Posted by This year, the TWINO P2P platform is celebrating its 10th anniversary. After an eventful decade, it’s time to look back at past achievements, recent developments, and what’s next for the Latvian P2P platform.
To mark TWINO’s 10-year anniversary, I asked 10 questions to their current CEO, Nauris Bloks.
For more details, check out my in-depth TWINO review.
Looking back over the past decade, which milestones would you consider meaningful achievements for TWINO?
Looking back over the past decade, there have definitely been some standout milestones for us at TWINO. First off, hitting the €1 billion mark in cumulative loans invested was huge, it really underscored our growth and impact in the market.
But beyond the numbers, our shift from an unregulated loan cession model to a fully regulated investment platform under the supervision of the Central Bank of Latvia in 2021 was a game-changer. Transitioning into a MiFID II-regulated firm meant we stepped up significantly in terms of governance, oversight, and investor protection. It wasn’t just about complying with regulations; it fundamentally elevated how we operate and serve our investors at the same time keeping it as simple as possible for investors.
Finally, over these years, we’ve established the TWINO brand as a credible, trustworthy player in the European alternative investment landscape. Building trust with over 7,000 active investors across the EU and helping them earn over €17 million in interest is something we genuinely take pride in.
So, yeah, it’s been quite a ride, filled with learning, adapting, and growing stronger through every challenge we’ve faced.
What have been the biggest challenges and obstacles that TWINO had to overcome during the past 10 years?
In terms of challenges, the past decade certainly tested us in several significant ways. Given that the peer-to-peer lending industry itself is relatively new, we’ve navigated many first-time challenges, especially regarding economic cycles and regulatory frameworks.
One major challenge was transforming our investment product from an unregulated model to becoming a fully licensed investment brokerage firm in 2021. This required significant effort to ensure our product remained accessible and straightforward for investors, even as we introduced greater regulatory compliance.
During this transition, the Covid pandemic introduced substantial uncertainty and market stress, testing our adaptability and impacting investor confidence, which required prudent response plan and execution. That was a challenge that we addressed excellently and TWINO not only fulfilled all obligations, but also managed to grow.
Then, geopolitical volatility escalated significantly with the war in Ukraine, severely impacting repayments from our Russian exposures and further affecting investor sentiment. All that happened within a short time span and required a lot of agility and adaptability.
TWINO once operated across several consumer lending markets, yet today only Poland remains. Was this retreat a sign of strategic focus – or failure? And can investors expect expansion into new geographies anytime soon?
That’s a great question. At TWINO, our spirit has always been about actively exploring new opportunities and trying to find smarter, better ways to grow. Of course, not every venture pans out exactly how we hope, especially in relatively less regulated and developing markets, where rules and market conditions are still being tested.
Over the years, we entered several markets, and while each presented promising potential, factors like political instability, unexpected regulatory shifts, or challenging market conditions often prevented us from building sustainable long-term operations there. Poland, however, has consistently been the exception, offering a stable environment and opportunities for continued growth and success.
This strategic retreat from certain markets could be considered as failures as well as valuable lessons. We learned that operating in clearly regulated markets, with predictable and stable frameworks, is far better for us and our investors than less regulated environments, which can change dramatically overnight.
Looking ahead, our DNA of seeking new opportunities is stronger than ever. Right now, we’re actively evaluating several promising markets within the EU. We’ll move forward thoughtfully, applying all we’ve learned to ensure stability and sustainable growth.
With growing competition from regulated platforms like Mintos, Viainvest, and Debitum, what exactly makes TWINO relevant in 2025 and beyond? Where do you still see a distinct edge?
Standing out isn’t easy, especially with our specialized, closed-way approach—offering financial instruments linked specifically to related lenders. Yet, several factors continue to give TWINO a distinct edge.
Firstly, our loyal investor base is a testament to our reliability and the consistent track record of strong returns we’ve delivered. We offer clear, transparent financial products—like our credit card loan product in Poland, which provides a 12% annual return and monthly interest payouts. These aren’t abstract investments; they’re real loans issued by a licensed payment institution, directly linked to actual credit lines with Mastercard cards.
Secondly, we maintain a strong commitment to presenting complex investment opportunities in the simplest, most accessible way possible. Our resilience through market exits, regulatory shifts, and global economic disruptions demonstrates our adaptability and commitment to investor interests. We are currently working to make this experience even more convenient.
So, even in 2025 and beyond, our clarity, transparency, proven track record, and dedicated investor community continue to set us apart in a crowded market and give us further a platform for growth.
TWINO has seen four different CEOs in just five years. What explains this turnover at the top, and what message should investors take from this ongoing leadership instability?
When you see that TWINO has had four different CEOs in five years, it’s fair to question what’s behind that. The truth is, these past years haven’t been easy—for TWINO or for the industry as a whole. We’ve been navigating some incredibly challenging terrain: major regulatory shifts, the Covid pandemic, and the impact of the war in Ukraine, all while transitioning our business model and trying to stay resilient in a fast-changing environment.
Each leadership change came with the recognition that different moments require different kinds of guidance. Some periods called for deep regulatory focus, others for operational stability or crisis management. These adjustments were made to meet the demands of the time—even when those times were far from ideal. But what matters most is that TWINO kept moving forward. We adapted, we kept serving our investors, and we continued building a foundation that can support long-term stability. Leadership is about timing, context, and readiness—and in that sense, we’ve done what we’ve needed to keep the company on track.
There is ongoing concern around the quality and transparency of TWINO’s loan originators in Russia, Vietnam, and the Philippines. Can you provide investors with a fully updated breakdown of the current exposure, and the outstanding risks in these regions?
We understand the concerns surrounding our loan originators in Russia, Vietnam, and the Philippines—and I want to be upfront: we haven’t always communicated these situations as clearly as we should have. That’s something we’re committed to changing moving forward.
Starting with Russia, repayments are ongoing but restricted. Due to capital control regulations imposed by the Russian government, we can currently receive a maximum of approx. 100 000 EUR per month from our Russian loan originator. These monthly transfers are distributed to investors on a pro-rata basis, typically at the end of each month. Interest continues to accrue on outstanding principal. So far, we’ve recovered more than 54% of the war-affected portfolio or over €3.8 million repaid. We remain committed to full recovery, although we’re limited by external unmanageable constraints. Currently we see that this incremental repayments will keep flowing and hopefully in some near future situation will change and we will be able to recover funds faster.
In Vietnam, the situation has been more severe. Following an unforeseen political disruption, operations were effectively shut down without a chance to conduct structured recoveries. As informed early this year the loan originator, VAMO Vietnam, was de-facto declared insolvent on January 24, 2025. Of the original €2.89 million exposure, €1.6 million is covered by a guarantee that’s currently still being repaid in monthly installments.
The remaining €1.7 million is not covered and, despite our legal efforts, we have to acknowledge with real regret that it is likely to default. This is incredibly difficult to accept—we know this represents real losses for our investors, and we feel the weight of that deeply. In 10 years of offering services to our investors, this is the first and hopefully the only such situation.
As for the Philippines, the situation is still evolving. While no recent repayments have been made, an asset deal is currently in progress that could potentially allow for full recovery of investor funds. It’s yet too early to 100% confirm specifics, but we’ll share clear figures and next steps as soon as the outcome is finalized.
Investors have criticized the platform for weak communication during times of uncertainty. How do you evaluate the quality of TWINO’s investor relations today, and will this be a priority under your temporary leadership?
It’s fair to say that our investor communication hasn’t always met the standard we expect from ourselves—and certainly not what our investors deserve. In times of uncertainty, our instinct was often to solve the problem first and communicate later. But in today’s investment environment, that simply isn’t good enough, and we hear that loud and clear.
Improving our investor relations is now a strategic priority. We’ve already made our first steps—launching a Telegram channel to create more real-time dialogue, expanding our support and marketing teams, and planning more frequent, detailed updates via email to keep everyone in the loop.
At the same time, we continue to use email as our primary communication channel, and we strongly encourage all investors to check that they haven’t unsubscribed from our mailing list. We’re committed to rebuilding trust with clearer, more consistent communication—and that work is already underway.
How solid is TWINO’s current financial position – particularly in terms of liquidity, profitability, and capital adequacy – to support future growth?
As of today, TWINO’s financial position is solid and we are well positioned for growth. Our capital adequacy ratio stands at 202%, significantly above the regulatory minimum of 110%. On the liquidity side, we’re at 503%, compared to the required 150%. These numbers aren’t just technical metrics, they represent our stability and readiness to withstand external shocks while continuing to operate confidently.
Profitability-wise, we’re in the black, with approximately €45,000 in profit recorded year-to-date. It’s a modest figure, but one that reflects disciplined operations and the fact that we’re building on a strong, sustainable foundation. We’re in a position to grow without compromising the integrity or safety of our investment platform and that’s exactly how we plan to move forward.
What are the core strategic objectives for TWINO over the next 6 to 18 months?
Our short- to mid-term strategic priorities are centered on rebuilding and strengthening credibility, improving communication, and reinforcing the trust our investors place in us. That starts with continuing to elevate our platform experience and deepening our relationship with our investor community.
We’re also focused on expanding our product offering to diversify the investment opportunities available—whether through exposure to new markets or through partnerships. At the same time, we’re evaluating the potential to extend the TWINO brand beyond investment products alone, exploring how we can bring value to a broader set of financial needs.
It’s about being smarter, more transparent, and more connected to our investor base—while always staying true to our core values of simplicity, reliability, and innovation.
If this weren’t just a one-month assignment, what would be your top three priorities to reposition TWINO for the next decade?
Well, the truth is—it’s not just a one-month assignment. I can now share that I’ve aligned with TWINO’s founder, Armands Broks, on a longer-term vision for the company. What convinced me to step in was our shared belief that TWINO has a real opportunity to evolve into something even more meaningful, built around professionalism, trust, and constant innovation.
Our mission going forward is simple but ambitious: to create fintech solutions that promote financial inclusion and give more people access to real opportunities. That’s bigger than just investments—it’s about building something that lasts and brings value beyond returns.
If I had to name my top three priorities, they would be:
- Expanding our investment offering – We want to give investors more choice by adding new products, potentially entering new markets, and entering into partnerships where it makes sense and creates opportunities.
- Raising the bar on governance and communication – This means being more transparent, more consistent, and more connected with our investor community. We know we’ve got work to do here, and we’re on it.
- Using AI to drive internal efficiency – We’re looking at how smart automation can streamline operations and improve the experience for everyone who uses our platform and also in ways how we are doing things.
We’re also actively exploring whether there’s a natural next step for TWINO beyond investments, possibly into broader financial services or even banking. Nothing is set in stone yet, but we’re thinking seriously about where we can make the biggest impact and leverage our competencies and capacity built by growing TWINO along these first 10 years.
If you’re considering joining the TWINO platform, you can take advantage of a special 2% interest boost on all newly invested funds in Polish loan securities. The bonus is valid for 90 days after registration, which must be completed by June 30, 2025, at the latest.
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.