TWINO Review 2026: 12% Yield for 12 Months? (Good Deal!)

What is 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.

TWINO at a Glance

All key facts and figures about TWINO at a glance.

For those who prefer watching over reading, take a look at my TWINO video review (March 2026):

Business Model

The TWINO platform acts as an intermediary between lending companies that need capital to finance loans and investors who are looking for suitable investment opportunities.

TWINO Investments AS, the company behind the P2P platform, mainly earns its revenue through commission income charged to lending companies for raising capital via the platform. In 2025, this resulted in revenue of EUR 2.56 million (2024: EUR 2.99 million). Smaller sources of income include interest on bank deposits (EUR 25,816) and other operating income (EUR 160).

The business model shows that the company is strongly depending on brokerage activities on the TWINO platform. If the funded investment volume grows, revenue increase accordingly.

TWINO On-Site Visit

There have been two in-person meetings with the TWINO team in Riga. The first took place in March 2019. At the time, I spoke with Roberts Lasovskis, the then-Platform Lead, about the company’s consolidation phase and the potential of the individual loan markets.

The second meeting took place in June 2024. This time, my conversation partner was CEO Helvijs Henselis. The people on-site left a personally sympathetic impression, but many answers remained very general in substance. Whether regarding the funds stuck in Russia, the exit from Asia or the strategic repositioning in Poland. The sense of stagnation compared to other regulated platforms was more confirmed than dispelled by the conversation.

Shareholder 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 Shareholder

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.

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.

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.

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

Fincard (Fincard Sp. z o.o.) operates in Poland under the brand Netcredit and has been part of the FINNO Group since 2011, the parent company of the TWINO platform. The company issues credit cards with flexible credit lines and has been operating as a licensed national payment institution (KNF) since November 2024.

TWINO FLEXI

In April 2026, TWINO has introduced a new investment product called FLEXI, designed to meet the growing investor demand for more liquidity. Similar to Bondora Go & Grow, FLEXI offers a fixed return of 6% p.a., daily accrued interest, as well as daily availability of invested funds.

The investment is based on 12-month asset-backed securities issued by the Polish loan originator Fincard. FLEXI can be used with a minimum investment of EUR 10, while the maximum investment amount is capped at EUR 10,000.

With the launch of FLEXI, TWINO became the first P2P platform to introduce a daily liquidity product within a regulated framework. Nevertheless, the core risks remain unchanged. Both liquidity and returns primarily depend on the performance of the loan originator.

A detailed analysis of the product can be found in my TWINO FLEXI review.

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 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

TWINO, operated by AS TWINO Investments, has been active in the P2P market since 2015 and therefore has a comparatively long track record. In its domestic market, the platform is supervised and monitored by the Latvian Central Bank (Latvijas Banka).

Regulation and Licence

Since September 2021, AS TWINO Investments has held an Investment Brokerage Licence issued by the Latvian Central Bank. Through its regulatory status, the platform is subject to the requirements of the Markets in Financial Instruments Directive (MiFID II).

As a result, investor accounts are protected by up to EUR 20,000 (90% of net loss) through the Latvian investor compensation scheme, in the event of platform insolvency or misappropriation of investor funds. Potential defaults by loan originators are not covered by this scheme.

Through its regulatory status, TWINO is also required to meet a high standard of compliance and transparency, including the regular publication of audited financial statements and a suitability and appropriateness assessment of investors in accordance with MiFID II.

Segregation of Funds and Deposit Protection

Under MiFID II regulation, TWINO is required to maintain a separate bank account for uninvested investor funds. In the event of insolvency, these funds are protected from enforcement proceedings and cannot be used to settle claims against third parties.

Unlike traditional bank deposits, there is no entitlement to compensation through a deposit guarantee scheme. Investors should therefore be aware that invested capital is subject to a real risk of loss, that returns are not guaranteed and that it may not be possible to recover the full amount invested.

TWINO in Crisis Situations

In the past, TWINO had to navigate several crisis situations, including a financial setback in 2017, the COVID-19 pandemic and the war in Ukraine.

Financial Setback (2017): The aggressive expansion strategy in 2016 and 2017 placed significant financial strain on the platform. In figures: A written-off loss of EUR 12.2 million, losses in 11 out of 13 markets and negative equity of EUR 6.5 million. While obligations towards investors were met, it took several years before TWINO returned to profitability under the leadership of Anastasija Oleinika.

COVID-19 Pandemic (2020): TWINO initially faced a significant liquidity outflow in Q2/2020. During this period, investors withdrew approximately 30% of repayments (EUR 4.2 million) without reinvesting. Despite this, all withdrawal requests were fulfilled in accordance with the platform’s terms.

War in Ukraine (2022): Following the outbreak of the war in Ukraine, payment channels from Russia became severely restricted, leaving TWINO able to settle outstanding claims only in small tranches of approximately EUR 100,000 per month. In total, EUR 6.8 million of investor funds were affected. In February 2026, investors were given the first opportunity to transfer their outstanding Russian loans to the TWINO parent company at a 20% discount.

Financial Stability

The financial stability of a P2P platform is a key risk factor. Is TWINO able to operate profitably? And what conclusions can be drawn from the balance sheet?

The following figures are based on the TWINO Investments annual report for 2025. The report was prepared by BDO Assurance and audited in accordance with IFRS standards. The figures therefore carry a certain degree of credibility.

Profitability

Is TWINO profitable? Yes. According to the 2025 financial report, the P2P platform generated a profit of EUR 92,309 (2024: EUR 362,385).

The decline in profit compared to the previous year is mainly due to lower commission income (–14%), combined with rising marketing expenses (+192%) and IT costs (+51%). On the other side, staff expenses were reduced by around 22%.

Balance Sheet

The equity ratio stands at an exceptionally high 87.5%. This indicates that the TWINO platform is hardly dependent on external financing. This is further supported by a very low debt ratio of 0.14. The liquidity ratio is also very comfortable at 5.21. Current assets exceed short-term liabilities by a factor of five, making insolvency risk almost impossible.

Due to the decline in profit, return on assets has decreased from 3.6% to just 0.9%. The share of intangible assets remains consistently above 30%.

Overall, the balance sheet structure can be assessed as conservative and healthy.

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.

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.

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.

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. A detailed assessment can be found in my TWINO Deep Dive 2026.

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.

TWINO Alternatives

Already invested in TWINO? Or looking for similar platforms? Here are three TWINO alternatives from the P2P market.

Viainvest: A regulated P2P marketplace from Latvia with a focus on consumer loans from within the European Economic Area. Like TWINO, Viainvest is closely tied to the lending business of its parent company and targets investors that are looking for a regulated and reliably performing platform with competitive interest rates. More information in my Viainvest review.

Nectaro: A regulated P2P marketplace based in Latvia, operating under MiFID II regulations and backed by an internationally established group. Loans are primarily used to fund the lending operations of the parent company. Affiliated loan originators offer competitive interest rates and a solid track record. More information in my Nectaro review.

Mintos: The largest P2P platform in Europe with assets under management of 800+ million euros. Compared to TWINO, Mintos offers a notably broader selection of international loan originators and asset classes, including loans, ETFs and bonds, within a regulated platform environment. More information in my Mintos review.

You can find other Twino alternatives on the P2P Platform Comparison page.

FAQ TWINO Review

Denny Neidhardt

denny@rethink-p2p.de | Webseite

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.

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