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Available for EU residents


Updated | 15. February 2024

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Available for EU residents
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Secured bybuyback
cashback badgeGET 2% BONUS
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Earn on average (Per Year) 12%


Chosen 594 times

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Tested Platform
  • Protected by 60-day Buyback

  • Multi-Currency Support

  • Earn up to 16% APY

  • iOS and Android App

Risk & Returnnumber of stars
Usabilitynumber of stars
Liquiditynumber of stars
Supportnumber of stars
checked iconBuyback Guarantee
checked iconAuto Invest
checked iconSecondary Market
checked iconCashback
closed iconRegulated
Min. Investment 10
Loan Originators2
Loan Period in Months1 - 1
Loan TypeShort-Term
Interest12% - 14%



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Year founded:


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Investors' earnings:

€ 6M

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Outstanding portfolio:

Not available

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Loss of investors' money:

Not available

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Number of investors:


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Average portfolio size:

€ 665

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Funds in recovery:

Not available

    Table of contents

Table of contents

Swaper Review Summary

Swaper is a P2P platform that is very easy to use. The loans offered on Swaper are short-term loans backed by a buyback guarantee. You might experience cash drag with Swaper as the platform's loan availability is limited. However, the lack of transparency is something you will experience on Swaper.

Main takeaways from our Swaper review:

  • Lack of transparency
  • Easy-to-use platform
  • Responsive support
  • Unsecured loans with a 60-day buyback guarantee

Does Swaper sound like your kind of platform?

Or explore other P2P platforms.

What is Swaper?

Swaper is an Estonian peer-to-peer (P2P) lending platform that lists pre-funded unsecured consumer loans from the Wandoo Finance Group. Swaper offers a 60-day buyback guarantee as well as an Auto Invest feature. 

Find out more about whether this is the P2P lending platform for you in our Swaper review.

swaper review

⭐ Learn more about our rating criteria

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Our opinion about Swaper

Swaper has been able to protect investors since the company launched in 2017. Investors didn't face any withdrawal difficulties due to force majeure events such as the pandemic in 2020 or the war in Ukraine in 2022. 

While the platform isn't very transparent about sharing performance-oriented data, it seems like they have managed the risk well in the past. 

A big portion of their loans were issued in Poland, which changed the rules for funding consumer loan portfolios starting in 2024. This change suggests that loans can no longer be funded via retail investors. While some competitors delisted loans from Poland, Swapper opted for a workaround enabling the platform to continue funding loans from Wandoo Finance in Poland. 

This new workaround involves an intermediary company SW Finance, licensed in Estonia, which will act as a loan originator offering business loans on Swaper to provide funding for the Wandoo Finance group in Poland. 

The company offers a 14% interest and a 60-day buyback guarantee. 

The platform plans to use this new intermediary also to fund loans from Romania. 

The regulatory change in Poland suggests that the source of funds for the loan book cannot come from retail investors. While Swaper aims to make it seem like it's coming from the intermediary, the source is still retail investors. 

If the regulator in Poland decides to enforce the new law, it could lead to the suspension of the lending license for the Wandoo Finance Group in Poland, which would increase the risk for investors. 

Swaper Promo Code

Many P2P lending platforms offer new investors a cashback bonus or promo code. Swaper chooses a different bonus structure, which is similar to the rewards PeerBerry's investors receive.

Active investors with an average portfolio size of over €25,000 over three months can receive a 2% loyalty bonus. This is more than you’ll receive on any other platform now.

You don't need any unique Swaper Promo Code to get your bonus.

Is this ticking your investment boxes?

User Requirements

To sign up on Swaper, you must be over 18 years old and reside within the European Economic Area. You must also have a bank account from your country of residence listed in your name. You can also open a business account with Swaper if that interests you.

No EUR bank account? No problem

  • 💳
  • 💳

Transferring money to Swaper is equally quick and easy; it only took us one day to transfer our money from our N26 bank account using a SEPA transfer.

Risk & Return

When investing in P2P lending, you should be aware of the risks that come with it. Swaper has a business model that is very similar to Esketit's.

Both platforms list primary loans from partners closely related to the founders of the P2P lending sites.

Swaper’s Buyback Guarantee

In cases where the borrower is late for their loan repayment by more than 60 days, the loan originator (Swaper) will repurchase the claim that you (the investor) have with the borrower. This includes the invested principal and accrued interest.

Swaper’s buyback guarantee is the same protection scheme offered by Esketit, which follows the same business model but offers loans from different countries.

Is Swaper Safe?

That’s one of every investor's most important questions before signing up and transferring funds to Swaper. In this section of our Swaper review, we will conduct due diligence about the platform’s team and their terms and conditions.

Let’s jump right into it.

Who Runs the Company?

Swaper was run by Danija Misus, who joined the platform as a project manager in 2017. In 2021, Swaper finally appointed a CEO - currently, Indrek Puolokainen is in charge of the company's progress.

On Swaper's website, you can learn more about the loan originator - Wandoo Finance.

Who is the Company’s Legal Owner?

Finding the legal owner of Swaper required quite some effort as their website doesn’t provide any relevant information.

During our research, we found a name - Marina Tjulinova - in one of the Estonian business registries. She appears to be the platform owner which is also stated on the latest financial report.

Marina Tjulinova is the owner of Swaper Platform OU (Estonia), currently in the role of Head of Operations and an IT development company Neotech Development OU (Estonia).

The connection between Wandoo Finance and Swaper

Iveta Bruvele is the founder of Wandoo Finance SIA (Latvia) - which was involved in the launch of the Swaper platform.

Wandoo Finance SIA (Latvia) was looking for investments back in 2017, and Neotech Development OU (Estonia) was willing to provide it, for which the company became a shareholder of Wandoo Finance SIA (Latvia).

Marina Tjulinova is, therefore, a partial owner of Wandoo Finance.

Wandoo Finance launched Swaper SIA (Latvia) to fund its loans. The company moved to Estonia for regulatory reasons, and that’s how Swaper Platform OU (Estonia) emerged.

Are There Any Suspicious Terms and Conditions?

Look at what we found when reading Swaper’s terms and conditions.

Clause 3.10 - Separation of Funds

In section 3.10, you can read how your funds are kept. We were not content with how Swaper phrased this clause as it was unclear that the funds are kept in segregated bank accounts.

swaper terms

We contacted Swaper, who confirmed that the company has two bank accounts. One for the funds of investors and the second for operational purposes. From an accounting perspective, investors’ funds appear as Swaper liabilities on its balance sheet.

Clause 3.11 - Withdrawals

In section 3.11, you learn that Swaper shall fulfill your positive balance's withdrawal request at any time. This means that in case Swaper should encounter “problems” with withdrawals, they are legally in trouble.

swaper terms

It takes two business days to process your withdrawal request with Swaper.

Clause 4.4 - Liability

Like with any P2P platform, Swaper isn’t responsible for any losses that might result from investing in loans through the platform.

swaper terms

This is a standard clause that you will find on any P2P lending site. There is always a chance of losing all of your investments.

Clause 6.9 - Amendements to T&C

Swaper gives you sixty days' notice before changing any T&C. This should give you enough time to review the amendments and evaluate how it can impact your investments.

swaper terms

We see this clause as something positive, as many platforms reserve the right to amend any T&C without prior notice, which puts the investors at a disadvantage.

Do Investors Have Access to Individual Assignment Agreements?

You can only view the assignment agreement before you invest manually or setup your Auto Invest portfolio.

swaper assignment

After you have invested in one loan, you can view the assignment agreement under My Investments. You need to click on the small red arrow and download the document.

swaper terms

Unfortunately, Swaper does not provide a template of the assignment agreement to unregistered users, so you aren’t able to review it before creating and verifying your account.

Also, the platform doesn’t offer the availability to view loan agreements for already repaid investments, whereas other platforms give you this flexibility.

As the terms and conditions can change in the future, we encourage our readers to review the agreements before investing.

Potential Red Flags

Currently, we are not aware of any red flags.

Learn more about possible red flags in our guide about how to avoid investing in P2P lending scams.


In terms of usability, Swaper did a great job. The platform is aesthetically pleasing, with a modern look and all the essential features you’d expect. The navigation is intuitive, and you can find everything you need with a few clicks.

Auto Invest

Swaper, similarly to many other P2P lending platforms, allows you to automate your investments. Setting up your Swaper Auto Invest feature takes no more than one minute. You can choose the following diversification options:

  • Portfolio size
  • Investment period
  • Interest
  • Investment amount per loan
  • Minimum account balance
  • Countries (Poland, Georgia, Denmark, Spain, Russia)
  • Loan characteristics

You can also choose whether to reinvest your returns. After you have defined your preferences, simply save your settings and let Swaper do the rest.

swaper auto invest

Swaper App

If you prefer to use native apps for Android and iOS, you can download the Swaper mobile app and manage your investments from anywhere. Swaper and Twino are two of the only P2P lending platforms offering their investors an intuitive mobile app.

🧾Does Swaper deduct taxes?

Swaper doesn't deduct taxes from your earnings. You can download an income statement for the chosen period, which you can submit to your tax authorities when you file your taxes in the country where you have your tax residency.


Swaper offers the option to exit the platform prior to the end of the loan term with its secondary market.

Secondary Market

Swaper makes withdrawing your money easy. You can sell your investments on the secondary market if you wish to withdraw your money before the end of the loan period. However, note that trading on the secondary market isn’t something that you should practice regularly, as you’ll often sell your claims for a discounted price.

swaper secondary market

Customer Support

Swaper’s customer support is very responsive. When we contacted the team, they got back to us within one hour.

The best way to contact Swaper’s customer support team is via the live chat on their website browser or by sending them an email on If you prefer to chat over the phone, give them a call from Monday through to Friday from 9 am to 6 pm.


Jakub Krejci




Editorial Note: We earn a commission from partner links on P2P Empire. Commissions do not affect our editors' opinions or evaluations of products.


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What’s the minimum investment amount on Swaper?

The minimum investment in one loan is only €10, which makes it very easy to achieve good diversification.

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How is my investment protected?

The only protection on Swaper is the buyback guarantee. The buyback will be activated when your expected loan repayments are delayed for over 60 days.

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Is there a secondary market on Swaper?

Yes, the Secondary Market on Swaper allows you to sell your investments, increasing your portfolio's liquidity.

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Does Swaper offer an Auto Invest feature?

Swaper has an Auto Invest feature that will help you automate your investment strategy based on your predefined preferences.


  • Company:
  • Swaper Platform OÜ
  • Legal Address:
  • Viru valjak 2, 10111, Tallinn, Estonia
  • Office Address:
  • Email: