CROWDESTOR Review

I recently found a new platform called CROWDESTOR. It’s a brand new crowdfunding platform based in Tallinn, Estonia. Continue reading this Crowdestor review to learn more about the company.

Funded projects

Their first project was launched on 14-02-2018 and features a TESLA TAXI Park in Riga. Loan term is 12 months and interest payouts of 17% will be paid on the 5th every month. Principal invested will be returned after 12 months.

You can read a lot more about the project here

I was really impressed with my Taxify experience in Tallinn, Estonia. When I saw a project like this, offering a 17% interest rate and monthly payments, I had to invest in it!

Crowdestor’s second project was a 5 story building in Riga, Latvia.

Third project was a cryptocurrency mining farm with a very high 36% interest rate.

Upcoming projects

Fourth project is to increase operating capital of a transport company.

Fifth project is a single family house.

Is Crowdestor a good company?

It’s difficult and very time consuming to investigate and understand every detail of a company. Hence, I have a different and more simple approach; I ask their key employees a lot of questions and look to see if the answers they provide are kind and professional. The attitude of the company’s representatives tells me more about the company than a 50 page blue print.

I have been mailing back and forth with Gunars Udris who is responsible for Product & Services at Crowdestor. He has been very responsive and answered all my questions promptly. To me, that’s very important when I consider investing in a new company. If I like conversation I’ll invest. Simple as that. Maybe I’m naive, but my intuition has served me well so far.

It’s a lot more risky to invest in new companies; They don’t have a proven track record and no one knows if they will be profitable in the future.

Web page and sign up process

It’s clear that they just started out recently. The platform still needs a bit of work. For example, if you press the “Add funds” button it will show a popup where you enter the amount you want to deposit. Pressing X in the right side corner will not close this popup, you will have to press anywhere outside the box. Besides small bugs like that, all other basic functions work as expected. Loan agreements are generated in a professional way and that’s the most important part.

It was very easy to sign up. You can create a new account or you can connect through Facebook or you Google account.

In the account registration process you simply enter your personal information, your bank account details and upload your personal verification document. In addition you must select a personal PIN code.  You will use this PIN code to confirm your transactions when you invest in a project. Now you just have to wait for your account to be verified. My account was verified within a couple of hours.

Transferring money with TransferWise

International transfers can take 2-3 days to arrive if you transfer through your regular bank account. Last month I missed a good opportunity on Crowdestate because my payment was late. This time I didn’t want to be late to the party!

I created a TransferWise account and paid the transfer with my credit card 17:55 in the afternoon. Crowdestor sends me an email 05:11 in the morning, confirmation that my deposit had been credited to my account. That is lightning fast! And the fees were very similar to what I normally pay. I’ll definitely use TransferWise again next time I make an international transfer. Great service!

Account overview

When your money arrive you can see it in your account overview. It also shows how much profit you have made, how much you invested, average interest rate etc.

The account page provides a nice overview of your funds

Crowdestor review: The conclusion

To sum up on everything above, I can confirm that all the main processes on the website works.

  • Account registration is fast and easy
  • Investing in a project is easy using your PIN
  • The platform creates loan documents automatically which looks very professional
  • The people behind Crowdestor are very responsive to emails and kindly reply to all questions asked

Crowdestor credits all repayments from my investments to my account on the scheduled dates. However, it’s still a bit too early to conclude anything. It’s a brand new company that will have to prove themselves over the coming years. It’s exciting to be a part of the journey.

I have a really good feeling about Crowdestor, I hope they don’t disappoint.

3 Replies to “CROWDESTOR Review”

  1. Company founded mid December 2017 in Tallinn by Latvians.
    I see they plan to use Tesla with Taxify which is rather risky decision as Taxify has treaten to leave Latvian market due to new planned ride sharing law being passed by ministry of transportation.

    1. Hi Arnis,

      You are absolutely correct. However, the new proposed law suggests that drivers have to register a company and then obtain a license to be allowed to drive. In this specific case the borrower already has a company and the licence was received on 31 January, 2018. So this new law (IF adopted) shouldn’t be a problem for the borrower.

      Of course, if Taxify stops operating in Latvia the borrower has to change business the business model or pay back the loan earlier. In case of early repayment of the Loan, the Borrower pays 20% from scheduled Interest Payments instead of 17%.

      You can read more about the law proposal here

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.