- Today’s main news: CAN Capital begins funding small businesses after funding from Varadero Capital.
- What happened to BizFi?. Zhong An applies for Hong Kong IPO. P2P lending hits 1T won in South Korea. Funding Societies named to Fintech 250.
- Today’s main analysis: Key trends in modern finance. Angel investors total nearly one third of active fintech investors.
- Today’s thought-provoking articles: Just One-third of OnDeck borrowers need human intervention. Florida’s Surety Bank migrates to APIs. Two thirds of Brits don’t know their credit score. Why tech SMEs need alt finance. Lesson from China’s P2P lending boom.
- CAN Capital back in business. GP:”This is great news and it makes a lot of sense.”AT: “Could this be the start of a great comeback story? I hope so.”
- Tiny Florida bank could become national competitor with APIs. AT: “More banks need to think this way, especially small regional and community banks. Otherwise, they could end up going out of business. Technology reduces costs and increases speed. Once banks realize that, it is then a matter of redirecting the business focus to meeting customer needs. Banks of the future will likely be conduits of financial services rather than direct providers themselves. Here’s a bank that looks like it understands that.”
- FTC shuts down Blue Global for sharing customer information. AT: “How difficult is it? Sharing customer private information is bad. Be warned.”
- Just One-third of OnDeck borrowers need human intervention. GP:”In the context of CAN capital and BizFi, this is a very interesting data point.”AT: “With all the hype around robos, AI, and machine learning, I think most consumers still like some human interaction. In this case, we’re talking about loan application approvals. I’d like more information. Is this higher or lower than other online lenders?”
- North America Savings Bank named top VA mortgage lender.
- What happened to BizFi? GP:”I am surprised they stopped originating. Reorganizations to seek profitability makes sense but they mush have a way to become profitable given their origination volumes. I am surprised. Maybe they should talk to Varadero Capital.”
- Everything you want to know about crowdvouching. AT: “Well, not everything.”
- LendingClub appoints Ken Denman to BOD. GP:”Denman, a venture partner at Sway Ventures”
- Will everything be on the blockchain? GP:”We are seeing the same exhuberation in blockchain as we saw in p2p lending. Then there will be scandal in Blockchain due to fraud and the bubble will burst and it will become realistic again.”
- Summer fintech reading list.
- Two thirds of Brits don’t know credit score. AT: “It looks like they don’t even care.”
- RateSetter to launch hire purchase loans.
- Why tech SMEs need alternative finance.
- MortgageGym appoints former Deutsche Bank COO as adviser.
- Vantiv offers $10B to acquire Worldpay. GP:”Vantiv, Inc. is a public U.S.-based payment processing and technology provider headquartered in the greater Cincinnati, Ohio area. Vantiv is the largest U.S. merchant acquirer ranked by general purpose transaction volume.”
- UK still leads Europe in tech investment.
- Linked Finance works for Galway SMEs.
- Coe replaces Glithero at Auto Trader.
- Pros and cons of crowdfunding.
- Key trends in modern finance.
- Angel investors make up one-third of active fintech investors. AT: “After a four year decline, there was a a small uptick in the number of deals funded but still a decline in amount invested.”
- Abu Dhabi enters fintech investment pact with China.
- South Korea registers 1T won in P2P lending.
- Funding Societies named to Fintech 250.
- Omise raises $25M in ICO.
- United States
- CAN Capital is Back in Business as it Receives Funding from Varadero Capital (Crowdfund Insider), Rated: AAA
- This tiny Florida bank says APIs could make it a national player (American Banker), Rated: AAA
- FTC shuts down Blue Global for sharing consumers’ loan-application data (VentureBeat), Rated: A
- Just One Third of OnDeck Borrowers Need Human Intervention (Bank Innovation), Rated: A
- NASB Financial, Inc. Announces North American Savings Bank Named Top VA Mortgage Lender (Cision), Rated: A
- What Happened to Bizfi? (deBanked), Rated: A
- Everything You Would Want to know About Crowdvouching (Live Bitcoin News), Rated: A
- LendingClub Appoints Ken Denman to its Board of Directors (Cision), Rated: A
- Will Everything Eventually Be On the Blockchain? (YouTube), Rated: A
- Summer Fintech Reading Ideas (Lend Academy), Rated: B
- United Kingdom
- Two thirds of Brits have no idea what their credit score is, according to research (The Sun), Rated: AAA
- RateSetter to launch hire purchase loans (P2P Finance News), Rated: AAA
- The funding gap: why tech SMEs need alternative finance (Business Matters), Rated: AAA
- MORTGAGEGYM APPOINTS FORMER DEUTSCHE BANK COO (Business Cloud), Rated: A
- Vantiv Offers $ 10 Billion Towards Acquisition of London Fintech Firm Worldpay (Crowdfund Insider), Rated: A
- UK remains European leader for tech investment in year since Brexit (PCR), Rated: A
- Online lending platform works for Galway SMEs (Galway Advertiser), Rated: A
- At Auto Trader, Coe steps up as Glithero steps down (Aim Group), Rated: B
- The pros and cons of crowdfunding (City A.M.), Rated: B
- Lessons from China’s Peer-to-Peer Lending Boom (Federal Reserve Bank of SF), Rated: AAA
- Online insurer Zhong An applies for US$ 1.5bn Hong Kong IPO (SCMP), Rated: AAA
- European Union
- Robo.Cash & Latvian Alternative Financial Services Association to Jointly Develop P2P Tech (Crowdfund Insider), Rated: A
- Key Trends in the World of Modern Finance (AltFi), Rated: AAA
- Angel investors make up nearly a third of the total number of active FinTech investors since 2014 (Fintech Global), Rated: AAA
- Abu Dhabi Shakes on FinTech Investment Pact with China (Cryptocoins News), Rated: B
- P2P lending hits record 1 tln won (Yonhap News), Rated: AAA
- Funding Societies Named to the 2017 Fintech 250 (Funding Societies Email), Rated: AAA
- Fintech startup Omise raises $ 25M in ICO that bucks ‘money grabbing’ trend (TechCrunch), Rated: A
- Crowdfunding the delivery of 17M mass housing units in Nigeria (Business Day Online), Rated: AAA
CAN Capital is Back in Business as it Receives Funding from Varadero Capital (Crowdfund Insider), Rated: AAA
CAN Capital, an online lender in the SME lending space, is back in business following a recapitalization by Varadero Capital, an alternative asset manager in New York City and currently manages about $1.3 billion. The specific deal terms were not disclosed.
CAN Capital announced it will immediately begin funding existing small business customers that are eligible for a renewal and will start funding new customers by working with select sales partners.
CAN Capital said it will start with two products available in all 50 states, term loans and merchant cash advances with funding amounts from $2,500 to $150,000.
This tiny Florida bank says APIs could make it a national player (American Banker), Rated: AAA
Surety Bank in DeLand, Fla., is making what many would consider a risky move. It’s ditching its legacy core vendor for a cloud-based startup core provider with just a handful of clients.
The bank has signed with Nymbus, a startup in Miami, to replace its core system early next year. James said he was attracted to the open platform that relies on application programming interfaces to connect with a variety of providers.
By embracing APIs, Surety will not be beholden to any one vendor and can partner with fintechs and other third-party providers in a quick and efficient manner.
FTC shuts down Blue Global for sharing consumers’ loan-application data (VentureBeat), Rated: A
The Federal Trade Commission said it halted the operations of Blue Global Media after the company earned millions of dollars by falsely promising to match them with low-rate loans.
The FTC’s complaint alleged that, starting in 2009, Blue Global set up sites such as cashmojo.com, clickloans.net, and 100dayloans.com, which promised to connect consumers with more than 100 “trusted lending partners” and find the one offering them the best loan terms.
The complaint alleged that complete applications were sold, without consumer consent, “to any potential buyer without conditions and with little regard to how it would be used.”
In a settlement, Blue Global faced a judgment of $104 million. Both Blue Global and Kay filed for Chapter 7 bankruptcy, listing the FTC as a creditor.
Just One Third of OnDeck Borrowers Need Human Intervention (Bank Innovation), Rated: A
At the initial stages of a loan application, “100% of our applicants get algorithmic decisions,” Katzenberg explained. The algorithm then “spits out” one of the three decisions: the applicant is either declined; approved and can move on to the booking stage; or pending and needs further investigation. “In this case, the algorithm picks up on something, or the loan value is larger than our average, or maybe it’s a random test of the model,” he said.
Currently, about one third of OnDeck’s loans experience a manual intervention.
NASB Financial, Inc. Announces North American Savings Bank Named Top VA Mortgage Lender (Cision), Rated: A
NASB Financial, Inc. (OTCQX: NASB) announced today that its subsidiary institution, North American Savings Bank, F.S.B. (“NASB”), was recently named a Top VA Lender by LendingTree, a leading online loan marketplace. Criteria for the award included loan volume, quality, and customer service. LendingTree noted that “NASB customers benefit from fast and easy processing, low rates, and excellent customer service. The company is also well known for their professionalism, and their ability to get the job done, even in unusual or stressful circumstances.”
What Happened to Bizfi? (deBanked), Rated: A
This past week, Bizfi gave their remaining employees a 90-day warning notice, according to sources familiar with the matter. Some of those riding out their potentially last 90 days are anxiously awaiting the outcome of nonpublic negotiations to salvage parts of the company’s legacy, if it can be done at all.
Everything You Would Want to know About Crowdvouching (Live Bitcoin News), Rated: A
The decision to lend money is made on the basis of a form outlining the borrower’s financial history. Users share the risks, and depending on whether the individual returns the money or not, they can lose or earn from $1 to $10.
The default rate also decreases with an increase in accountability. As noted by Eugene Lobachev, Suretly’s founder, the default rate on Suretly is 2-3 percent lower than the market average.
Suretly primarily targets short term loans of up to one month, and has been designed to cater all borrowers, including the ones with poor credit rating.
LendingClub Appoints Ken Denman to its Board of Directors (Cision), Rated: A
LendingClub (NYSE: LC), America’s largest online marketplace connecting borrowers and investors, today announces Kenneth Denman as the newest member of its Board of Directors. Effective June 28, 2017, Denman joins as a Class One director and will serve on the Audit and Compensation Committees.
Denman, a venture partner at Sway Ventures, has served as a CEO for over fifteen years leading corporate transformations for the likes of Emotient, Inc. (acquired by Apple in January 2016), Openwave Systems, Inc. (now Unwired Planet), and iPass, Inc. He has held executive roles at MediaOne Group, Inc., US WEST Communications Group and the Battelle Memorial Institute Laboratory.
Will Everything Eventually Be On the Blockchain? (YouTube), Rated: A
Dan Larimer of EOS thinks so.
Summer Fintech Reading Ideas (Lend Academy), Rated: B
- Blockchain Revolution by Don and Alex Tapscott
- Augmented: Life in the Smart Lane by Brett King
- The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries by Susanne Chishti and Janos Barberis
- Platform Revolution by Geoffrey G. Parker, Marshall W. Van Alstyne and Sangeet Paul Choudary
- The Unbanking of America: How the New Middle Class Survives by Lisa Servon – Lisa Servon is a University of Pennsylvania professor who has spent time working behind the counter at a check cashing store and a payday lender. She provides profiles of the kinds of people who use these services and why they choose to access credit outside the traditional banking system. She also shares some of the work that innovative companies are doing to address the unique challenges of the underbanked.
Two thirds of Brits have no idea what their credit score is, according to research (The Sun), Rated: AAA
A poll of 2,000 adults in the UK found that more than four in 10 have never tried to find out their credit score, and it’s been longer than a year since checking for nearly 20 per cent.
The survey revealed that the most common use for credit cards was to buy expensive one-off items, although an incredible four in 10 use it to buy anything, as if it was just a debit card of containing free money.
One in 20 have had their applications for a mortgage rejected – and even been denied a mobile phone contract, due to their poor credit history.
More than half of the country doesn’t know exactly how much they owe on credit cards and loans, although estimates suggest that, on average, each Brit has £1,780 worth of credit card debt.
RateSetter to launch hire purchase loans (P2P Finance News), Rated: AAA
RATESETTER has announced plans to start offering Hire-Purchase (HP) products for commercial and individual borrowers later this month.
While details on the interest rates and underwriting criteria are yet to be released, the company has confirmed that the HP loans will pay into its Provision Fund, just like every other loan on its platform.
The loans will be financed from RateSetter’s existing investment markets, so all new and existing lenders can take advantage of the hire purchase agreements.
The funding gap: why tech SMEs need alternative finance (Business Matters), Rated: AAA
UK tech start-ups are receiving a lot of attention in the press. They’re something we’re rightly proud of – the UK is a centre of innovation. Tech investment in the UK was £6.8bn last year, which is more than double that found in any other country in Europe. France, in second place, only secured £2.4bn.
But there are a lot of tech companies in the mid-market who find it much harder to get access to the finance they need. Once a business graduates from sexy start-up full of promise and astronomical growth models into a steady going concern, it often becomes more difficult to attract the interest of investors.
In short, many mid-market tech companies are ignored by VC because they’re not edgy enough and declined by the banks because they’re not secure enough. But these mid-sized companies are the backbone of the UK’s tech scene, the crop of successful brands which made it out of the initial scrum and built a steady income and a route to profitability. Real success for the UK tech sector means helping these companies keep going on that route – so how do they find the money to grow?
By going down the peer-to-peer lending route, mid-market companies can get access to funding much faster, with a far greater level of flexibility and a much lower minimum threshold for borrowing.
MORTGAGEGYM APPOINTS FORMER DEUTSCHE BANK COO (Business Cloud), Rated: A
Mortgage robo-adviser MortgageGym.com has appointed a former COO of Deutsche Bank as an adviser after he invested in the company.
Henry Ritchotte, who was also a member of the management board of Deutsche Bank AG, has joined with immediate effect after putting in £500,000.
Vantiv Offers $ 10 Billion Towards Acquisition of London Fintech Firm Worldpay (Crowdfund Insider), Rated: A
In total, some £2.4 billion worth of venture capital funding has been pushed into Britain’s technology companies since the vote, according to research from London & Partners, a branch of the London Mayor’s office. This was more than double the investment made in Germany and three times the amount poured into France. London in particular is securely established as the tech-centre of Europe, with 554 deals totalling £1.8 billion being made in the last 12 months. In comparison, Berlin has tied up £775 million worth of deals and Paris has secured £557 million in venture investment.
The research found that the first half of 2017 had seen a record £1.1bn of venture capital funding into London start-ups. For the UK as a whole it was £1.4bn, the third biggest on record.
Online lending platform works for Galway SMEs (Galway Advertiser), Rated: A
Thirty-nine Galway businesses have raised funds through Linked Finance’s online lending platform.
Linked Finance, a peer-to-peer lending company, says it has raised €1m for Galway-based businesses, including Revive Active, Walsh’s Bakery and Schoolbooks.ie, aimed at facilitating growth.
At Auto Trader, Coe steps up as Glithero steps down (Aim Group), Rated: B
Sean Glithero, chief financial officer (CFO) of Auto Trader Group PLC, will step down from his position later this year, and a successor has already been lined up.
Auto Trader nominated chief operating officer Nathan Coe as the successor of Glithero.
The pros and cons of crowdfunding (City A.M.), Rated: B
Crowdfunding platform Seedrs has produced an annual return between 14.4 per cent and 49.1 per cent, once tax relief is taken into account.
- Unlinked to markets – The other thing to bear in mind is these types of investments aren’t listed on a stock exchange, meaning they are not correlated to the markets. This can be good from a diversification point of view, because crowdfunding investments are not exposed to the same market wobbles.
- Different platforms, different risks
- Range of requirements
- Life after the fundraise – “Without a proper structure in place, and a platform that provides support post-fundraising, the complexity and administrative burden of managing a crowd of investors can be a very real drain on time, money and resource for companies.”
Lessons from China’s Peer-to-Peer Lending Boom (Federal Reserve Bank of SF), Rated: AAA
In this episode of our series on financial technology, we sat down with Ning Tang, founder and CEO of CreditEase.
Nicholas Borst: Ning, thank you so much for joining us today. China appears to be at the forefront of the global fintech revolution. What are the main factors why fintech is developing so quickly in China?
Ning Tang: I think several key drivers. One is that compared with the US market, which is more mature, China is still developing. I mean China’s financial system, our credit system. So, the demand is bigger in China, like from small business owners, from micro-entrepreneurs, from consumers, and rural people. So, that’s one.
Secondly, China has adopted technologies such as mobile internet much earlier than the US.
Also, the regulators have played a very important and positive role in promoting market development in a healthy, stable way.
Nicholas Borst: Ning, could you tell us a little bit about how the alternative lending sector in China has developed?
Ning Tang: I think in China, traditionally, banks looked at collateral, a physical good as collateral. Many small entrepreneurs, small businesses don’t have such physical goods. They have intangible value in their data, electronic data. For instance, we have a partnership with eBay, helping Chinese merchants who actually sell goods to US consumers, this segment access financing. They have no physical goods, assets, as collateral, but their data is very valuable. So, we work with eBay and their merchants. Whenever they have a financing need, yet they can provide their data to us, and our credit evaluation engine can real-time assess a credit quality, and match that need with investor money. This is very cool. Many such needs are time-sensitive. It cannot wait for several weeks to allow the borrower to go to a branch office and submit tons of documentation, wait for several weeks. No, that’s not possible.
Nicholas Borst: Are a lot of fintech companies in China sharing information?
Ning Tang: Yes. After we took the first step, some tried first by just using our data first. Then they realized that this is indeed a great system. More and more joined, and now we have over 500 industry players. All kinds of players, like banks, insurance companies, also P2P marketplace lenders, alternative lenders, and all exchange data in this system. At the same time, I expect that the Chinese regulators will step up their effort to create this more comprehensive national credit bureau system, and grant credit bureau licenses to credit bureaus in coming years.
Sean Creehan: Could you talk a little bit about the role of regulators, and the evolution of alternative lending in China?
Ning Tang: A key driver is that the regulators have played a very positive, conducive role in making that happen. They understand that there are a lot of unfulfilled needs in China’s financial system. They also understand that technology and business model innovations can help China do a better catch-up job, potentially doing some leap frog to make financial services more accessible, more cost efficient, more friendly.
For example, in marketplace lending, the regulators made it very clear early on, it’s actually a peer-to-peer like relationship. It’s not like a banking relationship where people make deposits.
About one year ago, we started to have more official regulations on marketplace lending, on payment, and also other sectors of fintech. But more for marketplace lending and payment. These two more mature sectors. I expect that other sectors, like crowdfunding, robo-advisor, insurance tech, and so on, will go through a similar path in coming years. Meaning like the industry will work very well with the regulators creating a healthy and robust industry landscape.
Online insurer Zhong An applies for US$ 1.5bn Hong Kong IPO (SCMP), Rated: AAA
Zhong An Online Property and Casualty Insurance, China’s first online-only insurer, which counts Alibaba and Tencent among its investors, is seeking to raise US$1.5 billion by listing in Hong Kong.
If the deal goes through, Zhong An will be the first financial technology company to be listed in Hong Kong.
Robo.Cash & Latvian Alternative Financial Services Association to Jointly Develop P2P Tech (Crowdfund Insider), Rated: A
ROBO.CASH and Latvian Alternative Financial Services Association have announced their intent to develop peer-to-peer technologies in Latvia.
The group, founded by Sergey Sedov, specializes in PDL-loans (Pay day) and Installment-loans. The company reports that more than 1.2 million loans have been issued since inception.
Key Trends in the World of Modern Finance (AltFi), Rated: AAA
Key Trend #1: Mobile payment remains in play
Key Trend #2: Prioritizing Cyber Security
The recently published survey by American Express revealed that 37% of consumers who tried mobile wallets have stopped using them over security concerns, while 73% of retailers reported persistent or increasing levels of fraudulent online sales.
Key Trend #3: Partnerships
Apple Pay: Gaining momentum
Apple Pay is now supported by 1,938 banks and credit unions across the US, although most of them are regional in scope. In Europe, UK is leading the way with 24 banks (including Danske Bank), while Japan (133) and China (73) show the greatest integration in Asia-Pacific.
Alipay: Going global
Alipay users will now have an access to four million retailers across the US. First Data is the largest provider of payment solutions worldwide, processing 45% of all US credit and debit card transactions with 80% market share in gas and groceries.
Key Trend #6: Move towards balance sheet lending model
Consumer lending remained a dominant, accounting for 61% market share, although it appears to be slowing down.
Angel investors make up nearly a third of the total number of active FinTech investors since 2014 (Fintech Global), Rated: AAA
There were 1,666 active angel investors in FinTech since the start of 2014. This translated to 32.3% of the total number of unique investors in the sector during that period. The remaining 67.7% comprised of VCs, investment banks and other financial institutions. The group of angel investors backed 1,010 deals, 16.6% of all deals in the FinTech sector since 2014. 521 of the total number of angel backed deals contained more than one individual investor, while 16.3% of all deals had four or more angels participating as co-investors, showing that most angels prefer to share the investment risk.
Abu Dhabi Shakes on FinTech Investment Pact with China (Cryptocoins News), Rated: B
The UAE’s second largest financial free zone has entered a partnership with a Chinese counterpart to enable fintech development and investment opportunities in both countries.
The two authorities will collaborate over investment opportunities together and a notable objective includes the strengthening of FinTech ecosystems in both markets in an era of digitization.
P2P lending hits record 1 tln won (Yonhap News), Rated: AAA
Peer-to-peer lending in South Korea surpassed 1 trillion won (US$870 million) last month, marking a rapid growth as yield-hungry investors funneled more money in the alternative lending scheme, industry data showed Thursday.
According to data compiled by the Korea P2P Financial Association, lending between peers was tallied at 1.16 trillion won at the end of last month.
The average interest rate of such loans stood at 14.68 percent.
Funding Societies Named to the 2017 Fintech 250 (Funding Societies Email), Rated: AAA
CB Insights named Funding Societies to the prestigious Fintech 250, a select group of emerging private companies working on groundbreaking financial technology. CB Insights CEO and co-founder, Anand Sanwal, revealed the Fintech 250 companies during The Future of Fintech, a gathering of the world’s largest financial institutions, best fintech startups, and most active venture investors.
“We are humbled to be named amongst the Fintech 250 globally and be the only digital lender on the list from Southeast Asia.” said Funding Societies co-founder Kelvin Teo. “Funding Societies currently serves Singapore, Malaysia and Indonesia, where it is known as Modalku, or My Capital in Bahasa. While each country is vastly different and requires us to rethink from scratch, it is a region we’re passionate in. We believe technology advancement in financial services can truly benefit societies here.”
Fintech startup Omise raises $ 25M in ICO that bucks ‘money grabbing’ trend (TechCrunch), Rated: A
Omise, a fintech startup based in Thailand, has closed $25 million in new financing via a token sale, more commonly know as ICO, that closed today. In doing so, it become the most established tech company to date to take this financing route.
The company, which has raised over $20 million to date from traditional VC investors, held the token sale to raise capital to develop a decentralized payment platform — Omise Go — that it hopes will disrupt the current banking system. The idea is to enable any Omise Go user to share funds through the network without the need for a bank account and without incurring fees or incurring cross-border costs. Beyond peer-to-peer payments, the company plans to sign up retail partners to extend its utility into purchases, and open the system up to other payment players, too.
Omise’s core business is enabling online payments, much like Stripe, in Thailand, Japan and Indonesia, but it became interested in the blockchain a few years ago, CEO Jun Hasegawa told TechCrunch in an interview.
The company has sold an initial 65.1 percent of the total float of OMG via this ICO, with a further five percent of the tokens will automatically be given to anyone who owns Ethereum in what is known as an ‘airdrop.’
Omise capped its token sale at $25 million, eschewing the ‘gold rush’ mentality which has seen other companies raise tens of millions of U.S. dollars more as ICOs have gained a reputation for giving backers huge financial gains quickly.
Crowdfunding the delivery of 17M mass housing units in Nigeria (Business Day Online), Rated: AAA
Over time, investors responded to this new opportunity, and more than five decades after their creation the U.S. stock exchange REITs industry has grown to a $1 trillion equity market capitalization (Nigeria $224M as at 2014 according to the NSE) and nearly $2 trillion in real estate assets.REITs in the U.S. and increasingly around the world now regularly provide investors with the opportunity for meaningful dividends, portfolio diversification, valuable liquidity, enviable transparency and competitive performance.
REIT was established in Nigeria following the enactment of the Investment and Securities Act (ISA) of 2007.
However, in a 2015 comparative (academic) study, Olarenle and others found when they compared REIT dividend payouts in Nigeria to global rates, that Nigeria REIT (N-REIT) underperforms, usingMalaysia REIT (M-REIT) asa benchmark both in terms of average return 4.8% and risk adjusted return -6.77% per annum against the Malaysia REIT 7.5% and 2.47% respectively. They recommended increased capitalization, market transparency and external management as options for N-REITs performance enhancement, all of which can perhaps be correlated to the maturity of the Nigerian REIT market.