The Latvian P2P platform viainvest changed its systems at the beginning of August and has been offering the new asset-backed securities since then. Actually, the changeover shouldn’t be too much of a problem, but somehow nothing has been running like before since then.
The first thing that caught my eye after the changeover was that the website no longer had a German language selection.
Only English and Latvian are offered as language selection.
No reason to panic, you can live with that, but the next image in the dashboard was more frightening.
At this point, I was shown an account balance of 0 EUR. I also did not see my investments at this time. This has then also given within one working day, but since then, unfortunately, no numbers in the dashboards are correct.
Initially I thought viainvest will solve their problem promptly, but nothing there. The problems are still noticeable today (22.08.2022).
I also debited some money once last week. This time it worked, much delayed.
Normally the money is in my account within 2 business days. This time, the process took 4 business days. I suspect that manual control instances are active here, which check the transfer amount again with the real portfolio value.
My portfolio is currently much higher than it was before I was debited. It seems that some things no longer fit together here.
The interface for the monthly evaluation (statements) has also changed. You can no longer see the sum of the monthly interest. It is also currently no longer possible to download the account statement.
Viainvest weak in communication
Mistakes happen, that’s human. But what should not happen is to simply leave the investors in the lurch for so long without further information.
The last email, which was sent on 09.08.2022 from viainvest to the investors, was the following:
Since then, there have been no official announcements. Even the in-house blog has no new article that would contain further information for investors regarding the current problem.
On the Facebook page of viainvest there are also more and more comments from investors who report problems with the platform.
The viainvest support even writes on Facebook about transparency towards the investors.
However, only in private responses. For me, proper transparency looks different and regardless of the reasons for the current problems, investors should not be left out in the cold for so long.
Currently, there is no official news about what exactly happened during the changeover and how viainvest wants to proceed. In a YouTube comment, an investor reports that he learned from viainvest support that there were apparently problems with the database migration and that they are now trying to fix them. There is even talk of data loss on certain days.
What happened technically remains hidden for the time being. Nevertheless, from an IT perspective, I have to ask whether a rollback and a second attempt at migration would not have been better. Perhaps, as usual, the IT team had too little time to perform proper test migrations and work out rollback scenarios.
I am not sure if some investors will withdraw their money from viainvest. With this behavior, viainvest is currently sawing at its own branch, which I actually find a pity, because the platform was actually very promising over the last months. Especially in case of problems, open communication is much more charming than silent silence.