An Update on TWINO

By Guglielmo de Stefano on Wednesday 25 November 2015

Alternative Lending

TWINO reaches two new milestones and takes further steps toward transparency.

Officially launched in Baltics last July, consumer lender TWINO has announced a couple of milestones. Its total investment volume has reached €2.4 million, with monthly run rate now surpassing €1 million (based on the last 30 days). In addition, exactly one month since launch, €1 million was invested in loans from Poland, Denmark and Georgia.

Owned and operated by FINABAY, an international financial services company, TWINO is a marketplace for unsecured consumer loans in Poland, Denmark and Georgia. All loans that are listed on TWINO are originated and serviced by FINABAY lending companies. The platform advertises an expected return of up to 14.9% per year.

The platform seems to be extremely focused on investor protection. Its central USP is a “buyout guarantee” mechanism that protects investor money from the currency and default risk. In short, TWINO will buyout any loan that falls more than a given amount of days behind on its repayment schedule. As of last week, TWINO has started buying back the delinquent loans after 30 days of non-payment, rather than 60.

Lastly, TWINO has taken further steps to futher its transparency. Following requests from investors, the platform has published financials, including the balance sheet and P&L statement, of Finabay Group, TWINO’s parent company. Investors may now monitor useful financial figures, including loan origination volumes and total assets and liabilities. The full documents are available through this link. The platform has also launched a new section on its website, dubbed “Statistics”, that will cover investment volume, interest rates and portfolio composition of investors.

Jevgenijs Kazanins, recently appointed as new CEO of the platform, commented:

“We hope that the above changes will be welcome by our current and potential investors, and looking forward to their feedback.”

Disclosure of this kind of information is crucial to allowing customers to make more informed decisions. Platforms such as Funding Circle, Zopa and RateSetter have already published their full loan books and it is likely that other platforms – perhaps those hailing from continental Europe – will follow suit in the near future. 

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.