informācija būs pieejama un atvērta par jauniem projektiem, par jauniem produktiem, par izmaiņām un tml.

Ar cieņu,
Ingus linkēvics


Email #4

Labdien, Ingus!

Abpusēji – priecājos, ka veltīji laiku un atrakstīji ar izsmeļošām atbildēm.

Lai gan neesmu norādījis, ka vēlētos saņemt atbildi angļu valodā, to gribētu, lai maniem lasītājiem mazinātu pārpratumus tulkojot Tavu vēstuli.

Laika taupības nolūkos saīsināšu atbildes un pārtulkošu tās angliski.
Ceru, ka neizlaižu neko svarīgu no tā ko esi minējis, ja izlaižu, lūdzu, palabo.
Publicēšu arī pilno latvisko versiju, lai lasītāji var tulkot arī ar Google Translate palīdzību.Vēstules nobeigumā ir iekļauti daži papildus jautājumi.

English starts here again

– Response time
Due to wast amount of requests and knowing our limited resources our response time is good.

– Transfer operations
Buyback terms were never changed. The possibility of the Buyback was put on hold due to turbulent market conditions in the beginning of the year. All Buyback requests were completed.

– Secondary market
We successfully introduced secondary market for investors to be able to sell their investments.

– Switched payment providers
Main reason was the cost reduction purpose. Paysera fulfills our 2x daily requests for transaction clearance. Recent history shows that more than 600 transactions per day were completed without any delays.
To minimize risks of being without a payment service due to exceeding withdraw limits and other unforeseen issues, we established service contracts with multiple other payment service providers.

– Trustees in Hong Kong
The letter in question has always been in its latest version. Same for the Buyback agreement. What changed was the appendix of projects included in the contract. Early buybacks were covered within the limit of sum of 250 thousand EUR.

– Early Buyback
This possibility will be discontinued in the future. Product which served a marketing purpose, has lost its trust and now is turned against us. Wanted to note that it has never been promised to offer this without limitations. Discontinuation came sooner than expected.

– In relation to Kristaps Mors’ rating
I am not planning to react in particular person’s misleading posts. He is not registered on platform and had not read contracts. He published information without reaching out to us and I can not and will not consider this information seriously.

– Financial reports
Wisefund is registered in Estonia, therefore annual balance sheet will be publicly available. Bookkeeping of turnover is kept up to date, reports are being submitted, taxes are being paid, employees hired are the same ones which are reported as employed and I am the sole owner.

– Auditing
Reports will not be audited. The law does not require it and Wisefund can not afford to require audit, let alone form the top 4 auditor firms. Maybe in the future, with the growing turnover it becomes economically feasible.

– Stability
Platform is stable – commissions from borrowers are gathered once the loan is issued. The sum is divided over the loan term to ensure payback process management.
Currently, I am not concerned about the financial stability.

– Portfolio quality
Everyone who invested in particular project will be informed if there are any major issues with borrowers ability to fulfill its obligation to pay.
Currently, we are planning to implement Project Update section where related information will be collected.
For those who had not invested in the project this information will not be available (due to data protection agreement with the borrower). Exception will be the secondary market – where registered and verified users could access this information.

– All important documents available
Yes, the user agreement stays unchanged. There are different procedures. For minor changes we inform users about the change. There is another procedure for major changes, but there has not been a need to invoke that. Borrower’s agreement is available in draft version before the borrowers final decision. Later available for each borrower in digital form.

– About team
There are no issues with the team’s information. Also no issues with partners’ whom I am working with. I can provide this information.

– Providing with funds as initial deposit on your platform
More likely, no – we don’t have allocated a budget for that. You can register and verify yourself for the platform and all the needed information will be freely available about new projects, changes etc.

Further questions / clarifications.

– Secondary market
You made a remark about it. Saying if “it works”. Could you elaborate? Could there be a scenario where it is taken down?

– Trustee in Hong Kong
As I see in the current version, this is no longer available (https://wisefund.eu/en/page/how-it-works).

However, for the reason of transparency would like a comment. This tells me and readers a little about your decision making process.

In Angelo’s post you describe that third party Buyback served a marketing purpose.
“Also, this is part of marketing, at a cost of fees applied to guarantee partner we’re getting more security for investors and thus getting quicker growth.” https://www.p2pinvesting.eu/leaving-envestio-monethera-wisefund/

So why not be more transparent about this in the description? (Description is available here: https://web.archive.org/web/20200110014430/https://wisefund.eu/en/page/how-it-works).
In the description one could add: “default has not occurred and we thus we can not provide with actual example of default case, however, provided XX EUR in early buybacks” and “agreement per request of approved investors or after signing NDA”.

– Subjectivity
I believe there is no such thing as perfect objectivity. We are all being biased towards our interests, believes, etc. In conversations like these we can discuss our world view on a particular subject and hopefully land on a common ground.

– Public opinions
With relation to Kristaps Mors’ ratings on Wisefund.
I understand that this is something you do not want to spend your busy schedule thinking about.
As far as I can tell his opinion is looked upon from numerous investors. It is good that you already touched upon this topic, more likely than not there will be a clash of opinions due to previously mentioned subjectivity. As long as there is a steady growth of number of investors, there is no need to address it and if you feel satisfied with it, you do not need to address it.

– Financial stability
You mentioned the sum of commissions is divided over the period of loan term to ensure payback process management. Could you please elaborate? It basically comes down to question are you profitable? Can you cover all management fees with commissions from the borrowers?
Also are there any major (>10 thousand EUR) liabilities for Wisefund?

– Protection fund
How this is organized? How much in % do you plan to set aside from the loan total volume?
“It covers legal costs and any other expenses that may accrue as the loan defaults”
This means that you trust your collateral collection process and in unlikely scenario of default investors would not need to pay legal fees. There is no investment principle coverage included. Correct?

– Team and partners
Could you please enlist employee names and partner company names?

– Marketing approaches
About providing with initial funds. There are different marketing approaches and I understand that. There are drawbacks for each approach, however, there should undoubtedly be a budget for marketing. What channels do you choose to spend it upon?

– Revoking TargetCircle offer
I have been informed about revoking Wisefund’s offer on my TargetCircle account. I try to understand that and would like to know what is your reasoning behind it?

Due to our productive conversation I would like to change the Wisefund’s rating on the blog. However, I still need to land on score number. Currently, this as you mentioned is subjective, however, it encapsulates information what I have at hand. You have given extra insights.

Again, to save time, I kindly ask to provide the answer in English and please mark the non-public information.

Hope to hear from you whenever fits your schedule.

Kindly,
Janis @ www.investingsmall.eu


Email #5

Thanks for taking time to translate it all.

I’ll paste all of your text below, and add my comments or additional text in blue and italic

– Response time
Due to wast amount of requests and knowing our limited resources our response time is good. Wisefund uses ticketing system, none of the emails are deleted without answering.

– Transfer operations
Buyback terms were never changed. The possibility of the Buyback was put on hold due to turbulent market conditions in the beginning of the year. All Buyback requests were completed.

– Secondary market
We successfully introduced secondary market for investors to be able to sell their investments. Currently, it is in test phase to understand what improvements and updated are needed and to implement them properly.

– Switched payment providers
Main reason was the cost reduction purpose. Paysera allows to effectively organize deposit and withdraw processing, and we easily manage withdraw requests no matter of the amount 2x a day. Recent history shows that more than 600 transactions per day were completed without any delays.
To minimize risks of being without a payment service provider due to unforeseen issues as well as keep limited amount of capital with a single financial partner, we’ve established contracts with multiple other financial service providers.

(comment, we don’t have any withdraw limits at all with current payment service providers)

– Trustees in Hong Kong
The letter in question has always been in its latest version. Same for the Buyback agreement. What changed was the appendix of projects included in the contract. Early buybacks were covered within the limit of sum of 250 thousand EUR.

– Early Buyback
This possibility will be discontinued in the future. Product which partly served as a marketing purpose has lost its trust and now from some channels has been turned against us. Would like to add that it has never been promised to offer this without limitations. Discontinuation came sooner than expected.

– In relation to Kristaps Mors’ rating
I am not planning to react in particular person’s misleading posts. He is not registered on platform, has never reached out to Wisefund with any questions, seems not ever read any of the available contracts and terms. He published information without researching, nor reaching out to us and I can not and will not consider this information seriously.

– Financial reports
Wisefund is registered in Estonia, therefore annual balance sheet will be publicly available. Bookkeeping of turnover is kept up to date, reports are being submitted, taxes are being paid, employees hired are the same ones which are reported as employed and I am the sole owner.

– Auditing
Reports will not be audited. The law does not require it and for Wisefund budget it is not a reasonable and justified cost to do audit, let alone form the top 4 auditor firms. Maybe in the future, with the growing turnover it becomes economically feasible.

– Stability
Platform is stable – commissions from borrowers are gathered once the loan is issued. The sum is divided over the loan term to ensure payback process management.
Currently, I am not concerned about the financial stability.

– Portfolio quality
Everyone who invested in particular project will be informed if there are any major issues with borrowers ability to fulfill its obligation to pay.
Currently, we are planning to implement Project Update section where related information will be collected.
For those who had not invested in the project this information will not be available (due to data protection agreement with the borrower). Exception will be the secondary market – where registered and verified users can access this information.

– All important documents available
Yes, the user agreement stays unchanged. There are different procedures. For minor and non-binding changes we inform users about the change. There is another procedure for major changes, but until now there has not been a need to invoke that. Loan agreement lender-borrower-portal is available in draft version before the lender’s final decision. Later available for each lender in digital form on their accounts.

– About team
There are no issues with the team’s information. Also no issues with partners’ whom I am working with. I can provide this information.

– Providing with funds as initial deposit on your platform
More likely, no – we don’t have allocated a budget for that. You can register and verify yourself for the platform and all the needed information will be freely available about new projects, changes etc.

Further questions / clarifications.

– Secondary market
You made a remark about it. Saying if “it works”. Could you elaborate? Could there be a scenario where it is taken down?

One possible scenario could be there are no transactions on the secondary market for quite some time. Or the changes required, requested by lenders are requiring too much of expenses. At this moment, SM looks to be a good product, and we’ll add improvements to it together with more loan availability in near future.

– Trustee in Hong Kong
As I see in the current version, this is no longer available (https://wisefund.eu/en/page/how-it-works).

Yes, information on How it works is changed and updated. How it works is not legally binding information, whereas loan agreement and user terms are. Loan agreements stay as they are and if the appendinx has stated to have security, such is still available in the promised amount.

However, for the reason of transparency would like a comment. This tells me and readers a little about your decision making process.

Again, I don’t understand the question here. Maybe you can ask it in Latvian, or you can also ask it over phone (I am open for a conversation)

In Angelo’s post you describe that third party Buyback served a marketing purpose.
“Also, this is part of marketing, at a cost of fees applied to guarantee partner we’re getting more security for investors and thus getting quicker growth.” https://www.p2pinvesting.eu/leaving-envestio-monethera-wisefund/

So why not be more transparent about this in the description? (Description is available here: https://web.archive.org/web/20200110014430/https://wisefund.eu/en/page/how-it-works).
In the description one could add: “default has not occurred and we thus we can not provide with actual example of default case, however, provided XX EUR in early buybacks” and “agreement per request of approved investors or after signing NDA”.

Something to consider, agree.

– Subjectivity
I believe there is no such thing as perfect objectivity. We are all being biased towards our interests, believes, etc. In conversations like these we can discuss our world view on a particular subject and hopefully land on a common ground.

– Public opinions
With relation to Kristaps Mors’ ratings on Wisefund.
I understand that this is something you do not want to spend your busy schedule thinking about.
As far as I can tell his opinion is looked upon from numerous investors. It is good that you already touched upon this topic, more likely than not there will be a clash of opinions due to previously mentioned subjectivity. As long as there is a steady growth of number of investors, there is no need to address it and if you feel satisfied with it, you do not need to address it.

– Financial stability
You mentioned the sum of commissions is divided over the period of loan term to ensure payback process management. Could you please elaborate? It basically comes down to question are you profitable? Can you cover all management fees with commissions from the borrowers?
Also are there any major (>10 thousand EUR) liabilities for Wisefund?

Yes, commissions earned per funded loans have been high enough to call us profitable. While there is certain spending on improvements, legal expenses, salary expenses, office costs, all of those management expenses are covered through the loan period with earned commissions. 
No, there are no major liabilities for Wisefund. 
Elaborating on commissions divided over the period of loan term – let’s say we get successful funding for loan of 100K with 10 months term. Assuming fee for this towards the Wisefund is 3% (fees are different for each project depending on various factors, like loan amount, loan term, risk amount, accrued due diligence costs etc), we get 3K for this loan. This amount is then covering accrued costs and the rest is divided for whole 10 months to cover expected expenses so that we’re able to be there during whole loan term until final penny is paid back. 

– Protection fund
How this is organized? How much in % do you plan to set aside from the loan total volume?
“It covers legal costs and any other expenses that may accrue as the loan defaults”
This means that you trust your collateral collection process and in unlikely scenario of default investors would not need to pay legal fees. There is no investment principle coverage included. Correct? 
Yes, correct. This is also clearly outlined in the Loan agreement

– Team and partners
Could you please enlist employee names and partner company names?

Let’s follow on this with NDA, and preferably, a meeting so I know whom I am giving this information. Partners are a major part of our business, and I wouldn’t like to drop all cards on the table just like that.

– Marketing approaches
About providing with initial funds. There are different marketing approaches and I understand that. There are drawbacks for each approach, however, there should undoubtedly be a budget for marketing. What channels do you choose to spend it upon?

Again, that’s business part of Wisefund, and disclosing this would be like going through audit

– Revoking TargetCircle offer
I have been informed about revoking Wisefund’s offer on my TargetCircle account. I try to understand that and would like to know what is your reasoning behind it?

I cancelled most of the partnerships through Target Circle, and new ones will be signed only once we get to know each other, agree on terms and how information provision is done and when it can be changed etc.
Again, I can explain to you this in detail within a meeting or through call.

Due to our productive conversation I would like to change the Wisefund’s rating on the blog. However, I still need to land on score number. Currently, this as you mentioned is subjective, however, it encapsulates information what I have at hand. You have given extra insights.

Again, we can bring this conversation to more details with a meeting or a call where we get to know each other and get into more constructive and productive conversation. I am open for long term collaborations but with knowing there won’t be sudden back turning without prior notice. 
Example, Angelo published his video with massive topic of leaving Wisefund without even trying to reach out. I called him immediately, addresses wrong saying in his comments etc. But he did what – he brought lenders, and now he convinced them not to. So that’s quite expensive channel I got as those people invested once, and most likely will never do so. Through target circle affiliate and cashback campaigns are limited to 9 months, with aim to keep those lenders long time and having them as returning customers. If this is the case, the the high referral fees are justified. In this case they are absolutely not justified, and spending has been enormous. I want to be sure with each new affiliate partnership I get the source of long term registrations, long term and returning customers. I hope you get what I am trying to say here. ) 

Again, to save time, I kindly ask to provide the answer in English and please mark the non-public information.

Done

Best regards,
Ingus Linkevics
Wisefund CEO


Hi Ingus,

thank you for additions and responses.

I will post this conversation to make readers more informed about Wisefund. Will also adjust the rating on my blog.
About the question on transparency (“Again, I don’t understand the question here.”) you covered it by answering the followup examples by saying “Something to consider, agree.”.

Thanks for being open for the conversation. I might come forward with more questions if/when something comes up.

Kindly,
Janis @ www.investingsmall.eu


Final note

I adjusted the rating of Wisefund in the comparison section according to the information I got.

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