Latvian-based marketplace lender, Twino, which opened in May of this year and had just reached one million euros of investment, announced this month that it is launching an expansion throughout Europe into markets that are new for the P2P industry.
Now, Twino investors will have many more opportunities to invest not only in Latvian loans but also ones in Denmark, Poland and Georgia. This expansion has been made possible by TWINO’s parent company Finabay which has been issuing loans in these countries for an extended period. According to the company, a factor that has influenced this business decision is the excellent response of investors regarding its (temporary) buyback guarantee to all loans.
Twino CEO Jevgenijs Kazanins, stated:
“The Finabay international financial group acts as a security buffer for TWINO investors with its seven years of experience in several countries. This not only eliminates risks for investors, but also enables them to make a profit even if loans are not repaid by borrowers. We are the first to introduce this to the industry and, at the moment, do not see any competitors in the market. In addition, TWINO is able to ensure one of the highest yields in Europe, consistently as high as 14.9%) and protection from currency fluctuation as we only work in euros.”
Kazanins recently left Bondora to join Twino as the platforms new executive officer.
Twino currently claims investors from 27 countries and the total 600 individuals. To date, the largest single amount invested in the platform is €50,000. The platform is a subsidiary of Latvian-founded FinaBay, which has operated since 2009 and provides financial services in Latvia, Poland, the Czech Republic, Russia, Denmark and Georgia.