Twino is one of the heavyweights among European P2P lending platforms. This is evidenced by its long history since 2015, 22,000+ registered investors and a financed loan volume of EUR 1.2+ billion.
The platform’s development since its foundation has been anything but straightforward, though. In particular, weaknesses were repeatedly revealed in risk management during its international expansion.
However, since Nauris Bloks was appointed as the new CEO in April 2025, Twino has been undergoing a positive transformation phase. Past issues and legacy burdens are being addressed transparently and decisively, while a clear vision is guiding the platform’s future direction.
So, is it worth investing again on the Latvian P2P platform? In this Twino review, you will find a detailed analysis of all risks, investment opportunities, and what investors should pay attention to.
Further analyses of other platforms can be found on my P2P Platform Review page.
Summary
Before we get started, here is a quick summary with the most important information about Twino.
- Twino is a Latvian P2P platform where investors can invest in Polish consumer loans and earn returns of up to 12%. The platform officially launched in August 2015.
- The platform belongs to the Latvian company FINNO AS (formerly SIA TWINO), a non-bank fintech company established in 2009.
- The P2P platform is operated by AS TWINO Investments, which has been supervised by the Latvian financial regulator since September 2021 and is regulated under MiFID II. As a result, investor accounts are protected up to EUR 20,000 under the investor compensation scheme in case of misappropriation or platform insolvency.
- In the past, Twino has revealed weaknesses in its risk management. Currently, several million euros of investor funds are still in recovery (Russia and Vietnam).
| Founded / Started: | August 2015 |
| Legal Name: | AS TWINO Investments (LINK) |
| Headquarter: | Riga, Latvia |
| Regulated: | Yes (Financial and Capital Market Commission) |
| CEO: | Nauris Bloks (April 2025) |
| Community Voting: | P21 out of 30 | See Voting |
| Assets Under Management: | EUR 34+ Million |
| Number of Investors: | 22.000+ |
| Expected Return: | Up to 12% |
| Primary Loan Type: | Consumer Loans |
| Collateral: | Buyback Guarantee |
| Bonus: | Up to 2% Cashback (90 Days) |
About Twino
Twino is a Latvian P2P platform that was launched in August 2015, where investors have the opportunity to invest in Polish consumer loans with expected returns of up to 12%.
Behind the P2P platform stands the parent company TWINO AS (restructured as FINNO AS in August 2021). Through the group’s lending companies, loans worth more than EUR 1 billion had already been financed by October 2019. In May 2022, this EUR 1 billion financing milestone was also surpassed on the Twino P2P platform itself.
Due to its long history and the size of the company, Twino is one of the heavyweights in the European P2P lending environment. Since September 2021, the platform has also been controlled by the financial supervisory authority in Latvia and regulated in accordance with MiFID II.
Ownership and Management
Who are the key shareholders behind the scenes at Twino? And who leads the platform’s operational management? You’ll find more on this in the following sections of my Twino review.
Twino Ownership
Who owns Twino? The platform is currently operated by the Latvian company “AS TWINO Investments”. A look at the Latvian company register reveals that Armands Broks is the ultimate beneficiary shareholder of this company.
Armands is a Latvian businessman who founded the Twino parent company SIA FINNO (formerly SIA TWINO) back in 2009. In both cases, he still owns 100% of the shares in the companies.
Operationally, Armands also served as CEO of the P2P platform for a long time before handing over the position to Anastasija Oleinika in July 2019. In the P2P lending environment, Armands is considered a well-connected businessman, entrepreneur and fintech enthusiast.
Twino Management
In April 2025, Latvian Nauris Bloks was introduced as the new CEO of the Twino P2P platform.
In the past, Nauris had already served as IT Director for Twino between February 2018 and July 2022. Additionally, he spent nearly two years as a member of the company’s supervisory board. As a result, he is well acquainted with the operational challenges of the P2P platform.
Nearly a year since taking over, a positive transformation process at Twino is evident. Defaulted loans from the Philippines have been fully repaid to investors, the first apartment from the Twino Properties portfolio was sold profitably, and investors have been given the opportunity to transfer their outstanding Russian claims to the Twino parent company.
In a conversation conducted in February 2026, I spoke with Nauris about the current areas of focus and the challenges facing the Twino platform.
Business Model and Finances
Throughout the process of due diligence, investors should also have a look at the business model of a P2P platform as well as the overall financial situation. How does the company earn money? Does the platform operate profitably? And how well is the company positioned financially? In the following paragraphs of this Twino review, you can follow-up on those questions.
Monetization
How does Twino make money? To understand this, it’s worth taking a look at the Financials page on the platform, where the latest financial reports are published.
According to the annual report for 2024, the Twino platform (AS TWINO Investments) generated a revenue of approximately EUR 2.9 million. The revenue is coming primarily from fees and commission income for platform services. These consist mainly of fees charged to the Polish lender Fincard who offers its loans on the Twino platform for financing.
Additionally, in October 2025, Twino introduced an inactivity fee for investor accounts that remain inactive for more than six months. This fee is EUR 10 per month.
Profitability
Is Twino profitable? Yes. The P2P platform, represented by AS TWINO Investments, generated a profit of EUR 362,385 in 2024.
The financial statements were prepared by the Latvian BDO Assurance and audited according to IFRS standards, giving the reported figures a solid level of credibility and reliability.
Sign Up and Bonus
To invest on Twino, investors must meet two requirements:
- A minimum age of 18 years
- Citizenship and residence in the European Economic Area.
If these requirements are met, registration on Twino can be completed in just a few steps.
- Registration: Enter name, email, date of birth, password, etc.
- Provide Financial Information: Planned investment amount, state citizenship, country of residence, tax residence, etc.
- Upload Documents: Copy of identity card, proof of residence
Also legal entities have the opportunity to sign-up on Twino, but only if the business is located in Latvia.
Twino Bonus
At Twino, a cashback bonus of up to 2% is available until April 12, 2026. The exact cashback amount depends on the loan term you invest in.
- 3-month loan term: 0.5% cashback
- 6-month loan term: 1% cashback
- 12-month loan term: 2% cashback
To take advantage of the cashback bonus at Twino, you can sign up via this link to redeem your bonus.
A platform overview with all bonus offers and cashback promotions can be found on the bonus page.
Investing on Twino
How does investing on Twino work? What should you know and what should you possibly pay attention to? In the following sections of this Twino review, you will find a comprehensive overview with all the information.
Loan Offering
Since 2021, Twino has been a regulated P2P platform supervised by the Latvian Financial and Capital Market Commission (FCMC). Since then, investors no longer invest in assignment agreements (claim rights) but in asset-backed securities.
These are financial instruments secured by underlying loans to the borrower, who can be either a consumer or a company. The securities carry a fixed interest rate, which accrues over the entire term as long as the underlying loans are repaid.
Further information about the securities can be found in the respective base prospectus or the key information document.
Lending Companies
Currently, investors can only invest in Polish securities from the lender NetCredit. The interest depends on the chosen loan term.
- 3-month loan term: 8.5% interest
- 6-month loan term: 10% interest
- 12-month loan term: 12% interest
NetCredit is a brand for consumer loans owned by the limited liability company “Net Credit Sp. z.o.o.” The company, which has been part of the FINNO Group (Twino’s parent company) since 2011, primarily financed short-term consumer loans in Poland in the past.
Since 2022, NetCredit has been providing loan brokerage services for the licensed payment institution “Fincard Sp. z.o.o.,” which also belongs to the FINNO Group. Fincard issues consumer credit cards with a credit limit and acts as the sole lender under the NetCredit brand in Poland.
Costs and Fees
Most of Twino’s services are free of charge. This includes registration, investing, and trading on the secondary market. Deposits and withdrawals are also free of charge on the Latvian P2P platform.
In October 2025, Twino introduced a fee for investors with inactive accounts. Investors who have no active investments but still hold available funds in their account will be charged EUR 10 per month after six months of inactivity, until the account balance reaches EUR 0. Those who still have active investments will also be charged EUR 10 per month if their available balance is less than 15% of their portfolio or below EUR 50.
The fee is deducted on the first day of the following month. Before any fee is charged, Twino sends a reminder email to the investor.
Expected Returns
On Twino, the interest rates for loans can vary significantly depending on the market phase and demand. In the past, rates were often between 10% and 13%, which corresponds to an average level appropriate for the risk.
My total return on Twino, after being continuously invested since December 2020, currently stands at 10.4%.
Auto Invest
Investors have three options to invest in asset-backed securities on Twino: Manual selection via primary market, manual selection via secondary market or choosing the automated investment strategy (Auto Invest).
The Twino Auto Invest is a feature that allows certain investment criteria to be set in advance.
Once available funds meet the preset criteria, they are invested automatically. Among other criteria, the following settings can be configured:
- Interest rate: Up to 16%
- Borrower countries: Poland
- Term: Up to 60 months
- Always invest available funds: Yes or No
- Reinvest repayments: Yes or No
The minimum investment amount for the asset-backed securities on Twino is EUR 1.
Secondary Market
In 2021, Twino introduced a secondary market on the platform. Here, investors can trade asset-backed securities, either buying or selling them.
The securities can be purchased at a premium (red symbol; max. 4.9%), at a discount (green symbol; max. 29.9%), or at face value (gray symbol). Trading itself is free of charge for both buyers and sellers.
Twino Forum
The P2P lending industry is a fast-moving environment. Hence, make sure to stay on top of all relevant information by subscribing to my channels on Telegram or WhatsApp. This way, you will always receive the latest information from the P2P industry, including platform news regarding Twino.
Twino Taxes
In general, interest income earned through loan financing is considered investment income and thus must be declared as such in the tax declaration. In addition, since 2022, after obtaining the investment brokerage licence, Twino is legally obliged to withhold taxes on interest income collected through regulated financial instruments.
The applied tax rate depends on the country of tax residence and on the tax information and certificates submitted.
- 20% for private investors from Latvia
- 20% for private investors from outside the EU or EEA
- 5% for private investors resident in the EU or EEA (except Latvia)
- 0% for private investors from Lithuania (tax certificate required)
- 0% for legal entities
As a rule, the withholding taxes withheld can be deducted from the total amount when paying tax in the country of residence. This means that the effective tax rate is the same as for the previous investment in claim rights. The relevant double taxation agreement between Latvia and the country of residence is decisive for the creditability.
Twino Risks
Investors should look very carefully at the potential risk factors when evaluating a P2P platform. What is it that investors need to be aware of when it comes to Twino? Where are the underlying risks and how can they be assessed?
Platform Risk
The P2P platform, operated by AS TWINO Investments, has obtained an investment brokerage licence issued by the Latvian Central Bank in September 2021. As a result, the platform is subject to the requirements of the MiFID II Financial Markets Directive.
As a result, investors’ accounts are protected with up to EUR 20,000 by the investor compensation system in Latvia in the event of the platform’s insolvency or misappropriation of investor funds. This doesn’t include possible defaults by lenders though.
Regulation also requires Twino to maintain a segregated bank account for uninvested investor funds, to conduct a suitability and appropriateness assessment of investors in accordance with MiFID II and to publish regular audited financial statements.
Due to Twino’s many years of experience, the insolvency risk of the platform can be categorised as low.
Lender Risk
Regardless of the platform’s own assessment, investors should independently examine the risk profile of each lender. For an evaluation of financial stability, the following table provides an overview of the current financial figures.
| 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 |
You can check out the lender overview and comparison page to learn more about the applied KPIs and their interpretation.
Risk Management
At times, Twino’s risk management has revealed some weaknesses in the past. Here you can find some examples of how Twino has dealt with issues and crisis situations in its history.
Financial Distress (2017)
Twino’s aggressive expansion strategy in 2016 and 2017 heavily strained the P2P platform financially. In numbers: a written-off loss in the double-digit million range (EUR 12.2 million), losses in 11 out of 13 markets, and negative equity of EUR 6.5 million.
Although obligations towards investors were met at all times, it took several years for Twino, under the leadership of Anastasija Oleinika, to return to profitability and healthy financial metrics.
COVID-19 Pandemic (2020)
Like other P2P platforms, Twino initially faced a strong outflow of liquidity in Q2 2020. According to the annual report of SIA Twino, investors withdrew about 30% of repaid loans (EUR 4.2 million) during this period instead of reinvesting available funds.
Twino would have adjusted its payout requirements only if moratoriums had been introduced in the respective borrower countries. However, this did not occur. Twino therefore honored its prior commitments and respected the contractual terms with investors.
War in Ukraine (2022)
Since the war in Ukraine started, payment flows from Russia have been heavily restricted, so Twino could only settle outstanding claims to investors in small tranches (around EUR 100,000 per month). A total of EUR 6.8 million in investor funds was thus temporarily inaccessible.
It was not until February 2026, four years later, that there was an opportunity to transfer outstanding Russian loans to the Twino parent company at a 20% discount.
Vietnam (2024)
In August 2021, Twino offered its first Vietnamese loans on the P2P platform. At the time of the insolvency announcement three years later, outstanding claims amounted to EUR 2.7 million.
According to Twino, approximately EUR 1.3 million of investor funds will likely need to be written off as a loss.
“A company representative has confirmed their inability to settle these outstanding liabilities towards TWINO and its investors. As such, we are further proceeding with initiating legal measures. Despite that, a chance of successful recovery of the €1.3 million is unlikely.”
The situation is particularly sensitive because lenders from Robocash and the Aventus Group had already exited the Vietnamese market in Q2 2023, while Twino only took this step in April 2024.
Philippines (2024)
The simultaneous exit from the Philippines, alongside Vietnam, also temporarily made investor funds inaccessible. During the settlement process, however, an agreement was reached with a buyer of the outstanding claims, allowing full repayment in January 2026.
The outstanding claims were sold at a discount of about 10%, meaning Twino had to contribute approximately EUR 70,000 from its own funds to complete the repayment.
Advantages and Disadvantages
In this section, I have listed the biggest advantages and disadvantages of Twino.
Advantages
- Track Record: Operational in the P2P lending sector since 2015.
- Market Size: More than EUR 1 billion in financed loans.
- Regulation: Regulated by the Latvian Financial and Capital Market Commission.
- Transparency: Audited financial statements for the platform and its lenders.
- Financials: Profitable P2P platform and healthy financial metrics.
Disadvantages
- Risk Management: Insufficient control mechanisms during international expansion.
- Innovation: Little progress and limited development in recent years.
Twino Alternatives
Which Twino alternatives are there in the current market environment?
Viainvest
If you look at the main characteristics such as the origin, the history or the business model, then Viainvest would certainly be closest Twino alternative. The platform was launched in a similar period (2016), while the parent company also started lending in the non-banking sector back in 2009. The focus on consumer loans also unites both platforms, although there is currently no overlap in terms of borrower countries. Further information can be found in my Viainvest review.
Nectaro
Nectaro only launched in 2023, but the Latvian P2P platform shares many similarities with Twino. These include its incorporation in Latvia, licensing as an investment brokerage firm, a focus on buyback-guaranteed consumer loans, and support from a large and well-diversified parent company in the background. Notably, Nectaro also offers competitive interest rates of up to 15%. More details on this Twino alternative can be found in my Nectaro review.
You can find other Twino alternatives on the P2P Platform Comparison page.
Community Feedback
Twino is rated as an average platform by many investors, at least when using the results of the annual P2P Community Voting as a benchmark. Both its ranking and average score have consistently placed it in a stable mid-tier position.
However, 2025 saw a noticeable setback. Twino only reached 21st place, and its score of just 2.70 points marked its worst result in the past five years.
The Top 5 P2P platforms in 2025 were Viainvest, Debitum, Mintos, Swaper, and Income Marketplace.
Summary Twino Review
Personally, I have been an active investor with Twino for many years and have therefore been able to closely follow the development of the P2P platform.
So, what is the conclusion of my Twino review?
With a track record since 2015 and a financed loan volume of more than EUR 1 billion (May 2022), Twino is one of the heavyweights in the European P2P lending market.
During numerous crises in recent years, Twino has largely met the expectations of its investors and delivered a solid double-digit return.
However, the platform’s risk management should be critically examined. In both Russia and Vietnam, Twino misjudged the situation, unnecessarily putting investor funds at risk. As a result, investors were lacking liquidity for an extended period (Russia) or even need to write off a part of their investment as a loss (Vietnam).
Marked by the CEO transition in April 2025, Twino has since been in a transformation phase. Under the leadership of Nauris Bloks, the platform has visibly improved in transparency, communication quality, and operational consistency.
Early measurable results include the full repayment of defaulted Philippine loans (including EUR 70,000 from Twino’s own funds), the first apartment sale from the Twino Properties portfolio, and a concrete buyback offer for the outstanding Russian claims.
Operationally, Poland is currently the clear foundation of the platform with Fincard being among the strongest European non-bank lenders in the P2P market. The implementation of the new EU Consumer Credit Directive (CCD2) will likely impact profit margins, but the Polish lender could also benefit from a market consolidation.
With FLEXI, Twino is planning to launch its first regulated liquidity product, positioning it as an alternative to Bondora Go & Grow. This new product shows that Twino has recognized market trends and aligned its offerings with investor needs.
After a longer observation period and many discussions with the new Twino CEO, I have personally resumed investing on Twino, as the structural conditions have improved: more transparency, clear and sustainable communication, active problem-solving, and a strong operational core business in Poland.
Nevertheless, the platform is by no means risk-free. Anyone investing with Twino should realistically assess the risks and actively monitor the platform’s 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.