Defaults in Fundaztic Update 3

Fundaztic (Link) changed its management of defaulted notes again after the recent changes that I mentioned in a previous article. What are the changes this time?

Termination of email updates

Previously, the platform would send the investors emails to update on defaulted notes. However, this service is being stopped from now on. Although the platform mentions that the email was sent monthly, my personal experience was otherwise. I did not get monthly email updates on my defaulted note. They were periodically instead (a few months apart before I received the next email update).

Recovery updates

To replace the email updates, Fundaztic is using recovery updates. How do we access these updates? First, in the homepage, click My Investment on the left. After that, click on Notes Funded tab on the top. Next, change the status bar to Write-Off and click the Filter button. A table of defaulted notes will emerge. At the last column of the table, we can see a link known as Updates. Click on the link and the information will show up. Or, an easier way is to click on the Write-Off / Restructured Receivables tab and click on the Updates link.

For the time being, this feature is only available on the website. The Fundaztic mobile app does not have this new feature yet.


For me, these changes are insignificant. In the first place, I did not receive monthly email updates as stated. Thus, I believe that the updates would be infrequent as before. This new procedure just makes the tracking of the status of defaulted notes easier. All in all, I think this change would not have much effects on investors. I am still waiting for the conclusion for my defaulted note. Without a result, I am having some doubts regarding the defaults on this platform.

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