Audited Financial Results of 2025

June 30, 2026

We are happy to announce that the audited financial results for 2025 are now public. The total revenue for the year was 1 786k EUR with the net profit 231k EUR.

Income statement

	2025	2024
Interest income	1 262 859	1 103 684
Interest expense	-172 457	-225 345
Net interest income	1 090 402	878 339
Fee and commission income	371 342	280 302
Fee and commission expense	-310 717	-195 268
Net fee and commission income	60 625	85 034
Other financial income and expenses	-59 292	499
Other operating income	152 395	82 892
Miscellaneous operating expenses	-389 212	-396 192
Labor costs	-507 395	-305 682
Depreciation and impairment of fixed assets	-115 580	-91 720
Other operating expenses	0	-73
Profit (loss) before tax	231 943	253 097
Profit (loss) for the financial year	231 943	253 097

The full annual report can be downloaded here: https://ariregister.rik.ee/est/company/14820592/Modena-Estonia-O%C3%9C (it is in Estonian).

Key Events in 2025

The year 2025 was a landmark period for the Company in terms of strategic investments and technological innovations. During the reporting period, several large-scale projects were successfully implemented, supporting the Company’s long-term growth and efficiency:

Strategic Expansion into the Corporate Segment: In the 2025 financial year, the Company strategically expanded its operational scope, establishing the corporate client segment as one of its primary focus areas. In addition to well-established consumer financing products and traditional business loans, the Company launched business installment loans and mortgage loans specifically tailored for small and medium-sized enterprises (SMEs). Expanding the product portfolio enables the Company to diversify risks across different customer groups, enter markets with higher transaction values, and provide corporate clients with vital liquidity and flexibility for making investments.
Launch of the Claims Trading Portal: The Company brought to market a dedicated platform for the sale of credit claims and portfolio management. In 2025, the volume of sold claims reached approximately EUR 12.9 million.
Rebranding and New Visual Identity: In 2025, significant investments were made into refreshing the Modena brand to align it with the Company’s position as a modern and professional financial partner. As part of the rebranding, a new visual identity was developed, and a completely redesigned website was launched.
Modernization of Customer Systems: In tandem with the rebranding, all of Modena’s customer-facing self-service systems and digital platforms underwent a comprehensive upgrade. The modern new look, combined with an enhanced user experience (UX/UI), ensures a more intuitive and faster process for customers, which has directly increased customer satisfaction and supports the Company’s conversion rates.

Review of Business Activities and Financial Results

A Year of Stable and Successful Growth: The year proved to be a period of stable and successful growth for the Company. Despite the macroeconomic challenges of previous years, the Company was able to significantly increase its declared revenue and strengthen its position in the fintech (FinTech) market.
Revenue and Portfolio Growth: The Company’s revenue for 2025 was EUR 1,633k, marking an approximate 18% growth compared to the 2024 financial year (2024: EUR 1,383k). This growth was driven by active sales efforts, the successful launch of new corporate client products, and high activity within the existing customer base.
Profitability and Net Assets: The financial year concluded profitably, reaching EUR 231,943. The Company’s net assets and equity are fully compliant with statutory requirements, ensuring a sufficient capital buffer for further operational expansion.

How AI Is Changing Credit Scoring — and Lowering Risk for Investors

May 19, 2026

For most of modern lending history, credit risk has been assessed in roughly the same way: a credit bureau score, a few months of bank statements, an income confirmation, and a set of rules-based filters. It is a system that works, but it leaves a lot on the table. Borrowers with thin files are often turned away despite being creditworthy. Borrowers with strong files sometimes default despite looking safe on paper. And investors funding those loans inherit every gap in the assessment process.

That is starting to change. Over the past few years, artificial intelligence has moved from the margins of fintech into the core of how lenders actually decide who to lend to and at what price. For investors, that shift matters, because better credit assessment translates directly into lower default rates and more predictable returns.

From Static Scores to Continuous Signals

Traditional credit scoring is a snapshot. It reflects a borrower’s situation at a point in time, weighted by a small number of variables: payment history, credit utilisation, length of credit history, and so on. AI-based scoring works differently. Modern models can ingest hundreds or thousands of signals: transaction-level cash flow patterns, employment stability, behavioural data from the application process itself, even how a borrower interacts with a digital interface.

The result is not just more data, but more relevant data. A model that can see how regularly a borrower’s salary arrives, how their spending changes month to month, and how they have handled previous credit obligations gives a far more accurate picture of repayment capacity than any static score.

Catching Risk Earlier

The same techniques are increasingly used after a loan is issued. Machine-learning models can monitor portfolios continuously and flag early warning signs: a slowing in income, a sudden change in spending behaviour or a missed payment on an unrelated obligation.

For lenders, this means earlier intervention: restructuring a loan, adjusting terms, or simply reaching out before a borrower falls into difficulty. For investors, it means a smaller share of the portfolio drifting silently toward loss.

More Consistent Decisions, Better Auditability

A common concern with algorithmic scoring is that it may simply automate the biases of older models. In practice, the opposite tends to be true when AI is deployed responsibly. Because modern models can be tested, audited, and retrained against actual outcomes, lenders can measure exactly how well their decisions are performing and adjust where they are not. Decisions become more consistent, less dependent on the judgment of any single underwriter, and easier to explain to regulators.

That is a meaningful improvement over manual processes, where small inconsistencies in assessment can compound into large differences in portfolio performance over time.

What This Means for Investors

For investors funding consumer or business loans through fintech platforms, the practical impact is straightforward: a portfolio assessed with modern tools should default less, recover more, and produce more stable returns than one built on older methods.

That does not mean AI removes credit risk. No model does. Defaults will continue to happen, economic cycles will continue to turn, and discipline in underwriting will remain the single most important factor. But the gap between well-scored and poorly-scored loan books is widening, and investors increasingly benefit from platforms that take credit assessment seriously enough to invest in the technology behind it.

At Modena Capital, we view AI not as a marketing point but as a working tool. Better data and better models support better decisions, and better decisions are what protect the capital our investors entrust to us.

Why Estonia Continues to Attract Investors

March 19, 2026

Estonia

When investors think of established financial centres, London, New York, and Frankfurt typically come to mind. Yet over the past decade, Estonia has quietly emerged as one of Europe’s most compelling jurisdictions for digitally enabled business and cross-border finance.

Its appeal is not based on scale, but on quality. Estonia has built a business environment defined by administrative efficiency, institutional transparency, and digital infrastructure that materially reduces friction for companies and investors alike.

That combination matters. In an increasingly complex financial world, investors value jurisdictions where processes are efficient, regulation is clear, and trust is built into the system rather than added as an afterthought.

Estonia by the Numbers

Estonia’s reputation is supported by consistent performance across the measures that matter most to businesses and investors:

#1 in tax competitiveness for more than a decade in the OECD’s International Tax Competitiveness Index, reflecting a system designed to support growth, investment, and efficiency.
#2 globally in e-government in the United Nations E-Government Development Index, underscoring the strength of its digital public infrastructure.
#8 in economic freedom in the Index of Economic Freedom, highlighting open markets, regulatory efficiency, and strong legal protections.
Among the world’s least corrupt countries in Transparency International’s Corruption Perceptions Index, ranking ahead of many larger and more established financial centres.

These are not simply headline achievements. Together, they point to a jurisdiction where businesses can operate with greater speed, lower administrative burden, and higher confidence.

A Digital-First Economy with Less Friction

In Estonia, many of the processes that still consume time and resources elsewhere can be completed quickly and digitally. Company formation, tax administration, document execution, and a broad range of public services are accessible online, reducing the delays and inefficiencies that often slow business activity in other markets.

For investors, that matters in practical terms. Lower bureaucratic friction can support leaner operations, faster decision-making, and a more efficient environment for financial businesses to serve clients and deploy capital.

Transparency as a Competitive Advantage

For serious investors, transparency is not a soft benefit. It is a core part of risk management.

Estonia has earned a strong reputation for institutional trust, legal clarity, and clean business practices. As an EU member state with a highly digitised public sector and a strong regulatory framework, it offers an environment where rules are visible, systems are predictable, and oversight is taken seriously.

That kind of predictability is valuable. Investors are better positioned when they operate in jurisdictions where governance standards are high, the rule of law is dependable, and the broader business culture supports accountability.

What This Means for Investors

For private investors, an Estonian operating environment offers something increasingly rare: efficiency without opacity.

It means engaging with businesses that benefit from modern infrastructure, clear regulation, and a culture of transparency. It means less exposure to unnecessary administrative drag and greater confidence in the systems surrounding the business itself.

Operating in Estonia within the European Union’s regulatory framework and under local supervision provides a strong combination of clarity, trust, and digital efficiency. This enables us to maintain a lean and disciplined operating model while focusing on what matters most to investors – a transparent and professional investment experience. At Modena Capital, we have deliberately leveraged this environment to deliver maximum transparency and efficiency to our investors, and it is precisely this kind of practical functionality that continues to make Estonia increasingly attractive to international investors.

Introducing Secure+ Vault and Reimagining Growth

Modena Capital enters a new era with the launch of Secure+, a low-risk investment product backed by real estate, alongside Growth and Dynamic portfolios designed for every investor profile.

December 30, 2025

At Modena Capital, our strategy has always been grounded in one core principle: keep it simple. We believe that managing wealth shouldn’t be a complex maze, but a clear, logical path to financial freedom.

Today, we are excited to announce significant developments in our product lineup. We have streamlined our offering into three distinct products, designed to give you full control over your money—whether your goal is maximum security, aggressive growth, or instant access.

Here is what is changing and what is coming next.

1. COMING SOON: Secure+ (Launching in January)

The biggest news is the upcoming launch of our brand-new product, Secure+, arriving this January. We designed this for investors for whom capital preservation is the absolute priority.

Secure+ is built to be robust enough for long-term, low-risk goals, making it a suitable option even for pension accumulation.

What makes Secure+ unique?

130% Real Estate Backing: Every loan in this portfolio is secured by real estate with a coverage ratio of 130%. This means the value of the collateral significantly exceeds the loan amount.
Top-Tier Legal Protection: We are working with a leading law firm to engineer a “bulletproof” legal setup. This includes the appointment of an independent Security Agent.
Total Separation of Risk: Secure+ assets are completely separated from Modena Capital’s standard business risks.
Worst-Case Scenario Protection: In the unlikely event of a default or business failure, the Security Agent takes over. Their sole mandate is to liquidate the real estate collateral and guarantee that investors are repaid.

Secure+ is designed to provide peace of mind in a fluctuating market.

2. REBRANDED: ‘Fixed Term Vault’ is now ‘Growth Vault’

We have also revamped our existing portfolio. Our product formerly known as Fixed Term is now called Growth.

Why the change? The name Growth simply reflects the product’s purpose better. It offers the strongest yield in our lineup. It is the ideal choice for investors who are willing to lock in their capital for a set period to maximize their returns and see their wealth expand significantly.

3. TRIED & TRUE: Dynamic

The third pillar of our strategy remains Dynamic. This product is designed for liquidity. It allows you to hold capital that you might need on short notice. With Dynamic, you get fast access to your money, ensuring you are ready for life’s unexpected expenses or new opportunities, without letting your cash sit idle.

The Strategy: Your Money, Your Rules

With these updates, Modena Capital now offers a complete toolkit to manage your wealth according to your life stage and risk appetite:

Secure+: Maximum safety and asset backing (Ideal for stability/pension).
Growth: Maximum yield (Ideal for wealth accumulation).
Dynamic: Maximum flexibility (Ideal for liquidity).

We are keeping the products simple, so you can focus on what matters—living your life while your money works for you.

Stay tuned—full details and the official launch of Secure+ are coming in January!

New Identity. Same Mission.

It has been just over a year since Modena Capital launched with a bold idea: to bridge the gap between complex financing assets and everyday investors. In that short time, we have grown from a startup into a trusted platform with a fast-growing community across Europe.

December 16, 2025

We have delivered disciplined execution, consistent returns, and technical transformation. However, until now, our public face—our website—reflected our starting point rather than where we stand today.

Today, we are proud to unveil the new Modena Capital website.

This isn’t just a visual refresh. It is a declaration of who we are today: a professional, transparent, and institutional-grade partner for your wealth.

Why the Change?

Trust is the currency of our business. While our portfolio performance has always been high-quality, we wanted our digital presence to reflect that same level of excellence. We have moved beyond the “startup aesthetic” to a design language that conveys stability, clarity, and professionalism.

Important: Your Investor Portal Remains Familiar

While we are excited to show off our new public look, we understand that when it comes to managing your money, consistency is key.

Please note that your logged-in dashboard (the Investor Portal) remains in its familiar design for now.

Whether you are checking your daily interest accrual, making a deposit, or withdrawing funds, everything works exactly as you remember it. This ensures a seamless transition with absolutely no disruption to your daily account management.

We are, of course, working behind the scenes to bring the new design language to the portal in the future, and we will keep you updated on those upgrades as they approach.

Just the Beginning

This new website is the foundation for the next chapter of Modena Capital. It sets the stage for new features, deeper transparency, and continued expansion across European markets.

Thank you for being part of our journey from the very beginning. We invite you to explore the new site and see the evolution for yourself.

How Investors Perceive Financial Safety

October 20, 2025

What makes an investment truly safe? Is it a guaranteed return, or the confidence that your money is working behind something tangible and transparent? These questions are not only financial but also psychological. To explore how investors themselves define safety and stability, Modena Capital conducted a focused survey: the Modena Investment Compass.

How People Actually Think About Financial Safety

A recent Modena Investment Compass survey explored how investors perceive financial safety, risk, and stability in their decision-making. The findings were remarkably consistent: regardless of country or experience, most investors associate safety not with guaranteed returns, but with clarity, diversification, and control.

In fact, 68% of respondents said they feel safest when their funds are spread across several trusted platforms. Only 11% defined safety as having a “guaranteed” or “insured” return. This marks a clear shift in investor psychology—from seeking absolute guarantees to seeking transparency and accountability. Investors increasingly want to understand where their money is, what protects it, and how it grows.

The Psychology Behind Financial Confidence

When asked how they would react if their investments dropped by 5%, 82% of respondents said they would remain calm or even see it as a buying opportunity. That level of composure indicates a mature investor base—people who understand that short-term volatility is part of long-term growth.

Behavioral finance research has long confirmed that a sense of safety does not come from the absence of risk, but from the ability to understand and manage it.

“Financial peace of mind doesn’t come from eliminating risk, but from making it predictable and controllable.”

Why Moderate Risk Is the New Normal

Historically, investors were divided into two camps—conservative savers and aggressive risk-takers. Today, most sit somewhere in between. According to the survey, 70% describe themselves as moderate-risk investors: they are willing to take some risk in pursuit of meaningful returns, but within a structured and transparent framework.

This balance reflects broader economic trends. After years of market uncertainty, people no longer want to hide their money, but neither do they wish to chase volatility. They seek stability with purpose—returns that make sense and risks they can measure.

Safety Means Different Things to Different People

When asked, “How do you usually achieve a sense of financial safety?” respondents gave diverse answers:

Source of safety	% of respondents
Diversifying across multiple platforms	68%
Having quick access to cash when needed	15%
Investing in guaranteed or insured products	11%
Using asset-backed or collateralized products	6%

This shows that financial safety is a deeply personal concept. For some, it means liquidity and flexibility; for others, it means tangible collateral or institutional trust. There is no universal formula—only individual comfort zones.

The Three Investor Profiles Emerging from the Survey

Based on the data, respondents can be grouped into three broad profiles:

Investor Type	Description	Share
Steady Growers	Prioritize stability and capital protection	25%
Balanced Planners	Seek balance between risk and return	55%
Growth Seekers	Focus on aggressive growth and opportunity	20%

These are not just investment categories—they reflect life attitudes. Steady Growers value peace of mind and predictability. Balanced Planners prefer clarity and flexibility. Growth Seekers thrive in dynamic, opportunity-driven environments.

What This Means for the Market

The data paints an encouraging picture: investors are becoming more conscious, analytical, and self-aware. Return alone is no longer the dominant motivator. Trust, transparency, and responsible risk management now define the modern investment mindset.

This evolution signals a maturing investor community—one that welcomes financial products designed not only for performance, but for peace of mind.

In Conclusion

The question, “How safe do I feel about my money?” is more than a financial one—it is a reflection of personal psychology and control. Our approach to risk mirrors how we approach uncertainty in life.

If this survey reveals anything, it is that investing is no longer just about growing wealth—it is about designing calm, intentional growth.

Data in this article is based on the Modena Capital “Investment Compass” survey conducted in October 2025, with 72 active investor respondents across European markets. This content is provided for informational purposes only and does not constitute investment advice or an offer to buy or sell financial products.

Export to Excel is now LIVE

October 17, 2025

Good news for investors who like their numbers clear and organised. Starting today, you can download your Modena Capital financial statements directly in Excel format instead of only PDF.

This update makes it easier to review, analyse and track performance across periods. Whether you are calculating personal returns or comparing assets, Excel export gives you full flexibility to work with your data the way you prefer.

We are also working on smooth data import to P2PDash. This will let you view your Modena investments neatly alongside other platforms inside your dashboard.

Step by step, we are making Modena more transparent, flexible and compatible with the tools you already use.

Modena launches new brand identity

October 6, 2025

After six months of strategic work, we’re proud to unveil a bold new chapter in Modena’s journey — the launch of our reimagined brand identity. This transformation is more than a design update; it’s a clear signal of who we are today and where we’re headed.

Our renewed identity reflects Modena’s evolution into a more dynamic, innovative, and transparent company. It reinforces the core values that guide our decisions and partnerships — trust, transparency, and forward-thinking innovation. With a unified visual language and sharpened messaging, we’re laying the groundwork for sustained growth and deeper, long-term alignment with our investors and clients.

“This rebrand is a natural and necessary progression,” said CEO Oliver Matt. “It aligns with the trust we’ve earned and the innovation we continue to deliver.” CMO Chris Kiidemaa added, “From a brand storytelling perspective, this shift gives us the tools to express Modena’s purpose and promise with far more clarity and conviction. Every detail — from our logo to our language — is designed to reflect the modern, client-centric organization we’ve become.”

In the coming months, we’ll gradually roll out the new brand across all channels and experiences — from digital platforms to client engagements — ensuring consistency and clarity at every touchpoint. Throughout this transition, our commitment to open communication and excellence remains unwavering.

This is only the beginning. With new innovations and strategic milestones on the horizon, Modena is poised for an exciting next phase. We look forward to sharing what’s next.

Modena Newcomers – Start Strong!

At Modena, we believe every new investor deserves a strong start. That’s why we’ve created the Newcomers Bonus – a welcome package designed to reward your first steps into the world of smart investing.

September 25, 2025

At Modena, we believe every new investor deserves a strong start. That’s why we’ve created the Newcomers Bonus – a welcome package designed to reward your first steps into the world of smart investing.

What You Get:

€25 welcome bonus after 90 days
1% cashback on all investments during your first 120 days
Up to €1,000 cashback + €25 bonus maximum

How It Works

Sign up and make your first investment.
Keep your funds invested for at least 90 days 120 days for maximum cash-back.
Earn rewards – your cashback is accrued gradually and paid out in parts, with the €25 bonus at the end of the 90-day period.

If funds are withdrawn earlier (less than 50 € invested), cashback is calculated proportionally for the invested period. The €25 bonus will only be paid after completing the full 90 days with min 50 € invested.

Examples

Example	Investment	Cashback	Bonus	Total
Example 1	€5,000	€50	€25	€75
Example 2	€10,000	€100	€25	€125
Example 3 (Cap)	€100,000+	€1,000	€25	€1,025

Why Join Modena?

With Modena, you get access to a platform built for transparency, diversification, and long-term performance. The Newcomers Bonus is just the first step in your journey – our goal is to help you grow your wealth confidently.

How to Get Started in Just a Few Steps

Register your account
Sign up securely on our platform (takes less than a minute).
Verify your identity
Quick KYC (a few minutes). Required by regulation to protect your funds. Have your ID document and a selfie ready.
Add funds
Make a bank transfer to your Modena account.
Choose your Vault
- Dynamic Vault — flexible access with a 30-day notice period; baseline estimated yield.
- Fixed-Term Vault — ~25% higher estimated yield compared to Dynamic; funds locked for 12 months.
Track your growth
Receive a Monthly Review with a clear breakdown of your performance.

Dynamic Vault gets stronger: long-awaited credit contracts now available to investors

August 29, 2025

We’re excited to announce that one of our most anticipated developments has finally been completed – credit-type contracts are now live on the Modena platform and available in the Dynamic Vault.

Until now, the Dynamic Vault was primarily made up of BNPL contracts. With the addition of credit contracts, investors now gain access to a new asset class that brings:

more assets within the Vault,
better diversification for portfolios,
and potentially higher overall yields.

Investors can expect around 10% yield from credit contracts, making them a valuable complement to the existing BNPL portfolio. This addition is a key step toward strengthening the Dynamic Vault and providing investors with more consistent long-term performance.

We have finished the long-awaited development of having credit type contracts also on the platform. Credit contracts are available in the Dynamic vault as they are added to the already existing BNPL contracts. Investor can expect ~10% yield from the credit contracts and therefore it is a good addition which makes more assets available and help to raise the overall yield of the dynamic vault.

– Oliver, Modena CEO

This launch marks an important milestone – giving investors more opportunities and greater value.

Modena Investor Update: What’s Shipping Next (Q4 2025+)

August 15, 2025

Dear Investors,

One week ago we sent out a survey concerning the future development of the platform. We are delighted to have received close to 50 replies to that survey and countless more ideas and suggestions over time via email. We have grouped all ideas by topic and added a short comment on if and when you should expect each item.

Top 5 most requested features

Improved financial statements for investors.CEO’s comment: We are working on this. Both the income statement and cash‑flow statement will have a feature where you can trace every euro to the concrete contract where and when it came. The challenge is moving a huge amount of data from different systems to the platform, but our IT team is working hard on it. ETA: beginning of Q4 2025.
More detailed quarterly insights on how Modena is performing.CEO’s comment: We will add more data in the upcoming quarterly updates concerning Modena’s financials.
More options for Vault lock‑in periods (both shorter and longer).CEO’s comment: We are developing automatically renewing 12‑month vaults. We had not planned for 6‑month vaults, but since many have requested them, we will add this option to the development pipeline. Realistic ETA for both: Q4 2025 or Q1 next year.
Refer‑a‑friend program.CEO’s comment: This is in the development roadmap and is planned for Q4 2025.
Monthly summary emails for investors.CEO’s comment: This idea is at the top of the development roadmap and will be rolled out within the next 1–2 months.

Other ideas / suggestions

2FA login.CEO’s comment: We have already quietly rolled out this feature. Under your account settings, you can configure different login options. We have not yet made a public announcement since the FAQ and manuals are not finished. If you are familiar with 2FA, you may enable this feature now; if not, please wait another week while we prepare the public instructions.If you decide to enable the feature now:
- When enabling a password, this will be an additional login option alongside the one‑time magic email link.
- To use an authenticator app, you will also need to set up a password.
Incentives for investors who invest larger amounts for longer periods.CEO’s comment: We are planning investor benefits categories based on investment size. ETA: Q1 2026.
Improved auto‑payout functionality: (1) more features, (2) data explaining how payout numbers are calculated (e.g., reasons for month‑to‑month fluctuations).CEO’s comment: We have the auto‑payment calculation report in the development pipeline and are reviewing which features could and should be added.
Faster cash‑out options.CEO’s comment: We offer two types of cash‑outs for the Dynamic vault. We are not sure if we can speed these up further – it’s mostly a legal issue – but we will explore this topic.
Daily APR calculation.CEO’s comment: We will add this as part of the development scope for the enhanced financial statements.
Access account data via API.CEO’s comment: At present, there are no plans to build such APIs. However, if there is demand for this feature, we may add it. If you would like to have this feature, please email us so we can gauge interest and plan accordingly.
Dedicated tax report.CEO’s comment: This is in the development pipeline — ETA: Q4 2025.
Possibility to log in with Mobile‑ID.CEO’s comment: We have focused on 2FA options with an app or passkey. There are no current plans for Mobile‑ID login.
Possibility to set goals for Vaults.CEO’s comment: This is a good idea and we will consider it. Currently, every vault has an ID, but setting a goal might help in achieving financial targets.

– Oliver & the Modena Team

Your Questions Answered: Insights from the 2024 Annual Report

August 13, 2025

A recent investor conversation — and broader discussion in the P2P lending space — prompted us to publish clear answers about our 2024 annual report and our outlook for 2025–2026. Below we explain the negative working capital line, share portfolio quality metrics, and outline what we expect next.

Why the 2024 Annual Report Shows Negative Working Capital

The negative working capital figure does not signal liquidity stress. It stems from a strategic refinancing decision that improves our funding costs.

In early 2025, declining EURIBOR and better market terms became available.
We chose to repay €1.4 million ahead of schedule to lock in more favorable financing.
Because this repayment occurred within 12 months after year-end, our auditor required it to be classified as short-term debt, which made short-term liabilities exceed short-term assets in the report.

In practice, our liquidity is the strongest it’s ever been: we have reduced our average financing cost by more than 2.5 percentage points, and in the first half of 2025 we also raised €0.5 million in equity to further strengthen the capital structure.

On recent market commentary: Some summaries have mentioned “higher debt” at Modena. The reclassification above explains the optics — it reflects timing and classification under audit, not a deterioration in liquidity or leverage quality.

Credit Quality: Conservative and Stable

Our underwriting remains conservative; we do not operate in the sub-prime segment. Loan quality improved in 2024 versus prior years and has continued to improve through 2025.

Key figures (as of July 2025)

Approximately 4% of the outstanding portfolio is >30 days past due.
Lifetime default rate ≤ 9%; with about 75% recovery, the net credit loss is roughly 2.25% of issued principal.
BNPL: ~0.7% lifetime default; with about 80% recovery, losses are effectively negligible.

Portfolio growth vs. credit losses

	2024	2023
Total issued financing	20 845k EUR	13 064k EUR
Credit loss	171k EUR	102k EUR

The increase in credit losses is primarily a function of a larger portfolio, not a decline in credit quality.

Outlook for 2025 and Beyond

We see no material risks related to working capital or underwriting. The main uncertainty is pace: how quickly we can execute on our growth plans amid a volatile macro backdrop.

Even so, we remain optimistic. With a strong capital structure and prudent risk management, we are positioned to deliver stable, sustainable results in 2025–2026.

Final note. Modena’s 2024 results show that strategic refinancing and conservative risk discipline can go hand in hand with growth. Liquidity is at a record high, and we are ready to capture the opportunities ahead.

Q2 2025 BNPL Performance Update

August 12, 2025

In the second quarter of 2025, Modena continued to expand its Buy Now, Pay Later (BNPL) offering, delivering solid results despite the sector’s seasonal slowdown.

We issued a total of €4.1 million in BNPL contracts during Q2 — a 23% increase compared to the same period in 2024. As expected, volumes were down 9% from Q1, reflecting the typical seasonal pattern in the BNPL market. Historically, the second quarter sees lower demand, as many purchases for the first half of the year are made in late Q1, and consumer activity slows with the onset of summer holidays.

Through modena.capital, our investors financed €3.2 million worth of BNPL contracts in Q2. Portfolio quality remained strong, with a default rate of just 0.4% of the principal issued — underscoring the resilience of the asset class and the effectiveness of our underwriting process.

We remain committed to providing investors with transparent performance insights and to capturing growth opportunities in the evolving BNPL landscape.

What’s the one feature you’d love to see on Modena Capital?

August 8, 2025

At Modena, we’re building a platform that grows with our investors’ needs. To make sure we’re on the right track, we want to hear directly from you.

We’ve put together a very short survey – just one open question:

What’s the one feature you’d love to see on the platform?

Your feedback will help us decide which features to prioritize next – whether that’s more detailed performance reports, smarter notifications, or entirely new tools to make investing easier.

Take the 1‑question survey

Thank you for being part of Modena’s growth and for helping us create a better investing experience for everyone.

Our Philosophy: How to Build a More Consistent Monthly Cash Flow

July 24, 2025

Building a stable and reliable income stream is a key goal for many investors. At Modena, we’ve built our platform with this exact idea in mind. Our goal is to help your capital grow into a regular monthly cash flow. Of course, it’s important to remember that all investments carry risks, and returns are never guaranteed.

Our strategy differs from many others because we don’t focus on speculative growth. Instead, we prioritize generating steady and consistent income. While market conditions affect all investments, we aim to navigate these conditions with our considered methods, with the goal of providing regular monthly payouts to our investors.

Our automated payout system puts you in control. You decide how much of your earnings you want to transfer to your bank account each month. You can use it to cover expenses, fund your dreams, or reinvest for potential future growth. This flexibility allows you to adapt your income strategy as your life changes.

We believe that investing should be about building a sustainable income, not just chasing market trends. Our efficient and lean business model helps keep costs low, and we pass this advantage on to our investors through our fee structure.

Before investing, we ask that you always carefully review our full terms and conditions. We also recommend consulting with a financial advisor to ensure our services are a good fit for your personal goals and financial situation.

We are proud that many investors have chosen Modena to build their additional income strategies.

Are you ready to explore how our approach could fit your goals?

Lending Growth Signals Portfolio Strength & Investor Trust

July 7, 2025

June marked our strongest month to date in business loan growth. The loan portfolio expanded by 23%, bringing total active lending above €450,000.

This growth reflects the consistent execution of our asset allocation strategy and an uptick in engagement from both passive and active investors.

Our lending focus remains on small and mid-sized businesses across commerce, manufacturing, and real estate development—sectors selected for their stable cash flows and alignment with our credit standards. These include minimum debt coverage ratios and confirmed revenue performance.

Our platform offers diversified access to private credit opportunities, designed to complement conventional vehicles such as mutual or index funds.

The investor retention rate currently stands at 76.19%, reflecting confidence in our lending process, portfolio discipline, and ongoing performance.

Modena Capital operates within Estonia’s regulated, digital-first financial environment. Investor funds are held in segregated accounts, and returns are calculated monthly. Performance data is made available for transparency and monitoring purposes.

We remain focused on maintaining a disciplined, transparent approach as we enter Q3. Thank you for your continued trust.

New High-Yield Product Upcoming Launch: Fixed-Term Vault

May 15, 2025

We’re excited to announce the launch of Fixed-Term Vault, a new investment opportunity exclusively for Modena.Capital investors. Fixed-Term Vault offers the potential to increase your returns by up to 25% annually compared with the current vault by placing your funds in the new vault for a 12-month period. The estimated return for in investor in the Fixed-Term Vault is 9.5% – 11% annually. The number of Fixed-Term Vaults is not limited and you can open as many as you wish. Once the 12-month periood is over the funds in the Vault will be automatically transferred back to your cash balance where you can choose to reinvest it or withdraw it to your IBAN.

This product is designed for investors seeking higher yields while supporting Modena’s expanding portfolio of secure, income-generating assets. By committing capital to a fixed term, you benefit from enhanced interest rates, stable returns, and priority allocation into our top-performing credit products.

Fixed-Term Vault reflects our commitment to delivering innovative solutions that grow your capital more efficiently. Spaces are limited to ensure portfolio balance and optimal performance.

NB: In the context of this change the current Vault product is renamed to Dynamic Vault. There are no ohter changes to the existing Vault other than the name.

Thank you for your continued trust in Modena.Capital.

If you have any questions please feel free to email or call us.

2025 Q1 Business Update

April 4, 2025

2025 Q1 Business Update

With yet another successful quarter closed we are happy to share business update with our investors.

Modena issued in 2025 Q1 a total of 4.5m EUR worth of BNPL contracts. Up 46% compared with 2024 Q1!

The leading segment where majority of contracts originated were fashion & beauty.

1.1m EUR worth of BNPL contracts were financed via modena.capital by our investors. Average ROI of our investors was 9.1% for that period.

Default rate of BNPL contracts remains low (as it historically has been) with less than 0.7% contracts defaulting.

Oliver Matt
CEO of Modena

Why now is the best time to invest in P2P lending

March 24, 2025

Rising inflation and historically low bank deposit rates have created a challenging environment for capital preservation. Traditional savings products no longer keep pace with the cost of living, leaving investors searching for alternatives that offer both stability and meaningful returns.

Peer-to-peer lending has emerged as one of the most compelling solutions. By bypassing the inefficiencies of legacy banking systems, P2P platforms enable capital to flow directly from investors to businesses—efficiently, transparently, and with the potential for higher yields. This model not only empowers investors but also fuels the growth of companies that need flexible financing to scale.

At Modena Capital, our goal is to build an investment platform where both sides benefit. Investors can earn attractive, risk-adjusted returns, while borrowers gain access to the capital required to accelerate their development. Through technology-driven underwriting and a disciplined risk approach, we aim to make alternative investing accessible without compromising on responsibility or rigor.

In today’s market, capital that stands still loses value. Now is the moment to let your money work smarter. Explore the opportunities that modern alternative finance offers and take a more active role in shaping your financial future.

How we keep your investments secure

March 19, 2025

We know trust is everything in finance. That’s why we’ve built Modena Capital with security and transparency at the core.

Every loan listed on our platform goes through a rigorous vetting process to ensure borrowers are credible and financially stable. We assess risk profiles, financial history, and business performance before approving any loan.

Additionally, we offer diversification tools—so instead of lending to just one borrower, you can spread your investment across multiple opportunities. This helps mitigate risk while keeping returns steady.

We’re committed to building a platform where investors can grow their wealth with confidence. Your money should work for you, and we’re here to make sure it does—safely.

Why peer-to-peer lending is changing the game

March 12, 2025

Traditional banks have dominated lending for decades, but peer-to-peer (P2P) lending is changing the rules. At Modena Capital, we believe in a world where investors and borrowers can connect directly—without unnecessary middlemen taking a big cut.

P2P lending allows everyday investors to earn attractive returns while helping businesses and individuals access capital efficiently. Instead of keeping your money in a low-interest savings account, you can put it to work and earn competitive yields.

At Modena, we carefully vet lending opportunities to minimize risk and maximize returns. It’s a win-win: borrowers get the funding they need, and investors see real financial growth.

Join us in reshaping the future of finance.