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TWINO is one of the oldest European P2P investment platforms, run from Riga by AS TWINO Investments, a licensed investment firm supervised by the Latvian central bank since August 2021.
Its lending group dates back to 2009 and the investor platform to 2015; about 1.1 billion euros has been invested through it, it has around 21,600 registered investors, and roughly 39 million euros is currently out.
What you buy today is not a loan but a note - a small security, from 1 euro - backed by Polish credit-card loans issued by Fincard, a sister company trading as Net Credit. Notes pay fixed monthly interest: 8.5 percent for 3 months, 10 percent for 6, and up to 12 percent for 12; a flexible wallet called FLEXI pays 6 percent with same-day withdrawal, capped at 10,000 euros.
Legally the notes are issued by a special-purpose company with 2,800 euros of capital, are unsecured, rank behind other claims, and repay only what actually flows in from the Polish loans - so everything depends on Fincard, which is unusually well capitalised for this sector (around 27 million euros of equity) but is owned, like the platform itself, by one man, Armands Broks.
Client holdings are kept separate from TWINO's own assets, and a state scheme covers up to 20,000 euros - but only if the broker fails to return your assets, not if the loans go bad. Investing is free; a 10 euro monthly inactivity fee applies after six months without investing.
Latvian tax is withheld at source - 5 percent for most EU investors. Open to EEA residents aged 18 or over with an EU bank account.
License / Regulation: MiFID II investment firm, Latvijas Banka; not ECSPR | Licence 27-55/2025/7 |
Marketing says repayment is not tied to individual borrowers because the lender must repurchase late loans - but that repurchase runs between Fincard and the issuing company, and the official offer document is blunt that no guarantee of any kind is available to noteholders. So after funding, your protection is Fincard's willingness and ability to keep paying. The track record of the group covering problems is mixed: it repaid the Philippines in full, adding 70,000 euros of its own money; it let about 1.3 million euros of Vietnamese losses fall on investors; and it repaid Russia in full but over four and a half years.
There are no fees to register, deposit, invest, sell on the internal market or withdraw - with one exception: after six consecutive months without making an investment, TWINO deducts 10 euros a month from your uninvested balance until it hits zero. Spare cash earns nothing outside FLEXI. Latvian tax is withheld at source: 5 percent for most EU investors (creditable at home), 20 percent for Latvians and non-EEA residents, 0 percent for companies. The wider economics are worth knowing: borrowers pay roughly 42 percent all-in, of which about 12 points reach investors.
There is plenty, and it centres on four things. Trustpilot sits at 3.0 out of 5 from 109 reviews (August 2026), polarised between five-star and one-star: recent complaints cover the inactivity fee (called scammy by some), accounts that could not be closed while frozen Russian or Vietnamese loans sat in them, login problems, and a year of silence from support in one long-standing investor's account. The Russia freeze itself ran from March 2022 to final repayment on 5 August 2026 - full repayment in the end, but four and a half years late, with the only interim exit a rationed offer at 80 percent of principal. Vietnam ended worse: roughly 1.3 million euros of investor money is gone. In June 2026 Poland's consumer authority opened proceedings against the group's lender over its card fees, widely covered in the Polish press. Analyst verdicts range from use with caution to why I no longer invest.
There is only one. Fincard, trading as Netcredit in Poland, writes every loan on the platform and belongs to the same FINNO group that owns TWINO, so this is a question about one company rather than a spread of lenders. It is doing well. Fincard earned PLN 43.7 million in 2025, about EUR 10.3 million and up 29 percent, and raised its equity 61 percent to PLN 115.6 million, roughly EUR 27 million, which funds about 42 percent of its balance sheet. Its accounts are audited by BDO and it is licensed by the Polish regulator. Its loan losses ran at 37.1 percent of the book, which is ordinary for revolving credit-card lending to Polish consumers at these rates. Two things sit between that strength and the investor. TWINO has published no consolidated group accounts since 2021, so what stands behind Fincard cannot be checked. And the securities are issued by SIA TWINO Investments Poland, a vehicle with EUR 2,800 of share capital, whose base prospectus states that no collateral, pledge or other guarantee is available to holders. Fincard's 60-day repurchase runs to that vehicle, not to you.
Every note on sale is backed by the same pool of Polish credit-card loans from Fincard, so the investor's only real choices are the term - 3, 6 or 12 months - the amount, and whether to hold spare cash in the 6 percent FLEXI wallet instead. Credit decisions happen inside Fincard before the notes exist, using underwriting standards it does not publish; the pool is pledged to the issuing company (not to investors), and the lender must keep at least 5 percent of each pool, so it retains some first loss. There are no ratings and no per-note risk information.
The group's founder and 100 percent owner is Armands Broks, who chairs the supervisory board. The chief executive is Nauris Bloks, appointed in April 2025 - the fourth CEO in five years, which reviewers flag as a warning sign - with a management board covering legal and risk, and a group of over 300 staff. Notably, almost the whole current board took their seats in or after March 2025, so the team now in charge has not yet steered the platform through a crisis in these roles.
