TWINO • TWINO / Fincard
P2P marketplace
TWINO / Fincard
Fincard sp. z o.o. issues credit cards in Poland, and TWINO investors buy securities paid only from what it repays. Our memo scores it 50 out of 100 but publishes an E, because two override tests apply, and puts the chance it fails to pay within a year at no less than 25%.
Key project data
Would AI invest?
50/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
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<div class="ci-memo" data-ai-score="50" id="twino-fincard-memo"><header class="hero">
<div class="kicker">Platform memo · TWINO / Fincard · Poland</div>
<h1>TWINO: how likely is the company behind your money to fail to pay?</h1>
<p class="muted">On TWINO you are not lending to TWINO. You buy a security that is paid only if <b>Fincard sp. z o.o.</b> — a Polish credit-card lender in Warsaw, with 56 staff — repays a loan. This memo asks one question: what is the chance that company fails to pay in the next 12 months, and why. Everything else in the chain matters only because it decides who you can turn to if it does not.</p>
<div class="meta">
<span class="chip">Written 13 October 2026</span>
<span class="chip">Based on Fincard's 2025 accounts audited by BDO, with 2024 comparatives — <b>both opinions are qualified</b></span>
<span class="chip">Also from AS TWINO Investments' 2025 report (clean BDO opinion), the 2024 and 2025 base prospectuses, the issuer's own accounts, the parent group's filed Latvian accounts, the Polish consumer regulator and TWINO's own updates</span>
<span class="chip">Figures in zloty, with euros at the ECB rate of 4.2210 on 31 December 2025</span>
</div>
</header>
<div class="nfa" role="note"><strong>THIS IS NOT FINANCIAL ADVICE.</strong> This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.</div>
<!-- ANSWER -->
<div aria-labelledby="ans-h" class="answer">
<div class="score"><div class="sf-left">
<div class="kicker">Our score</div>
<div class="big tabnum"><b>50</b><span>/ 100</span></div>
<span class="grade gE"><i>E</i> Veto</span>
<div>
<div aria-hidden="true" class="scale"><div data-sf="is1"></div><div data-sf="is2"></div><div data-sf="is3"></div><div data-sf="is4"></div><div class="on" data-sf="is5"></div></div>
<div class="scale-l"><span>A</span><span>B</span><span>C</span><span>D</span><span>E</span></div>
</div>
</div><div class="sf-right"><div class="odds">
<div class="odd main"><b class="tabnum">at least 25%</b><span>chance it fails to pay in the next 12 months</span></div>
<div class="odd"><b class="tabnum">at least 1 in 4</b><span>the same number, put the other way round</span></div>
</div>
<div aria-label="Where this sits on our scale of failure chances" class="bands">
<div class="kicker" data-sf="is6">Where that sits on our scale</div>
<div class="bandbar"><span>0–2%</span><span>2–5%</span><span>5–10%</span><span>10–20%</span><span class="on">20%+</span></div>
</div>
<div class="limit"><b>Our framework caps this lender at 0% of a portfolio — nothing at all.</b> That is not a forecast about the company's future. It is what our scale does whenever one of the tests that override the score is triggered, and here <b>two</b> are. Poland as a country would allow 15% for all its lenders added together, but the company limit is the one that binds, and here it is zero. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.</div>
</div></div>
<div>
<h2 id="ans-h">A very profitable lender whose auditor will not sign off cleanly, whose main fee the regulator calls hidden interest, and which has lent 65% of its owners' money to its owner's other companies</h2>
<p class="muted" data-sf="is7"><b>First, what you actually own.</b> Not a loan to TWINO. You own a limited-recourse security issued by <b>SIA TWINO Investments Poland</b>, a Latvian company with €31,400 of assets. Your money buys a claim on a business loan to Fincard. The prospectus is plain: <b>"No collateral, pledge or other types of guarantees will be available for the Securityholders"</b>, and you are paid "only from and to the extent of" what Fincard repays. There is no buyback. So the question that matters is Fincard's, and section 0 sets out the chain.</p>
<p class="muted" data-sf="is7"><b>On the six questions Fincard scores 50 out of 100</b> — a C, about 1 in 17, or 6.0%. It is profitable: it kept 18.66 of every 100 of income in 2025 and made PLN 43.7m, up 29%. Owners' money is 42.5% of what it owns. On the numbers alone it is an ordinary, rather good consumer lender.</p>
<p class="muted" data-sf="is7"><b>Two things in its own audited accounts override that.</b> <b>BDO qualified its opinion on both 2024 and 2025</b>, because no provision was made for a penalty the Polish consumer regulator may impose and the auditor could not estimate it. And at the end of 2025 Fincard had lent <b>PLN 74.8m (€17.7m) to companies in the same ownership — 65% of its owners' money</b>, including PLN 47.6m to its own parent. Each of those is a veto in our method on its own. Together they take the answer to <b>at least 25%</b>.</p>
<p class="muted" data-sf="is7"><b>And behind both sits one fee.</b> PLN 172.9m of Fincard's PLN 228.3m of sales in 2025 — 76% — is a commission charged on the card limit. On 15 June 2026 the regulator said such fees "are in reality hidden capital interest" and announced charges. Those are charges, not a decision, and Fincard says it acted lawfully. But <b>if a year's commission went, PLN 69.5m of profit would become a loss of about PLN 103m</b> — close to all of the owners' money.</p>
<p class="muted" data-sf="is8">Six things would stop us scoring at all and send the answer straight to E — a default, a missed payment to a platform, a regulator pulling a licence, an auditor doubting the company can continue, a broken promise to a lender, or accounts we cannot rely on. Two of them apply, and both are in Fincard’s own audited accounts: the auditor would not sign off cleanly, and more than half the owners’ money is lent to connected companies. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. Neither applies here: nobody guarantees these securities, and the money moves from Fincard up to its owner rather than the other way.</p>
<div class="subs">
<div class="sub"><div class="top"><span>💶</span><b>Financial strength</b><span class="st wt">C</span></div><p>Keeps 18.66 of every 100; profit PLN 43.7m (€10.4m), up 29%. But 76% of sales is the fee the regulator calls hidden interest.</p></div>
<div class="sub"><div class="top"><span>📉</span><b>Loan book</b><span class="st bd">D</span></div><p>Bad debts take 36.10 of every 100. Late loans are sold to collectors after 35 days, and no arrears table is published anywhere.</p></div>
<div class="sub"><div class="top"><span>🇵🇱</span><b>Country: Poland</b><span class="st wt">C</span></div><p>Graded C (3.22 out of 5): tight caps on interest and on fees, and a regulator that treats a fee working like interest as interest.</p></div>
<div class="sub"><div class="top"><span>⚖️</span><b>Group and other risks</b><span class="st bd">E</span></div><p>Qualified audits two years running; charges from the consumer regulator; and the group took more than four years to repay investors caught in Russia-linked loans.</p></div>
</div>
</div>
</div>
<div class="flags">
<div class="flag bd"><strong>What you own is not a loan to TWINO, and nothing is guaranteed.</strong>The security is issued by <b>SIA TWINO Investments Poland</b>, a Latvian company holding €31,400 of assets, and is paid only out of what Fincard repays. The prospectus says in terms that no guarantee is available and that the lender "does not provide any kind of guarantee"; any claim for more than what is recovered "shall be extinguished". The one indirect protection is a pledge over Fincard's card loans — and only <b>if that pledge is valid and enforceable under Polish law</b>, which we could not confirm. <b>The older TWINO buyback promise does not apply to these securities.</b></div>
<div class="flag bd"><strong>Two vetoes, both of them in Fincard's own audited accounts.</strong>First: <b>BDO qualified its opinion on 2024 and on 2025</b>, because the accounts carry no provision for a possible penalty in the regulator's case and the auditor could not estimate one. An auditor who will not sign off cleanly is a veto in our method. Second: <b>PLN 74.8m (€17.7m) is lent to companies in the same ownership</b> — PLN 47.6m to the parent SIA FINNO Holding, PLN 12.1m to Net Credit and PLN 8.5m to Eliard Holding — which is <b>65% of the owners' money</b>, against our line of half. It was 69% a year earlier, so this is not a one-off. Either finding alone sets the answer to at least 25%.</div>
<div class="flag wt"><strong>The money moves up to the owner, not down to investors.</strong>The issuer, the lender, the borrower and the broker all belong to one person. In 2024 Fincard sent PLN 66.3m to related companies and got PLN 32.4m back. The parent group's own filed accounts show equity of €11.3m at the end of 2025 — <b>less than half of Fincard's own €27.4m</b> — so the rest of the group is a drain on Fincard rather than support for it. <b>No guarantee to investors exists anywhere in this group</b>, which is why no uplift applies.</div>
</div>
<!-- WHY IT MATTERS -->
<div class="why">
<h2>Why this number matters</h2>
<p class="wlead">Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: <b>how likely is it that this company fails</b>, and <b>how much of your money would you lose if it did</b>. Put those together and you can see whether the reward is worth it.</p>
<div class="wbox">
<p data-sf="is9"><b>For TWINO's Polish securities:</b> the fixed-term securities are offered at <b>8.5% to 12%</b> a year and FLEXI at <b>6%</b>. On our reading the chance of the company behind them failing in the next twelve months is <b>at least 25%</b>. If a quarter of lenders like this one fail and about <b>70%</b> of the money is gone when they do, the risk costs about <b>17.5% a year — which is more than any of those rates pays</b>. On those numbers nothing is left once the risk is paid for. That is our arithmetic on our own scale, and you are entitled to disagree with the scale; what you should not do is read the rate on its own.</p>
</div>
<details class="wmore">
<summary>Three things worth holding on to</summary>
<div class="wgrid">
<div class="wcard"><h3>1. A profitable company can still be the wrong risk</h3><p>Nothing here says Fincard is about to stop trading. It made PLN 43.7m last year. The question our test asks is different: what would absorb a shock, and is it actually still in the company.</p></div>
<div class="wcard"><h3>2. One fee carries the whole business</h3><p>76% of sales is a commission on the card limit, and the regulator has charged that it is interest by another name. The loan losses would not fall if the fee did.</p></div>
<div class="wcard"><h3>3. There is no buyback and no guarantee</h3><p>Not from TWINO, not from the issuer, not from the owner. Your claim is limited to what Fincard repays. That is unusual enough to be worth saying twice.</p></div>
</div>
</details>
</div>
<!-- GLANCE -->
<div class="glance">
<div class="tile"><div class="k">What it is</div><b>A licensed payment institution</b><p>Fincard sp. z o.o., licensed by the Polish regulator KNF since 22 November 2024. Warsaw, 56 staff in 2025. Poland only.</p></div>
<div class="tile"><div class="k">What it sells</div><b>Credit cards: NetCredit and Halvo</b><p>Virtual Mastercard credit lines, for 360 days. Priced as capital interest at the legal maximum plus a separate commission on the limit granted.</p></div>
<div class="tile"><div class="k">How big</div><b>€41.7m of card loans</b><p>PLN 176.0m net at the end of 2025. Sales of PLN 228.3m, against PLN 192.5m in 2024.</p></div>
<div class="tile"><div class="k">Who owns it</div><b>SIA FINNO Holding (Latvia)</b><p>Owned by Armands Broks, who also owns TWINO. The issuer, the lender, the borrower and the broker are all his.</p></div>
</div>
<div class="glance">
<div class="tile"><div class="k">Platform</div><b>TWINO (twino.eu)</b><p>AS TWINO Investments, a Latvian investment firm licensed by the Bank of Latvia since 31 August 2021. It sells the securities and holds them for you off its own balance sheet.</p></div>
<div class="tile"><div class="k">How much is at stake</div><b>€38.8m</b><p>On TWINO on 13 September 2026, on the platform's own figure. AS TWINO Investments held €34.4m of these securities for clients at the end of 2025.</p></div>
<div class="tile"><div class="k">Rate and protection</div><b>8.5%–12% / 6%, no buyback</b><p>Fixed-term securities and FLEXI, which has been 6% since April 2026. Limited recourse: there is no buyback and no guarantee from anyone. Rates read on twino.eu on 5 November 2026.</p></div>
<div class="tile"><div class="k">What stands behind it</div><b>A pledge, if it is valid</b><p>The loan to Fincard is to be secured on its card loans, capped at 95% of that book and standing at 66% at the end of 2025. Whether the pledge is registered and enforceable in Poland, we could not confirm.</p></div>
</div>
</div>
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Platform offering this project
TWINO LV
Return Level
High
Risk Level
Medium
Risk Return Level
Good
Min. Investment
EUR 1
Total Funded
EUR 1178.96M