Swaper Review

Earn on average 12% interest per year.
Your investment is secured by a 30-day buyback guarantee.

get 2% Bonus
Tested platform
  • Protected by 30-day Buyback
  • Multi-Currency Support
  • Currently 14% fixed interest rate
  • iOS and Android App
Risk & Return
Buyback GuaranteeYes
Auto InvestYes
Secondary MarketNo
Min. Investment€10
Loan Originators1
Loan TypeShort-Term
Loan Period1-2 months
Interest12% - 14%
  • Secured by a Buyback Guarantee
  • User-friendly Auto Invest
  • No cash drag & stable returns
  • Limited diversification
  • Transparency issues
  • No instant withdrawals
_Risk & Return
_Due Diligence

Swaper Review

Swaper is an Estonian Peer to Peer (P2P) lending platform that lists pre-funded unsecured consumer loans originated by the Wandoo Finance Group, which is the parent company of Swaper. Swaper offers a 30-day buyback guarantee as well as an Auto Invest feature. The downside of this platform is, however, the small availability of loans.

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

Swaper News

Last update: 27/05/2020
  • 18/05/2020 - Swaper releases its latest update about the situation in market where the Wandoo Finance group operates.
  • 17/05/2020 - Swaper inroduces its team on the website

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Swaper in Numbers

Let’s dive right in and have a look at Swaper’s statistics. Fortunately, Swaper gives you the option to view relevant statistics right on their website. You, therefore, don’t need to trawl the internet to find basic information about the total loan value as well as earned interest.

Swaper Statistics
Year founded:2016
Investor's earnings:+ €1.6 M
Total loan value:+ €91 M
Amount of investors:+ 3,400
Loss of investor's money:not available
Average portfolio size:€5,500
Latest financial report:Report for 2017

Unfortunately, the only publicly available financial statement related to Swaper was the 2017 financial report of the Wandoo Finance Group. Swaper itself does not publicly share financial reports with their investors.

As an investor you want to invest on platforms that are transparent with their data. At the end of the day they manage your investments and you have the right to know how they operate.

Swaper Promo Code

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

Active investors, who have an average portfolio size of over €5,000 over a three month period are eligible to receive a 2% loyalty bonus. This is more than you’ll receive on any other platform at the moment.

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

swaper loyalty bonus

Is this ticking your investment boxes?

Swaper’s New User Requirements

In order to sign up on Swaper you need to be over 18 years old and reside within the European Economic Area. You also need to have a bank account from the country of your residence that is listed in your name. You can also open a business account with Swaper if that’s something that interests you.

In order to verify your account with Swaper, you need to upload a copy of your passport or ID as well as a utility bill or bank statement with proof of your address. The verification process with Swaper is very fast: we received all notifications via email and it didn’t take us more than one day to be verified.

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 and Return

When investing in P2P lending you should be aware of the risks that come with it. Swaper has a very similar business model to Bondora and Fellow Finance. Both platforms list their own loans on the marketplace rather than working with other loan originators. The main way that Swaper differs from Bondora and Fellow Finance is that it offers a buyback guarantee.

Swaper’s Buyback Guarantee

In cases where the borrower is late for their loan repayment by more than 30 days, the loan originator (Swaper) will repurchase the claim that you (the investor) has with the borrower. This includes the invested principal and accrued interest.

Swaper’s buyback guarantee is basically the same protection scheme that Robocash offers, which follows the same business model but offers loans from different countries.

Is Swaper Safe?

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

Let’s jump right into it.

Who Runs the Company?

Swaper is run by Danija Misus, who joined the platform as a project manager back in 2017. Today her role is to lead the company as a “platform lead”.

According to Danija’s LinkedIn profile, she worked for almost three years at the airline company AirBaltic, as a Sales and Service Specialist and Group Unit Supervisor.

Note that she isn’t the owner or the CEO of the company. In our mutual dialogue with Swaper, we found out that Swaper’s team is very small, and currently, is downsized due to the COVID-19 outbreak. This might be a reason why there is no CEO and no introduction of the team anywhere on the website.

Danija promised us that they will add more information about their loan originator, Wandoo Finance, as well as more information about their team to their about us page shortly.

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 owner of the platform and Danija confirmed this information.

Marina Tjulinova is the owner of Swaper Platform OU (Estonia) 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) - the parent company of loan originators that acquire funding from Swaper.

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 provide funding for its loans. The company moved to Estonia due to regulatory reasons, and that’s how Swaper Platform OU (Estonia) came into place.

👉 How to Conduct Your Own Due Diligence in 10 Minutes

Are There Any Suspicious Terms and Conditions?

Let’s have a look at what we found when reading Swaper’s terms and conditions.

Clause 3.10

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

swaper terms

We reached out to Swaper and Danija confirmed that Swpaer 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

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

swaper terms

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

Clause 4.4

As any P2P platform, Swaper isn’t responsible for any losses that might occur as a result of 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 to lose all of your investments.

Clause 6.9

Swaper gives you a 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 will be able to 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.

Swaper’s Finances

Swaper isn’t transparent when it comes to the sharing of financial reports. This isn’t only valid for the platform itself but also for Wandoo Finance. The reason for this appears to be the losses in the first two full years of operation in 2017 and 2018. It is no secret that many P2P lending marketplaces and P2P lending platforms are losing money in the first few years of operations. It’s not clear why Swaper is so secretive about it.

Here is an exclusive sneak-peek into Swaper’s finances from 2019.

swaper financial report

This image has been provided to us upon request. As you can see, this data isn’t audited and we hope to get access to the full report soon.

We have learned from Swaper that Wandoo Finance’s unaudited sales for 2019 were €11.8M with some profits. The final reports should be submitted by 31st July 2020. We will update our Swaper review as soon as we get access to the reports.

So what’s our take on this?

Swaper has been able to address our questions for which we are very grateful. The company promised to publish information about the team as well as the financial reports on the platform in the near future. We will monitor whether Swaper is able to meet the promises and update our review accordingly.

However, at this point, Swaper isn’t able to provide any trust factors mentioned in our due diligence guide to potential investors. The lack of transparency, particularly during the times we are facing, is something that needs to be addressed immediately.

While we were able to obtain data that isn’t publicly available, the average investor won’t spend hours doing their due diligence, which is why our rating in this category isn’t as optimistic.

👉 Is Peer-to-Peer Lending Safe?

Potential Red Flags

  • The team behind the platform isn't presented on the website
Learn more about possible red flags here.


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

The sign-up process is fairly easy when compared to competitor platforms like Crowdestate or Fellow Finance, where you need to provide a full financial overview before being accepted as an investor.

Auto Invest

Swaper, similarly to many other P2P lending platforms, gives you the opportunity 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 that offer an intuitive mobile app for their investors.

Liquidity Rates

When it comes to P2P lending, many investors aim for the highest returns on platforms and end up choosing the likes of Crowdestor and Monethera, where you can earn up to 20% in interest each year (This isn't the case with Monethera anymore). Many investors, however, don’t take into account the liquidity rates of these platforms. High yield investments are usually not known for high liquidity.

Secondary Market

Swaper makes withdrawing your money easy. You can simply sell your investments on the secondary market if you wish to withdraw your money before the end of the loan period. Note, however, that trading on the secondary market isn’t something that you should be practiced on a regular basis as often you’ll be selling your claims for a discounted price.

swaper secondary market

Swaper's 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.

Swaper vs. Mintos

Swaper is most often compared to Mintos, however, when we look at the details, it becomes clear that the platforms are fundamentally quite different.

  • With over 220,000 active users, Mintos is one of the largest P2P lending platforms in Europe.
  • The Mintos buyback guarantee doesn’t often cover the loss of accrued interests and it doesn’t get activated before the loan repayment is delayed for more than 60 days.
  • Mintos also lists loans from over 60 loan originators compared to Swaper which originates its own loans.

See the below table to compare the main differences between Swaper and Mintos:

Number of investors:+ 3,400+ 280,000
Min. investment amount:€10€10
Protection scheme:Buyback Guarantee (30 days + interest)Buyback Guarantee (60 days + interest for some of the loans)
Average interest:12%11.96%
Features:Auto InvestInvest and Access, Mintos Investment Strategies, Auto Invest
Countries you can invest in:533
Number of loan originators:168

While you can compare certain key differentiators, at the end of the day it comes down to two metrics: the availability and yield for the currently listed loans.

The historical average interest doesn’t mean anything as the supply of new loans as well as their interest varies regularly.

Swaper Review Summary

Our Swaper review should give you a good idea whether Swaper is the right P2P lending platform for you. Here is a brief summary of important points, that you should be aware when investing on Swaper.

Ease of Use

Overall, we really enjoy using Swaper. The platform is very easy to use, especially when compared with Fellow Finance or Mintos, and it won’t take you long to become familiar with the features.

Cash Drag

There is, however, one major downside - cash drag. Similar to many other P2P lending platforms, Swaper suffers from cash drag. At the moment, the only platform we haven’t experienced cash drag on is PeerBerry.

If there aren’t enough available loans that match your investment criteria, your money will remain uninvested on your Swaper account. Unfortunately, there’s not much you can do about this other than wait or invest elsewhere.

At the time we created this Swaper review, there were no loans available, meaning you’re unable to invest on the platform. We hope that the cash drag problems will be resolved soon, and if they are then we’ll be sure to update this review.

High Yields

Swaper is one of the leading P2P lending platforms when it comes to generating the highest yields for short term loans. This is especially true when you receive an additional loyalty bonus of 2% and it’s the reason why the average portfolio size of most Swaper is above €5,000.

Does Swaper sound like your kind of platform?


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.

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 more than 30 days.

Is there a secondary market on Swaper?

Yes, the Secondary Market on Swaper allows you to sell your investments which increases the liquidity of your portfolio.

Does Swaper offer an Auto Invest feature?

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

Company Information
Company:Swaper Platform OÜ
Address:Viru valjak 2, 10111, Tallinn, Estonia
Phone:+372 600 0393
Live Chat:Yes
Opening Hours:Weekdays from 9AM to 6PM
Social Media:None