TWINO expands European operations with listing of Spanish loans
Latvian peer-to-peer lending platform TWINO has begun listing short term loans via its Spanish originator, allowing its investors to further diversify their investment portfolios.
Spain is the sixth country listed on TWINIO’s pan-European platform.
The Spanish short term loans will have a maximum duration of one month and will offer investors a return rate of 8 per cent per annum. The loans will be covered by TWINO’s BuyBack Guarantee, which protects investors from borrower default risk.
TWINO, which introduced its peer-to-peer lending platform in 2015, provides short-term unsecured consumer loans for private individuals across a number of European countries – including Latvia, Poland, Denmark, Georgia and now Spain.
TWINO Group, which is entirely self-funded to date, has issued more than EUR440 million of consumer lending since it was founded in 2009. Its consumer lending arm launched operations in Spain in August 2016 and, since then, has issued close to EUR1.5 million of loans.
TWINO Group’s peer-to-peer lending platform has grown to become one of the largest platforms in Europe, funding a total of over EUR100 million loans in just 15 months.
Jevgenijs Kazanins, managing director, peer-to-peer at TWINO, says: “In volatile times investors are increasingly looking to diversify their portfolios. The increasing strength of the Spanish economy, combined with the wider group’s established operations in the region, has meant that we are now able to list Spanish loans on our platform and help our investors gain access to yet more European markets.
“We plan to double our platform funding volumes to EUR200 million this year and expanding internationally is an important growth driver.”