Posted by In April 2025, Nauris Bloks was appointed as the new CEO of the Twino platform. Almost a year later, it is evident that under his leadership, the platform has undergone an extremely positive transformation.
Investors are once again receiving regular and transparent updates on the development of the P2P platform. Whether through the “CEO News” format published on the company’s blog and via newsletter, or through the “CEO Notes” series shared on Nauris personal LinkedIn profile.
Twino’s renewed activity, transparency, and honesty in communication with its investors are accompanied by objective and measurable progress. This includes the full repayment of the defaulted loans from the Philippines, the sale of the first property from the Twino Properties portfolio, and the option to transfer outstanding Russia-related claims to the parent company.
Transparency, continuity, and progress. These three attributes define the new direction that Nauris Bloks has given to the Twino platform.
This article covers all the key topics currently affecting Twino investors or that they should keep an eye on. It addresses the Philippines, Vietnam, Twino Properties, Russia, Poland, and the agenda for the coming months and years.
More information about the platform can be found in my Twino Review on the blog.
Leadership Changes At Twino And Their Impact On The P2P Platform
Armands Broks is the founder and sole shareholder of Twino. He is typically in charge when it comes to the platform’s strategic direction.
Nevertheless, in recent years an interesting and recurring pattern can be observed. If one takes a closer look at Twino’s performance, the platform’s development has often been closely linked to the individuals in operational management.
Here is a brief overview:
Armands Broks (August 2015 – July 2019)
In the early years following the founding of the P2P platform, the sole shareholder Armands Broks also served as CEO. During his tenure, an aggressive expansion strategy was pursued, which placed a significant financial strain on the platform.
In numerical terms, this resulted in a write-off loss in the double-digit million range (EUR 12.2 million), 11 out of 13 markets operating at a loss, and negative equity of EUR 6.5 million.
Anastasija Oleinika (July 2019 – August 2022)
The consolidation of the Twino Group largely took place under the leadership of Anastasija Oleinika. She had already been appointed Head of Finance at the end of 2017 before assuming the CEO position in summer 2019. Under her leadership, Twino was able to shed its legacy burdens and move forward on a financially stable footing. Thanks in part to her management during the COVID-19 pandemic, Twino navigated the exceptional circumstances successfully.
Helvijs Henselis (November 2022 – April 2025)
Helvijs Henselis is a pleasant individual whom I also met personally in Riga. However, his two and a half years at Twino were characterized more by stagnation and setbacks. The crisis situations in the Philippines and Vietnam were addressed with an exit far too late, and there were no visible solution strategies regarding the outstanding Russia-related claims.
The only notable initiative was the launch of Twino Properties (August 2023), which has since been discontinued. In personal conversations, it was confirmed to me that Helvijs’ hands were often tied due to directives from the shareholder.
Nauris Bloks (Since April 2025)
With Nauris Bloks, Twino has had a new head of operational management since April 2025. The fact that he already has prior experience within the company (September 2016 to July 2022) is certainly an advantage. Reportedly, he set clear conditions for the shareholder in advance regarding the terms under which he would be willing to accept the new role. Particularly greater autonomy and more operational control. Since taking over, tangible progress and positive developments have become evident over the past months.
What these developments look like in detail, and how Twino intends to address its remaining challenges, will be outlined in the following sections.
Twino Finds Buyer For Philippine Loans And Covers EUR 70K Out Of Own Pocket!
As part of the joint venture with Viainvest to expand into the Asian market, the company “Vamo Lending Inc.” (CS20200000915) was registered in the Philippines in 2020. Almost three years later, in September 2023, the first loans from the Philippine market were offered on the Twino platform.
With a maximum portfolio size of approximately EUR 855,000 (converted), the exposure on Twino was relatively small. Nevertheless, following the official exit announcement in April 2024, Twino had to work hard to ensure an orderly recovery of the outstanding claims.
The wind-down process was subsequently carried out in close coordination with local partners and in compliance with regulatory requirements. According to statements by Twino CEO Nauris Bloks, negotiations with a potential buyer had already begun before his tenure. The process is said to have taken around nine months.
On January 14, 2026, Twino officially confirmed that all Philippines-related investments had been fully repaid, including both the invested principal and all accrued interest.
The outstanding receivables, valued at EUR 655,000, were sold at a discount of approximately 10% to a Cypriot company reportedly engaged in certain business activities in Asia. Twino thus contributed around EUR 70,000 out of its own pocket to achieve a conciliatory outcome for investors.
Twino Investors Face EUR 1.6 Million Loss In Vietnam
The situation in Vietnam is significantly more difficult. The company “Hoang Kim Nhat Company Limited” was founded in June 2019. The first loans on Twino have been offered in August 2021, with currently EUR 1.6 million of outstanding claims against investors.
According to Twino, the problems arose because Chinese lenders destabilized the payday loan market with aggressive business practices. As a result, from 2023 onwards, stricter legislation and tighter regulatory changes were introduced in the Vietnamese non-bank lending sector. In particular, foreign non-bank lenders reportedly faced raids and arrests. It is therefore understandable that local teams were unsettled and operational processes were heavily impacted.
At this point, Twino must be criticized for its ineffective risk management. While lenders from the Aventus Group and the Robocash Group drew the correct conclusions and exited the Vietnamese market in May 2023, Twino only made this decision a year later, in March 2024.
Personally, I also took the Aventus/Robocash exit as a warning signal to proactively sell my Vietnamese loans on the secondary market. This highlights once again why staying actively informed is crucial when investing in P2P loans. Following my community channels on Telegram or WhatsApp is therefore recommended to avoid missing such critical updates in the future.
Regarding the “responsibility” question in Vietnam, both the local management team – who misjudged the situation for too long – and the board based in Latvia, which saw no need to restrict or halt lending, have to share the blame.
“TWINO continued to list VN loans based on reports from local lending operations team which outlined negative sentiment, but no immediate risks up till Q1, 2024. TWINO board at that time didn’t take any decisions to limit or put some restrictions VAMO VN listing.”
It was not until March 22, 2024, that VAMO Vietnam informed that lending had to be suspended due to a new interpretation of local regulations by Vietnamese authorities, and that the focus should shift solely to collections. This decision came far too late. Many borrowers had already stopped repayments entirely, and local collection agencies have no interest in acquiring the nearly worthless loan portfolio.
Are there any remaining assets to be sold from the now-insolvent company? Twino is currently working with BDO and other local advisors to answer this question. However, it has been repeatedly emphasized that recovery prospects from the Vietnamese market are very limited, and no further payments are expected in the foreseeable future.
“Nevertheless, recovery prospects from the Vietnam market remain very limited, and no additional payments are expected in the foreseeable future.”
Somewhat surprisingly, Viainvest emerged from the situation largely unscathed. According to my information, the VIA SMS Group covered all operational activities, local personnel, and risk management, whereas Twino provided the financing platform, lending system, and technological infrastructure.
Twino Offers Buyback Of Russian Loans: Investors Can Recover 80% Of Capital!
The progress regarding the outstanding claims in Russia currently looks much more promising. Since the start of the war in Ukraine in February 2022, approximately EUR 6.8 million of investor funds were stuck in Russia, which could only be repaid gradually due to international payment restrictions (around EUR 100,000 per month).
In the meantime, Twino occasionally hinted that it was in contact with potential buyers for the Russian portfolio. However, the seriousness and concreteness of these discussions cannot be assessed.
What is certain is that by the end of January 2026, the outstanding claims had been reduced to approximately EUR 1.9 million. Since SIA Finno (formerly SIA TWINO, the parent company of the P2P platform) currently held about EUR 200,000 in unused cash reserves, affected investors were offered the option to transfer their claims to Finno.
For this to happen, investors would receive 80% of the outstanding principal and 100% of the interest accrued on the claims up to the effective date of the assignment contract. Applications were possible until February 27, 2026, or until the approved volume of EUR 200,000 was reached.
According to Twino CEO Nauris Bloks, actual demand was significantly higher (between EUR 800,000 and EUR 1 million) than the originally available cash position. He expressed optimism that a solution could be found for all investors.
Twino Properties In Wind-Down: EUR 1.8 Million Still Outstanding
Another Twino project that is now in the wind down process concerns residential property rentals. In March 2023, the Latvian company “AS TWINO Properties” (40203477150) was established for this purpose. By August 2023, the first projects were offered on Twino.
Originally intended as a diversification product, both the performance and market conditions no longer met Twino’s internal expectations regarding long-term returns and strategic alignment. As a result, the decision was made to wind down the rental project and exit the Latvian residential property segment.
“Over time, performance and market conditions did not meet TWINO’s internal expectations for long-term returns and strategic alignment.”
In total, Twino financed ten apartments via Twino Properties. The first one has already been sold on January 22, 2026 (ISIN LV0000200145 and LV0000200152), achieving an annual return of approximately 5% for investors. The nine remaining residential properties still have outstanding capital of around EUR 1.8 million (approximately EUR 200,000 per property).
The remaining apartments are to be sold according to market conditions, with the internal target being to sell one property per quarter. Expected returns are now estimated at a maximum of 2%. Originally, the advertised return expectations were 5% to 7%, based on a projected period of ten years.
Poland Remains Strong: CCD2 Poses A Challenge?
If anything has worked well for Twino in recent years, it is the Polish consumer lending market, where the platform has been active since 2011. Although Poland has historically undergone many regulatory changes, the Polish company Fincard (brand: Netcredit) is now more established and profitable than ever before.
In my lender comparison, based on the most recent financial figures, the Polish Twino lender ranks in the top 5 for financial stability.
| Loan Originator | Year | Audited | Profit | ROA | Equity Ratio | Debt | Liquidity | Impairments | Score |
|---|---|---|---|---|---|---|---|---|---|
| Fincard | 2024 | BDO | EUR 7,91M | 5,3% | 36,5% | 1,74 | 1,61 | 9,6% | 83 |
The outstanding portfolio is currently around EUR 40 million (of which EUR 32 million are outstanding via Twino), with plans to grow by approximately EUR 20 million this year (of which EUR 12–15 million is supposed to be via Twino).
However, new regulatory challenges have emerged in 2026 in the form of the EU Consumer Credit Directive 2023/2225 (CCD2). This new EU law, which aims to strengthen and harmonize consumer protection in lending, will replace the existing 2008 directive and now also covers “Buy Now, Pay Later” (BNPL) services, loans up to EUR 100,000, and short-term financing.
Key aspects and implications of CCD2:
- Stricter Credit Checks: Lenders must verify the consumer’s financial capacity before each loan to prevent over-indebtedness.
- Expanded Scope (BNPL): Invoice purchases and classic BNPL offerings now fall under consumer credit law, creating extensive information and verification requirements for merchants.
- Digital Standards: Information requirements are adapted for mobile and digital platforms to ensure transparency.
- Protection Against Over-Indebtedness: Regulations now include interest-free loans, very short-term repayments (under 3 months), and minor fees.
In Poland, the Office of Competition and Consumer Protection (UOKiK) reportedly released a roadmap, with the final discussion of the regulation expected in March 2026. The Polish parliament is anticipated to adopt it by the end of June 2026, with entry into force scheduled for November 2026.
For Fincard, adjusting the business model is unavoidable. The biggest impact will likely come from the new interest and non-interest rate caps, which could make it more difficult to maintain previous profitability levels. Nevertheless, the company currently expects to remain profitable and maintain a healthy profit margin. Adjustments to credit assessments under the stricter CCD2 rules are not expected to cause any issues.
“On the profitability side, it will leave some impact, because most likely some caps will be introduced as well as other limitations which could make it more complex to reach same level of profitability. With that said, business model still is expected to be profitable with healthy profit margin.”
As with any new and stricter regulation, market consolidation in Poland is very likely. Several competitors may exit the Polish market due to the tighter rules and tougher guidelines. Twino therefore sees, despite decreasing profitability, a growing opportunity for their regulated credit card product, which could also increase the funding demand on the Twino platform.
“Fincard anticipates that due to CCD2 market consolidation will happen. Several market players will exit market due to stricter ruling and Fincard sees that as an opportunity to grow with regulated credit card product. As a result, Fincard plans to keep growing portfolio quite rapidly in 2026, which would also increase need for funding.”
Outlook 2026
Aside from the topics already discussed, what can Twino investors expect in the coming months and years?
Is “FLEXI” the better Bondora Go & Grow?
Liquidity is expected to be a key topic in 2026, as I have mentioned several times in the past. In the background, Twino has already been working on a new liquidity product called “FLEXI”.
The concept has strong parallels to Bondora Go & Grow: A 6% annual interest rate and the ability to withdraw funds on a daily basis. The underlying assets are Polish asset-backed securities, which on the platform are offered even with up to 12% interest.
The Latvian financial regulator has already approved the FLEXI product, and internal testing is scheduled for March 2026. Unlike Bondora Go & Grow, FLEXI will be the first product of its kind introduced under regulatory supervision (MiFID II). This means additional compliance and reporting requirements for the platform. Twino plans to initially cap investments at EUR 10,000 per investor.
New Markets
Poland serves as Twino’s European base. Nevertheless, the platform also plans to expand its lending offerings geographically. The new target markets are the Czech Republic and Romania.
The challenge: The implementation of the new EU Consumer Credit Directive (CCD2) must first be observed to understand the local requirements in these countries. If Twino enters these markets – which is relatively straightforward due to its passporting license as a payment institution – it would still take 6 to 9 months before the first loans appear on the platform.
Realistically, new borrower countries on Twino are therefore expected no earlier than 2027.
Cryptocurrencies
Twino also plans to expand its investment brokerage license with a MiCA license (Markets in Crypto Assets). The aim is not to become a crypto exchange like Binance or Kraken, though. Rather, the goal is to provide a safe and licensed entry point for new investors seeking exposure to crypto assets.
The motivation is partly strategic: Twino hopes to attract a new investor base through crypto offerings, which could then also become receptive to P2P loan investments.
Summary and Conclusion: Personal Investment Comeback?
At the beginning of 2026, Twino is undergoing a transformation phase, clearly shaped by the CEO leadership change in April 2025. Under Nauris Bloks leadership, the platform has visibly gained in transparency, communication quality, and operational consistency.
The full repayment of the defaulted Philippines loans, including EUR 70,000 from Twino’s own funds, sent a strong signal. Tangible solutions were also offered for the Russian portfolio, rather than continuing to rely on uncertain external buyers.
Vietnam, however, remains a strategic misstep that will lead to capital losses for some investors. The delayed response to regulatory risks revealed weaknesses in risk management, for which both the local management and the former leadership in Latvia bear responsibility.
Operationally, Poland is now the clear foundation of the platform. Fincard ranks among the financially more stable lenders in the P2P market. While the implementation of the new EU Consumer Credit Directive (CCD2) will likely put pressure on profit margins, the Polish lender could also benefit from market consolidation.
With FLEXI, Twino also plans to launch a regulated liquidity product for the first time, positioning it as an alternative to Bondora Go & Grow. This new product clearly demonstrates that Twino has recognized the signs of the times and is aligning its offerings with market needs and demand.
After a longer observation period and many discussions with the new Twino CEO, I have decided to resume my personal investment in Twino. Not out of blind enthusiasm, but because the structural conditions have improved: more transparency, clear and sustainable communication, active problem-solving, and a strong operational core business in Poland.
Nonetheless, the platform is still not a guaranteed success in my view. Anyone investing in Twino should realistically assess the risks and actively follow developments.
I’m Denny Neidhardt, the founder of re:think P2P. On this blog, I help retail investors make smarter, well-informed investment decisions in the world of P2P lending. Since 2019, I’ve been publishing in-depth analyses, platform reviews, and risk assessments to bring more transparency to this investment space. My goal is to challenge marketing claims, question developments, and empower investors with honest, independent insights.