By John Reynolds on Wednesday 20 November 2019
The lender is considering launching into Asia.
The founder of Twino is standing down as CEO, as the Latvian peer-to-peer lender swings into the black.
Twino founder Armands Broks is to standing down as CEO and will now focus on new business opportunities and bringing talent on board.
Broks is being replaced by Chief Financial Officer Anastasija Oleinika (pictured).
The management change comes as Twino, which offers European investors investment opportunities in unsecured European consumer loans, reports pre-tax profits of €13m (£11m) for 2018, compared to a €7.2m (£6.2m) loss the year previous.
Twino is contemplating expansion into the Asian market and also planning lending to real-estate and development projects.
Currently, it has a presence in a number of European countries including Latvia, Poland, Russia, Georgia and Kazakhstan.
It says it has nearly 20,000 investors from over 30 European countries.
Twino has also disclosed that it has also issued loans to the value of €1bn (£860m), since it was set up 10 years ago, half of the value of which have been issued in the past three years.
It uses a buyback guarantee to cover investors against losses, which is protected by its parent group Twino Group.
Twino said the UK was its second biggest investor base, with 12 percent of investments coming the UK, behind Germany, at 33 percent.
Broks said: “We’re delighted to have Anastasija leading the team at this important time in the company’s growth. We’re currently working on a number of new business developments and are evaluating opportunities in new markets, most notably Asia in the next year.”
Oleinka said: “Reaching the €1bn milestone is significant for us, and is reflective of the business’ continued growth and expansion. The restructuring process we started in 2017 has brought the expected results in a very short time, and our financial results are testament to this.