TWINO is a Latvian P2P lending platform that was founded in 2009. Since then, the P2P platform paid out more than €10.8 M interest to more than 20,000 investors. By investing in unsecured loans with a duration of up to three months you can earn 12.6% interest per year. Read our TWINO review to learn more.
- 18/7/2020 - The interest for Polish loans has been decreased to 10% p.a.
- 19/05/2020 TWINO is adapting new standards to its business practices. You can review the guidelines here.
TWINO in Numbers
If you have read our previous reviews, you must have noticed that we love numbers, and so should you if you want to increase your income. Have a look at the following TWINO statistic to get a better idea about the platform’s past performance.
|Investor's earnings:||+ €10.1 M|
|Total loan value:||€1 M|
|Amount of investors:||+ 20,000|
|Loss of investor's money:||0%|
|Average portfolio size:||€2,000|
|Latest financial report:|
TWINO is certainly not a newcomer in the P2P lending space. The platform has been around for more than 10 years.
While the lending company has been around for some time now, the P2P lending platform was founded just in 2015.
According to TWINO’s statistics, more than 20,000 investors made in total over €10 M in interest.
The typical investor has an average portfolio size of around €2,000. The good news is, that the average interest rate is increasing for both short-term and medium-term loans. Due to the impact of the current pandemic, the availability of loans is higher than usual.
TWINO is also one of the few P2P platforms that list their financial reports on their website. It’s important to point out that their reports are audited by BDO Assurance, a Latvian auditor. Most platforms do not provide audited financial reports.
We are currently still waiting for the financial statements from 2019. We will add them to our TWINO review as soon as they're public.
TWINO Promo Code
TWINO is one of the P2P lending sites that offer cashback bonuses for active investors. You could earn a 1% TWINO cashback bonus on your investments with TWINO Auto Invest during the cashback campaign period from 15/04/2020 until the 21/04/2020.
If TWINO introduces any promo codes or cashback bonuses for new investors, we will update our TWINO review accordingly.
Or explore other cashback bonuses!
TWINO's New User Requirements
Ready to join TWINO?
There are only a few requirements that you should keep in mind:
- Be over 18 years old
- Reside within the EEA (European Economic Area)
You can also sign up and invest with your business if that’s something that interests you.
The process is very simple. You only need to answer a few finance-related questions and upload a valid identification document.
It shouldn't take you more than five minutes.
No EUR bank account? No problem
Risk and Return
Earning more than 10% interest per year by investing in unsecured conusmer loans isn't risk free.
Which is why you should always get familiar with the protection scheme that the P2P lending platform offers.
First of all, let’s have a look at the loan types that TWINO funds.
93% of the loans on TWINO are unsecured short-term consumer loans.
7% of the investment opportunities are business and real estate loans.
If a private borrower decides not to pay back the loan, TWINO will take care of the debt collection.To protect your investment, TWINO introduced two protection schemes:
TWINO's Buyback Guarantee
If you have invested in loans on different platforms before, you might be familiar with the buyback guarantee.
Investments that are marked with the buyback guarantee badge (which looks like a shield with a ‘T’ on it) are secured by TWINO.
This means that, in the case of your loan being delayed for more than 60 days, the platform will repurchase your investment and pay you the outstanding loan amount as well as the accrued interest and late payments fees.
It’s important to highlight that TWINO will refund the accrued interest as well.
The buyback guarantee on those P2P marketplaces is covered by the loan originators. TWINO isn't a marketplace but a loan originator itself.
TWINO Payment Guarantee
Investments marked with the payment guarantee badge (PG) are fully secured by TWINO. This means that if the borrower fails to repay the loan, TWINO will pay back the interest as well as the monthly principal amount as per the original loan repayment schedule. This also means that you don’t have to wait 60 days.
Is TWINO Safe?
If you have been following our work on P2P Empire, you know by now, that we read the terms and conditions of every platform and do our own little background check about the key management of the company. Here are our findings of TWINO.
Who Runs the Company?
TWINO is run by its CEO Anastasija Oleinika. Anastasija joined TWINO more than three years ago. She has changed her role at the company each year, from CFO to COO, and all the way up to CEO.
Before she joined TWINO, she worked as a financial manager at 4finance, a Latvian payday loan lender, for almost two years.
Similarly to Martins Sulte from Mintos or Marek Pärtel from EstateGuru, Anastasija is also one of the more inspirational and engaged CEOs within the P2P lending industry. She has been mentioned on a variety of news media outlets, such as on Sifted or Crowdfundinsider.
Who is the Company’s Legal Owner?
TWINO is founded and owned by Armands Broks. Armands got his MBA from the Stockholm School of Economics in Riga.
According to the financial report from 2018, Armands Broks owns 100% of the company. He regularly appears at fintech conferences and networking events. To get an idea of what Armands day looks like, you can view this short video by Forbes Finnland.
Are There Any Suspicious Terms and Conditions?
TWINO's user agreement is only 11 pages long, so let’s dive right into it.
Clause 4.14 - Withdrawals
In section 4.14, you learn that TWINO needs to process your withdrawal request within two business days.
Unfortunately, there is no mention of segregated bank accounts in TWINO’s T&C. The only mention of how TWINO is storing your funds is found on TWINO’s FAQ page.
This means, that TWINO stores your funds on the separated bank account which belongs to SIA TWINO. Those funds may be distributed to other TWINO Group accounts for the purposes of funding loans.
From our dialogue with TWINO we learned that TWINO's account balance is always at least twice the amount of investor's uninvested funds. Any withdrawals should be therefore covered within two business days.
TWINO is currently in the process of obtaining the IBS license in Latvia, which will make the storage of investor’s funds on TWINO even more transparent and secure.
Clause 11.7 - Liability
Every investor is liable for their own actions and there is no guarantee that the borrower will be able to repay your investments. This is specifically mentioned in section 11.7. As with every P2P investment, you as the investor bear the full risk.
Clause 14.2 - Amendments
Unfortunately, TWINO reserves the right to amend the T&C at any time without prior notice, unless the changes refer to changes around the claim servicing charge. Those will be announced 10 days in advance.
We are not big fans of this clause. You should be always notified about any changes in advance.
Do Investors Have Access to Individual Loan Agreements?
If you have registered or invested you do have access to TWINO’s assignment agreement. If you're using TWINO’s Auto Invest you have the chance to view the assignment agreement before activating the Auto Invest. You can also view the template here.
You can view the assignment agreements for all active and repaid investments under My Investments → Agreement Number.
Potential Red Flags
- Terms and conditions can be changed without prior notice
- Information about the safety of the funds isn't mentioned in the terms and conditions
What's Our Opinion About TWINO?
There is definitely room for improvement.
The information about the separated bank account for investor’s funds should be mentioned clearly in the terms and conditions, and users should be notified about any amendments of terms in advance.
The current T&C does not give you enough legal ground in case things go sideways.
Nevertheless, we are investing on TWINO to follow up with the latest changes.
At this point, we feel confident that the team behind the P2P lending site is able to deliver on its promises both in terms of returns as well as the guarantees.
We are, however, aware of the limitations when it comes to the diversification of our funds on TWINO which is why our exposure on this P2P lending site in comparison to other P2P marketplaces or P2B real estate platforms is rather small.
The financial report for 2019 will give us a better idea, whether we increase our portfolio on TWINO or not.
How User-Friendly is TWINO?
In terms of usability, TWINO is one of the leading P2P lending platforms in Europe.
You can count on features such as the portfolio builder, secondary market, cashflow forecast and income statement reports.
When compared with other European P2P platforms, TWINO has one of the most aesthetic dashboards.
It also shows you your interest income, information about your investments and the portfolio state that displays data about your investment protected by the earlier mentioned protection schemes.
TWINO Auto Invest
One of the most useful tools any P2P lending platform can have is an Auto Invest feature.
P2P lending doesn’t need to be a time-consuming task. You can automate most of your investments with TWINO's Auto Invest feature. Simply define your investment strategy and the system will invest your funds in loans that match your preferences.
Most of the P2P lending platforms that offer investment opportunities in personal loans have a similar feature.
We suggest setting your Auto Invest settings broadly otherwise you might encounter cash drag. This means that your criteria wouldn't match the currently available loans which results in uninvested funds on your TWINO investor account.
TWINO is also one of the few platforms that offers a fully-functional native mobile app for Android and iOS.
The app gives you exactly the same functionalities you’ll get while using the browser web app. Additionally, you can set up notifications and track your portfolio from anywhere.
We must admit that we have never used it.
How Fast Can You Withdraw Your Money on TWINO
This isn't usually the case with TWINO as most of the loans are short-term.
With TWINO, you also have the option to sell your investments on the secondary market without any additional fees or discounts.
Selling back your investment is only possible for the face value of the investment.
TWINO doesn't support sell offs with a discount like you might be used too on other platforms.
Withdrawing your money from TWINO shouldn’t take longer than a few days, however, the exact time depends on the size of your portfolio.
If you are looking for instant withdrawal options, have a look at features such as Mintos’ Invest & Access or Bondora’s Go and Grow. Do note, however, that neither features will allow you to control your investment preferences and the withdrawal function only works during "normal market" conditions when the demand for investments is higher than the supply.
TWINO's Customer Support
TWINO's support is very responsive; you can expect to receive an answer within 24 hours of contacting them.
We have been in touch with TWINO several times and the support was always on point.
TWINO's interface is currently available in three different languages - English, German and Latvian - and if you struggle with English, don’t worry, TWINO has international customer support.
The easiest way to get in touch with the team is to send an email to email@example.com
TWINO vs. Mintos
TWINO is often compared with Mintos, one of the largest P2P platforms in Europe, however, it’s important to understand that both platforms follow very different business models.
See the below table to compare the main differences between TWINO and Mintos:
TWINO is the loan originator of all of their loans. Meanwhile, Mintos is a P2P marketplace which lists loans from over 70 loan originators from across the globe.
From an operational perspective, TWINO has much more information and a better line of communication with its borrowers than Mintos.
This certainly lowers the your risk.
With a large amount of loan originators on Mintos, it’s significantly harder to keep track of everything while protecting your money.
On the other hand, having a large list of loan originators means more diversification options for your P2P portfolio.
|Number of investors:||+ 20,000||+ 280,000|
|Min. investment amount:||€10||€10|
|Protection scheme:||Buyback and Payment Guarantee (60 days + interest)||Buyback Guarantee (60 days + interest for some of the loans)|
|Features:||Auto Invest, Mobile App||Invest and Access, Mintos Investment Strategies, Auto Invest, Mintos App|
|Countries you can invest in:||5||33|
|Number of loan originators:||1||71|
We could continue to compare the platforms’ features, however, we think it’s more important to look at the availability of loans that you want to invest in.
Both platforms have struggled with cash drag and we’ve had this confirmed by our own experiences.
If cash drag is only a temporary issue, you probably don’t need to pay attention to it too much.
It’s good practice, however, to log in to your accounts at least once a month to evaluate your portfolio performance and take care of uninvested funds.Currently none of the tested P2P lending sites suffer from cash drag.
TWINO Review Summary
TWINO is an established P2P lending site with a proven track record. All of our P2P portfolio on TWINO is current, meaning there are no delays. At the moment we're earning 12% interest on TWINO. There's plenty of loans available which makes TWINO a goodalternative to other P2P lending sites.
- Easy-to-Use P2P lending platform
- Experienced team
- Exceptional liquidity
- Excellent support
If your goal is to invest on profitable lending companies that are able to protect your investments TWINO is certainly a very good option for you. Join us by investing on TWINO and start earning money online.
Start earning money on TWINO
What’s the minimum investment amount on TWINO?
The minimum investment amount on TWINO is €10 per loan. This low investment amount allows you to diversify your portfolio much faster than other P2P lending platforms with higher minimums.
Does TWINO offer an Auto Invest feature?
TWINO has two different tools that help you automate your investment strategy. The Auto-Invest is an automatic investment feature. The Portfolio Builder is a bulk manual investment tool that allows you to invest in several loans at once if they match your selected criteria.
Is there a secondary market on TWINO?
Yes, you can use the secondary market on TWINO to sell your investments in case you want to withdraw your money before the end of your investment period.
How is my investment protected?
The protection of your investment on TWINO depends on the loan type as well as the individual protection scheme. Learn more about it in the risk and return section of our TWINO review.
|Address:||Mukusalas Street 41, Riga, LV-1004, Latvia|
|Phone:||+44 2037 698 776|
|Live Chat:||Yes - Skype: twino.lv|
|Opening Hours:||Weekdays from 9AM to 6PM|
|Social Media:||, ,|