Latvia-based marketplace lender Twino is seeing growth after only a few months in the industry.
In four months Twino has attracted €500,000 ($565,000) in investment. It has also extended more than 2,000 loans.
Another piece of good news is the continued decline of the percentage of overdue loans, a Twino executive says.
“The report ‘Operations of the Non-Bank Consumer Lending Market in 2014’ notes that, overall, the proportion of overdue loans continued to decline, falling to 17.86 percent, 1.92 percent less than the previous year,” said Head of Marketing Ieva Ozoliņa-Bērziņa.
“Even given that TWINO only invests in loans with a buyback guarantee, these good indicators enable investors to feel confident about their money.”
Twino has at least €500,000 available to investors each day. Those funds are secured by parent company FinaBay, which operates in Latvia, Poland, the Czech Republic, Russia, Denmark and Georgia.
The biggest single investment so far has been €15,000. The average investment is €1,475.
Twino has attracted users from 25 countries, with the most active countries Latvia, Germany and Ireland.
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