TWINO, an online lending marketplace based in Latvia, is reporting a record profit of €7.4 million on revenue of €61.6 million. The profit was an increase of 28% versus the year prior while top-line revenue increased by 30% year over year.
Anastasija Oļeiņika, CEO of the TWINO Group, said:
“We continued to demonstrate strong and stable financial performance despite various external market challenges, as well as regulatory changes in countries where TWINO Group is operating.”
TWINO said it anticipates becoming a licensed investment broker, transforming TWINO P2P Investment Platform into a regulated company this year.
Oļeiņika said that all of the predatory work for the license has already been completed and so far the response from the regulator has been positive:
“We are hoping to officially receive the license in the coming days.”
Simultaneously, TWINOs management team is said to be working on the payment institution licensing process for its Polish operations, which is nearing completion.
In 2020, TWINO reports loans totaling € 158 million. Since its platform launch in 2009, TWINO Group states that it has processed loans with a total value of € 1.4 billion.
Over the past year, TWINO Investment Platform says it has continued to attract new investors. By the end of the year, the number of identified platform investors had increased to 23,729, or 20% more than the year prior.
TWINO says that investors funded € 138 million worth of loans in 2020, with the total amount having reached €843 million euro since the inception of the platform in 2015. In March 2020, a new lending service was launched, TWINO Ventures, where loans are secured by real estate. In 2020, loans of more than € 1.3 million were funded through TWINO Ventures.
Oļeiņika explained:
“In 2020, TWINO’s capacity to adapt within a very short time to the challenges created by the pandemic was at the core of the sound financial results. Our main priority was to preserve the company’s profitability, in this way guaranteeing security for investors’ funds, as well as the well-being of our employees. At the same time, we continued to introduce new investment and lending products into the market. Currently, we can safely say that we are one of the most profitable investment platforms in the Baltic region.”
TWINO states that there was a restructuring of the Group’s legal entities and fixed assets that took place as part last year that created a new legal entity, which will be taking over the work of the Investment Platform after the receipt of the license.
TWINO enables investors to participate in consumer loans through the company’s subsidiaries in Poland, Russia, Latvia, Vietnam, and elsewhere.