Fast Invest is a peer to peer lending marketplace founded in 2015 by Simona Vaitkune.
We will not recommend Fast Invest due to the questionable track record of the platform.
High interest rates
Lack of transparency
No secondary market
Inconsistent information on their website
Is Fast Invest a scam?
We haven’t read much about Fast Invest in any peer to peer lending forums. There was however a mentioning of them on traders.lt. Its users called Fast Invest scammers outright. After some digging, we found an article here.
Using Google Translate, we found that it’s talking about a failed credit union, ‘Taupkase’. People have lost a lot of money, and there are suspicions related to embezzlement and fraud. There were strange lending practice and misuse of depositors’ money (Expensive cars, apartments, …).
On the right, we have a picture of Fast Invest CEO’s car, a Porsche Cayenne S with a custom plate ‘FA1TH’. Considered the volume of the loans on the platform and it was recently founded, it becomes clear she obviously can’t afford this.
The FNTT article also mentions:
“It was found that one of the leaders of the union rides a luxury car “Hummer”, but lives in a municipality-owned apartment.”
The last registered address of Fast Investment Ltd was ‘Kvieciu g.5, Vilnius, Lithuania’. This is the Fast Invest Ltd where Simona’s husband, Zilvinas Vaitkunas, was a director. When we visit Google Street View (see picture below), we find a Hummer just around the corner of the street.
In 2016, during a shareholder meeting, they voted to distribute over 700k EUR in bonuses to board members of the credit union. This is a credit union of 20M EUR in assets and 120k EUR in credit lines.
The decision was reverted by Lithuania’s FNTT, read more here.
While it may all seem unrelated to Fast Invest, on the 15min.lt article, you can see a screenshot of 16 people who votes to have that insane bonus distributed:
Simona Vaitkune: Fast Invest CEO.
Zilvinas Vaitkunas: Simona’s husband.
Elena Vaitkune: Zilvinas’s mother, until recently 100% shareholder of Fast invest Ltd
Sergej Scerbakov: Former director of Fast Invest Ltd
Genadij Fomkin: Also goes by the name of Genadij Anthoni Fomki, former director and Simona’s relative.
The CEO of the credit union ‘Taupkase’ was Loreta Fomkina. Loreta Fomkina is the wife of Genadij Fomkin.
Simona’s husband, Zilvinas Vaitkunas, may be the key person in what scam they are running. Zilvinas was a board member (director) of Taupkase. In 2015, he was removed by the direction of the central bank was on the board of directors of this Taupkase for pleding the credit union’s assets against liabilities of one of his companies.
Looking at the filing history of the now defunct failed company ‘Fast Investment LTD’, although not the same as ‘Fast Invest Ltd’, the director at the time of the liquidation in 2016 was Simona’s husband. The only shareholder at the time was ‘Elena Vaitkuniene’ or Zilvina’s mother. Same Elena Vaitkuniene was also 100% shareholder of Fast Invest Ltd until recently.
First of all, Fast Invest is telling their investors that their head quarters are located in the United Kingdom. Weirdly enough, they don’t accept any U.K. investors, which doesn’t make any sense. After some digging on LinkedIn, you can see that their employees are working out of Lithuania. According to Company House, they are indeed registered on an address in London.
They are basically telling us that these addressed are offices with people, but they are no more than PO boxes. We also found some links to Big Credit Finance, where Simona is also a CEO. They may be originating their loans from this company.
Unfortunately, we won’t really know what is going on, as Fast Invest is refusing to disclose their loan originators. Our advice is to stay away from them.
In the ‘People’ tab, you can click on ‘Persons with significant control’, it will show that 75% of the shares are owned by Fast Invest LLC. However, this is not the same Fast Invest Ltd that is registered in the United Kingdom. Previously 75% of the shares were owned by Fast Invest Aps in Denmark, which ceased on January 16, 2017. It simply confirms that Fast Invest is indeed making false claims.
The satellite offices are questionable for a company of the size of Fast Invest. Are they just over inflating what they are? It would be believable if loans were being offered from Italy or if any employees were working from Italy, but they are not.
When we look on TrustPilot, we can tell some of the reviews have been fabricated. Some of these reviews appear short, random and to be published in batches. We can easily tell which reviews are real and which ones aren’t. Mostly because all the reviews are published shortly after each other.