TWINO Group, one of Europe’s leading peer-to-peer lending marketplace, has announced it has reached a funding milestone of €1bn loans issued since its inception in 2009, with half of the loans issued in the past three years.
TWINO, which offers investors the chance to earn premium returns from unsecured consumer loans, now has almost 20,000 active investors from over 30 European countries.
UK investors are responsible for 12% of TWINO’s investments, the second largest proportion only after Germany (33%). UK investors have already earned more than EUR 1m in interest and earn on average a market-leading return of more than 10% per annum.
Latvia-based TWINO Group has also announced a change in management, appointing former CFO Anastasija Oleinika as the new CEO, replacing the former CEO and founder, Armands Broks. Over the past 10 years, under the leadership of Armands Broks, TWINO has become one of the largest financial technology firms in Europe, serving over 1.5 million customers. In 2018, its consolidated net profit reached almost €9 million.
TWINO Group’s turnover increased by 157% year-on-year, reaching €90 million in 2018. Its equity reached €15 million and cash totalled €8.1 million.
Anastasija Oleinika, CEO of TWINO Group, said: “Reaching the €1bn milestone is significant for us, and is reflective of the business’ continued growth and expansion. The restructuring process we started in 2017 has brought the expected results in a very short time, and our financial results are testament to this.
European fintech is revolutionising the way people view and manage their money, and we are proud to be driving this renewal of trust in financial services. As the market evolves, we are continuing to develop and expand our product range to meet customers’ changing needs and preferences. This will involve strengthening our data science and IT capabilities and expanding our team of financial technology experts.”
Armands Broks, founder of TWINO Group, said: “We’re delighted to have Anastasija leading the team at this important time in the company’s growth. We’re currently working on a number of new business developments and are evaluating opportunities in new markets, most notably Asia in the next year.”