Kuetzal review – Business/project based Crowdlending

Kuetzal review

Disclosure: All links to products and services mentioned on FinanciallyFree.eu are affiliate links. If you go through them to sign up for a service I will earn a commission. Sometimes you will receive a bonus too.

This Kuetzal review is based entirely on my experiences. Always do your own research.

Update 16.01.2020:

I consider Kuetzal a scam. They announced wind-down a couple of days ago, no payouts have been made since medio December (due to frozen bank accounts?) and more fraudulent projects were found.

Update 19.12.2019:

Something is not right with Kuetzal. Please read this article before you consider investing with them!

I have made a buyback and withdrawal request and I will exit if possible, even with a loss. I cannot recommend Kuetzal until I have seen proof that the owner, Viktoria actually exists.

Proceed with caution!

This Kuetzal review is 100% unbiased and based on my experiences.

From May 2-3, 2019 I had the pleasure to meet Kuetzal in their new office in Riga.

The main purpose of the visit is to ensure the investment platform is real and the listed projects exist. I ask all sorts of questions to get the best impression of the team behind.

What is Kuetzal?

Kuetzal is a Peer-to-Business platform that connects the most promising regional projects in the Baltics with investors to create mutual high value added cooperation.

Quick facts about the platform:

  • Kuetzal was founded in July 2018 by Alberts Čevers  
  • The first investor was registered in November 2018
  • 950 investors have verified their accounts and made first deposits by May 2019
  • Kuetzal recently moved to a new office: Dzirnavu street 16, 2nd office, Riga.  (Entrance from Strēlnieku iela 16)

Kuetzal office

Who is the founder and CEO?

Alberts Čevers was born in Riga in 1994. When he turned 18 he moved to Barcelona to study. He graduated European University in Barcelona in 2016 and holds Bachelor diploma in Business Administration.

When Alberts lived in Barcelona he also worked for 2 companies related to the P2P industry:

  • Financial operator at Twinero, which is a short-term loan originator.
  • Intern at Viventor, which is a well known P2P-platform.
Kuetzal review
Alberts Cevers, Jørgen Wolf (me) and Romans Antonovs – In the Kuetzal office in Riga.

Where does the name Kuetzal come from?

One of the first questions I had to ask was about the name of the platform.

  • How did you come up with the name “Kuetzal”? Does it mean anything?

Alberts: “We wanted a unique name for our company. We were inspired by the beautiful bird – The Quetzal. We thought the letter Q was too exotic for the European market so we changed it to a K. That’s how Kuetzal was born.”

Notice how the top part of the Kuetzal logo looks like a bird (I added the black eye)

Kuetzal logo

Quetzal bird
The Quetzal bird from Central/Southern America


At the time of writing 14 projects are published on the platform and 11 of them have Buyback Guarantee.

5 of these projects are fully funded. The platform is still young, none of the projects have been completed or repaid yet.

Project duration has historically been between 12 and 48 months. Interest is paid out every month for all current projects. Interest rates from 6% to 21%.

As with any other Crowdlending platform, investors earn money with fixed interest rates from the projects presented on the platform.

Here is an example of the last 6 projects presented on the website:

Kuetzal projects

Projects we visited

While visiting Kuetzal we had the opportunity to visit several projects, talk to the project owners/borrowers and hear more about their companies and reasons for listing their project on Kuetzal.

  • Anniņmuižas Parka rezidence (already funded)
    Anniņmuižas Parka rezidence

Construction workers were active on the plot while we were there. A large yellow tower crane and a tractor were working on the foundation of building.

Anniņmuižas Parka rezidence Anniņmuižas Parka rezidence Anniņmuižas Parka rezidence

  • Impaya – Online payments solution (83% funded)
    Impaya project

Sergejs Roslikovs, CEO of Impaya, gave a company presentation and talked about future plans of the company. With Kuetzal, they are planning to acquire EMI (Electronic Money Institution) license in UK and increase their volume in Asian countries.


  • VV Line (30% funded)
    VV Line project

Lauris Valainis from VV Line gave us a good introduction to the company. They are official representatives of Kaessbohrer in the Baltic region. With Kuetzal they are planning to distribute the latest Kässbohrer truck models to their customers in the Baltics.

VV Line
I forgot to take a picture with Lauris but I found this picture which was taken in the same office recently.

VV Line office VV Line office VV Line office

  • European Crypto-Mining Association
    European Crypto-Mining Association project

European Crypto-Mining Association has built a profitable business around specialized hardware/software that automatically determines which coins are most profitable to mine – in real time. They mine for themselves and for clients who pay for the hosted service.

I was surprised to learn how fast the equipment was paid back, even without increasing price of the coins. They have access to very attractive prices on hardware, near 50-60% of retail prices.

European Crypto-Mining Association European Crypto-Mining Association European Crypto-Mining Association European Crypto-Mining Association European Crypto-Mining Association

New mining container ready to be equipped and assembled.

European Crypto-Mining Association European Crypto-Mining Association

What is Kuetzal Care?

Kuetzal care currently has two purposes:

  • To give investors interest payments from the day they invest. They don’t have to wait for the project to be fully funded.
  • Projects marked with Kuetzal Care will be fully funded – in not by investors, then by Kuetzal’s own funds.

We don’t know much about the people behind Kuetzal Care. According to Alberts, it’s 4 private investors and an investment fund.

The investment fund is mainly attracting funds of investors from Asia and using them for investments in Europe. Overall participation of that fund in Kuetzal Care is ~30% of overall cap.

Alberts knows investors prefer 100% transparency – so does he. He hopes to be able to introduce all the parties within Kuetzal Care one day.

Buyback Guarantee

Most projects have Buyback Guarantee as well, which again has two purposes:

  • To give investors an option to exit a project early by selling the investment back to Kuetzal for a 10% fee. (Contact Kuetzal by mail if you want to use this option)
  • To secure any principal invested and return it to the investors in case a project defaults.

Note that Kuetzal promises to cover 100% of your investment in case of default.

I have suggested Alberts to include buyback guarantee as a corner stone in Kuetzal care. That would make the concept a lot stronger (and much easier for new investors to understand). I hope they will consider this.

Answers to your questions

In the portfolio update from March, I encouraged you to write some some questions, which I would ask Kuetzal:

Q: The account-holder’s part of the site (after you have logged in) looks very similar to Envestio’s site. They are both based in Estonia, so I wonder if there is a connection between them.
A: There’s no connection between Envestio and Kuetzal.

Q: There is no date given for the investment deadline for each project. When you invest, interest is paid monthly on the same date as your investment, so the time frame to invest seems to be open-ended. This begs the question, when does the borrower receive the funds? How can the borrower be paying you interest if the project is not yet funded? They say that Kuetzal Care will complete the funding if the investors do not – but when?
A: The borrower receives the funds in small batches, as the project is being funded. The borrower pays interest for all money received. Kuetzal Care completes the funding if a project is taking too long to be funded. Each case is considered individually.

Q: They do not produce Loan Agreements for each investment yet, but, like Envestio, say they will in the future. I would have thought that this should be a priority for both platforms to get right at the beginning of operations as it sets out the legal agreement between investor, borrower and platform.
A: You’re right, the legal agreements are not automatically being produced yet, they’re working on it.

Q: Their Terms and Conditions contain phrases which appear to have nothing to do with the business e.g., “We … in no event shall be liable to You … for Your failure to understand the nature of crypto currencies, its derivatives or the market for such currencies and its derivatives.”
A: This is a mistake. The person who created the terms and conditions for Kuetzal have also created terms and condition documents for companies involved in crypto currencies. She used a template and forgot to remove this part. Updating the terms and conditions has very high priority.

Q: On the FAQ, in the question about “What are the risk of investing at Kuetzal?”, the say that “Also, Kuetzal Care and Investment Return tools are applied for majority of the projects. These tools can make particular project risk-free.” But I do not see why Kuetzal Care is mentioned here since it is just saying that they start counting interest from the moment one invests (e.g. such as Crowdestor). Also, they mention “Investment Return tools” which is not clear, what are those tools exactly?
A: By “Investment return tools” they mean Buyback Guarantee in case of project default + you have the option to sell you investment back to Kuetzal for a 10% fee.

More questions for Kuetzal ?

If you have any uncertainty about investing with Kuetzal feel free to reach them at info@kuetzal.com


Meet Kuetzal on the P2P Conference in Riga!

P2P Conference

On June 7-8, 2019 you have the chance to meet the Kuetzal team on the P2P Conference and ask them all the questions you want. Alberts and Romans are both participating!

50 platforms are attending the conference. Don’t miss out on this opportunity to find new investment opportunities and meet and greet your favorite platforms.



Kuetzal is young company run by a young CEO. It still has a lot to prove!

They did have a few bugs on the website and some project information wasn’t correct. They did explain all these things to me in a trustworthy way, so I’m sure it was a beginners mistake. I hope they learn from it and will make sure that all information is correct when they publish new projects in the future.

That said, I have a good feeling about Alberts Cevers, he provided good and insightful answers to all of my questions (and believe me, I asked a lot!) He did not show any signs of nervousness, in fact, he seems rather confident. I was happy to see that.

He’s also professional and polite. I’m sure Kuetzal is a serious company that will go a long way to prove it belongs in the Crowdlending industry.

My biggest concerns are:

  • Do they have enough business insights to make sure the projects they select will be able to return the loans?
  • Buyback guarantee is very popular these days, it’s something most investors want. But will Kuetzal be able to cover a defaulted project?

Only time will tell. Before my trip I was skeptic and hesitant. Now I’m planning to invest a couple of thousand euros to see how it works out.

If I’m happy with the platform after a few months, I will probably use the next campaign to add more funds to my account.

Campaigns and Promo code

Kuetzal is planning a summer campaign, which could be a cash back campaign. They haven’t decided on the exact details yet.

If you want to give Kuetzal a go you can use the promo code FINANCIALLYFREE to get a 15€ gift, instantly credited to your account.

Minimum deposit and investment is 100€.

47 Replies to “Kuetzal review – Business/project based Crowdlending”

  1. The question I’d be most interested in hearing the answer to is: Why?

    Why did they feel compelled to create yet another crowdfunding platform, almost identical to Envestio and Crowdestor, also akin to Crowdestate, BulkEstate and EstateGuru? At this point I feel like starting yet another of these platforms in the Baltics is actually hurting the industry, increasing the already-problematic over-segmentation, and reducing each of the platforms’ chance of success.
    Other than providing income for the founders, how does Kuetzal’s existence contribute to the world?

    Sorry to be harsh, just my honest thoughts.

    1. I guess there’s plenty of businesses and projects that needs funding. If they have a big network, why not make a business out of it, instead of referring clients to other platforms? It’s not uncommon to have 10 different banks in one city. Almost all industries starts like this and then consolidate over time.

  2. Great review, thanks Jorgen.

    It´s always reassuring seeing the pictures of projects, meeting the sponsors and how the general impression is during a face-to-face meeting.

    I´ve taken the plunge myself about 2 months ago with Kuetzal and I´ve not had any problems so far. However as you mentioned no projects have exited yet and won´t for a good while.

    Definitely agree Kuetzal should be presenting their buyback guarantee a lot better. I contacted support myself as well to get a good understanding.

    I was positively surprised to learn in case of default the entire principle plus interest for up to two months is guaranteed. This still begs the question if Kuetzal has sufficient capital in such an event.

    Again, great review! I appreciate the effort.

    1. I’m not sure interest is also covered by the buyback guarantee, I will have to double check that.

      Edit: Alberts just confirmed that buyback also covers interest for the delayed period!

  3. Jorgen , does the cash back summer campaign will be only for new investors ? If it is might be worth waiting before going in.

    1. HI Shlomo. I’m not 100% sure, but I talked with Alberts about this and he said they will most likely make it available to all their investors!

  4. Hi Jørgen,
    What a great review. I am surprised that you were able to meet with so many of their projects. It looks like Alberts and the others have a pretty close relationship with their projects?

    I have generally been very cautious with Kuetzal based on the confusion around their buyback guarantee. But, your meeting does boost the confidence a little bit.

    It will be interesting how everything plays out once they start to see 20,000 or more registered investors. I assume it will follow in the footsteps of other platforms where loans get sold out in an instant.

    Keep up the good work.

  5. Hi Jørgen,
    the other day I sent an email to KUETZAL to ask them if there is the possibility of obtaining a statement from the site in pdf or excel or something else because I will need it next year for the declaration of taxes.
    Unfortunately I have not yet received a reply and I regret this because I like the platform and have already invested a few euros.
    I look forward …… we’ll see …..

    1. Hi Marcello. A tax statement for 2019 will be available for sure. Deadline for tax declaration is in May 2020 so you/they have plenty of time.

  6. Thanks a lot for the review. I understand HOW the Kuetzal care works but do not get WHY are they doing it?

    What is the motivation of the funds financing this? What are they getting in return?

    1. It makes a better platform for everyone. The borrower can be sure to get the funding and investors will get interest from day one. Alternatively, a project would be cancelled if it didn’t reach the target amount.

  7. Excellent review! I also started investing in Kuetzal two months ago. Financing of projects is slightly slow, but oon the other hand, something I just noticed is that some projects (e.g. Beta Health, Marina Code, Impaya) start generating interest income before they are fully financed.
    This is great, but do you know why it only applies to some projects?

  8. Promo code dosen’t seem to work – registration fails, but not saying why. (so I assume it is the promo code that makes it fail..)

    Are you sure it is working? 🙂

    1. It should work. I have seen it work when I helped a friend to sign up. Try to ask Kuetzal support, it would be a shame to miss out on the free cash.

      1. Well – it kinda worked, but never got the corfirmation email, so can’t confirm my email. With so many issues – I will look at other platforms. My investment capital vs. platforms allows me to miss a few platforms anyway.

        1. I understand your frustration. My confirmation email arrived after an hour, I was surprised it took so long as well. I’ve asked Alberts to look into it, they should be able to send it out right away!

    1. The code and registration should work. I’ve seen several people using it successfully recently. The promo code is FINANCIALLYFREE (without quote marks).

  9. The registration is not working for me either, when I enter the promocode.

  10. Great find, Jorgen! Your blog is excellent and pushes me even more to keep investing in crowdlending platforms as I’ve been doing until now. I’ve started in Kuetzal a month ago. Keep us informed please, and good luck for your income goal. I’m chasing mine too.

  11. Jorgen, sorry, if I missed that: How does Kuetzal make money? Do they charge us (investors) a fee? if so, for what?

    1. Hi Manfred. Kuetzal (and most other platforms) take a small fee from the borrower to present their project on the platform. Investors don’t pay any fees on Kuetzal.

  12. Hi Jørgen. Your blog is awesome! I’ve been investing with Kuetzal for a few months now and am pleased overall. Great user interface and decent returns.

    In your review, you mentioned that you were reassured with the (then) CEO’s responses to your various questions, and that you had a ‘good feeling’ him. Are you aware there is now a new CEO in place – this makes me a little nervous, as I too have invested a considerable sum on the platform. Any thoughts about this development, in particular, the circumstances behind the ex-CEO’s departure? An update and/or interview with the new CEO would be most helpful.

    1. Hi Amar,
      I liked Alberts. When the new CEO was hired I immediately asked Alberts what was going on. I’ll tell you his answer in my next portfolio update 🙂
      I’m not nervous and I’m looking forward to meeting Maksims. You’re right, a new interview with Kuetzal would be beneficial for everyone.

    1. I was reading it when you posted it. Not good news indeed. I have a meeting with the new CEO of Kuetzal on December 18th. Looking even more forward to that conversation now.

  13. Hello Jørgen,

    When you meet Maksims, maybe it is interesting to ask why they just switched to a bank account in Malta, Malta is known for its corruption.

    Just in november there was tv-program here in the Netherlands where a dutch journalist rolled up a bunch of internet scammers who stole people’s total retirement savings, making them believe they were investing in real-estate.

    I find it very concerning why an Latvian business opens a bankaccount in Malta.



    Make deposit
    To add funds

    Make a deposit by bank transaction, using the credentials on the right.Please remember to add your Kuetzal Investor’s Account Number in Payment Details!Wait for the deposit to be processed (can take up to two business days).Put your money to work!

    Bank: PAPAYA LTD
    Beneficiary name: KUETZAL OU
    Beneficiary Bank Account Number (IBAN): MT17PAPY36836000002656370000158
    Beneficiary Registration Number: 14519131
    Beneficiary Bank SWIFT/BIC Code: PAPYMTMT
    Beneficiary Bank Adress: 31 SLIEMA ROAD, GZIRA GZR1637, MALTA
    Payment details: Deposit to ….

  14. According to Oscar from explorep2p “the registered owner of Kuetzal is Viktoria Gortsak, a 29 year old female in Estonia. Explore P2P understands from various sources (although not confirmed yet) that this person exists”

    Jorgen, i would appreciate if you communicate 100% with your friend Oscar to avoid spreading panic. Thank you for your work!

  15. Hello Jørgen and thanks a lot for sharing such a valuable experience?
    I have a question for you regarding Kuetzal. I’ve also invested part of my capital in this compagny but right now (Activity seems to be frozen) I don’t know exactly what to do. Did you receive your reimbursement of your loans? If this is the case could you let me know the right procedure.
    Thanks a lot
    Sorry for my bad english

    1. Hi Pascal. I have not received anything. Not even a reply to the email I sent to info@kuetzal on December 18th, where I asked for buyback of my investments.

  16. Thanks Jørgen for your reply, unfortunately it seems that we are in the same sad boat.
    I received no answer to 3 emails demanding they pay all of money back #14k€ (even with 10% fee).
    Perhaps we should work together with possibly others who have the same problem.
    I not sure that could be a good idea to share this communication at this stage. May be we can go on in privacy mode to exchange our ideas and views to find a solution. We can do as you wish.
    Again thanks a lot for your sharing.

    My email adress : p.chatain@chadouf.com (but I thinks you already have it)

  17. Hello jorden do you have a plan to get your money back from Kuetzal and I guess it will be the same case with envestio…? What about your chance of success. On my side I’m trying to file a complaint.

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