TWINO, a Latvia based peer to peer lender, is reporting €5.8 million in net profit for 2019.
According to the company, TWINO Group earned €8.3 million in net income or a net profit of € 5.8 million “enhanced” by € 2.5 million in “other comprehensive income.”
TWINO states that the majority of the Group’s comprehensive income or €5.8 million is attributed to net profit whereas the additional €2.5 million resulted from primarily currency revaluation of the assets.
“Despite various external market challenges, as well as regulatory changes in countries where TWINO Group is operating, we continued to demonstrate strong and stable financial performance,” stated Anastasija Oļeiņika, CEO of the TWINO Group.
In 2019, TWINO says it issued loans totaling €224 million, an increase of 18% compared to the previous period.
Since it was founded in 2009, TWINO Group has issued loans with of €1.3 billion.
The company adds that net cash of the Group amounted to € 8.1 million at the end of the reporting period.
During 2019, TWINO platform’s investors funded loans worth €194 million, with the overall amount reaching €762 million since its launch in 2015.
TWINO reports 3,375 new active investors, and the overall number of investors reached 20,000 investors at the end of 2019, which is 18% more than a year before.
“TWINO Group continues to focus on new business development initiatives. We are exploring possibilities to diversify the operations of the Group by expanding geographical presence in the new markets with high return potential. Besides geographical expansion plans, we are also considering expanding the range of investment products available on the platform. In addition, TWINO Latvian and Polish teams are actively collaborating with local regulators within the process of licensing their operations,” added Oļeiņika.