Swaper

Swaper is an Estonian investment platform that specializes in consumer and business loans, as well as vehicle leasing contracts, primarily issued by loan originators in Eastern and Central Europe, notably Romania and North Macedonia, with some activity in Spain. The platform is accessible to residents and legal entities from the EU, the European Economic Area (EEA), Switzerland, or the UK, provided they have a local bank account. However, individuals from Poland and private persons from Estonia are not allowed to invest on the platform. Since its launch in October 2016, Swaper has attracted over 5,761 investors and facilitated more than €691 million in funding, with €236.18 million funded in the past 12 months, averaging €19.68 million per month.

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 12% for consumer and business loans and up to 23% for vehicle leasing contracts.
• Swaper has not reported any defaulted loans to this date.

Swaper connects investors with unsecured consumer and business loans, as well as vehicle leasing contracts from loan originators in Eastern and Central Europe, particularly Romania, North Macedonia, and Spain. Swaper wholly-owned subsidiary, SW Finance, is licensed by the Estonian Financial Intelligence Unit, while the platform operates without specific financial services regulation.

Investors can choose to invest in four categories of loans:

• Long term business loans
• Short term business loans
• Short term consumer loans
• Vehicle leasing contracts

The minimum investment is €10, while the maximum investment per loan is €100. For consumer loans, the investment term is up to 2 years, and for vehicle leasing contracts, it extends to 4 years. These investments are structured as amortized loans, with principal and interest paid periodically. However, the exact payment schedule varies by loan agreement and is not clearly disclosed by Swaper.^[1] Typically, investments for consumer and business loans range from €50 to €1,000 but can reach up to €10,000, whereas for vehicle leasing, investments can be as high as €15,000.^[2]

Swaper offers a buyback guarantee on its loans, with terms that vary by loan originator. With one of its primary loan originators, Wandoo Finance, Swaper commits to compensating the invested principal and accrued interest if loan repayments are delayed by more than 60 days.^[3]

Swaper offers a secondary market where investors can exit their loan investments early. The platform also features an auto-invest option for queuing new investments and includes a mobile app available on the Apple App Store and Google Play for Android.

Swaper claims to offer the following investment returns:

• Consumer and business loans annual interest rates ranging from 14% to 16%.
• Vehicle leasing contracts effective annual interest rates ranging from 8% to 12%.^[4]

Swaper does not withhold taxes on interest payments. However, investors are responsible for ensuring compliance with the tax regulations of their respective countries.

For consumer and business loans, the platform reports that 4% of the loans in the portfolio are late by 1-5 days, 3% are late by 16-30 days, and 5% are late by 31-60 days. In terms of vehicle leasing contracts, the platform states that 18% of leases are paid late by 1-15 days, 4% are late by 16-30 days, and 1% are late by 31-60 days.^[5] Swaper has not reported any defaulted loans to date. Since its inception, Swaper has paid more than €5.7 million to investors.^[6]

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. Swaper primarily generates revenue through service and brokerage fees collected from loan originators, although the exact amount or percentage of these fees charged to borrowers has not been disclosed.^[7]

Swaper was founded by Iveta Bruvele, who also established Swaper’s loan originator, Wandoo Finance Group.^[8] The platform is led by CEO Indrek Puolokainen, who brings over 15 years of experience in Fintech, iGaming, and Crypto. Supporting him is COO Marina Tjulinova, who oversees platform operations. Before joining Swaper, she had over two decades of experience as a finance manager and accountant. Zane Ziedone, the head of legal and compliance, is also part of the team. She is an experienced legal counsel, having worked with platforms such as Mintos and TWINO.

The platform is owned and controlled by Swaper Platform OÜ, incorporated in Tallinn, Estonia. The sole shareholder of the company is Marina Tjulinova, Swaper’s COO, who owns 100% of the company’s shares.^[9]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[10]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[11]

1. Swaper: “FAQ - When and how will I receive returns on my investment?”
2. Swaper: “Loan Originators - Loan amount”
3. Swaper: “FAQ - What does Swaper’s BuyBack mean?”
4. Swaper: “Loan Originators - Annual interest offered to investors”
5. Swaper: “Statistics - Loan Statuses”
6. Swaper: “About - Interest Paid to investors”
7. Swaper: “Fees”
8. Paris Fintech Forum: “Speakers - Iveta Bruvele”
9. Info Register: “SWAPER PLATFORM OÜ”
10. Swaper: “Our Awards”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform that specializes in consumer and business loans, as well as vehicle leasing contracts, primarily issued by loan originators in Eastern and Central Europe, notably Romania and North Macedonia, with some activity in Spain. The platform is accessible to residents and legal entities from the EU, the European Economic Area (EEA), Switzerland, or the UK, provided they have a local bank account. However, individuals from Poland and private persons from Estonia are not allowed to invest on the platform. Since its launch in October 2016, Swaper has attracted over 5,761 investors and facilitated more than €691 million in funding, with €236.18 million funded in the past 12 months, averaging €19.68 million per month.

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 12% for consumer and business loans and up to 23% for vehicle leasing contracts.
• Swaper has not reported any defaulted loans to this date.

Swaper connects investors with unsecured consumer and business loans, as well as vehicle leasing contracts from loan originators in Eastern and Central Europe, particularly Romania, North Macedonia, and Spain. Swaper wholly-owned subsidiary, SW Finance, is licensed by the Estonian Financial Intelligence Unit, while the platform operates without specific financial services regulation.

Investors can choose to invest in four categories of loans:

• Long term business loans
• Short term business loans
• Short term consumer loans
• Vehicle leasing contracts

The minimum investment is €10, while the maximum investment per loan is €100. For consumer loans, the investment term is up to 2 years, and for vehicle leasing contracts, it extends to 4 years. These investments are structured as amortized loans, with principal and interest paid periodically. However, the exact payment schedule varies by loan agreement and is not clearly disclosed by Swaper.^[1] Typically, investments for consumer and business loans range from €50 to €1,000 but can reach up to €10,000, whereas for vehicle leasing, investments can be as high as €15,000.^[2]

Swaper offers a buyback guarantee on its loans, with terms that vary by loan originator. With one of its primary loan originators, Wandoo Finance, Swaper commits to compensating the invested principal and accrued interest if loan repayments are delayed by more than 60 days.^[3]

Swaper offers a secondary market where investors can exit their loan investments early. The platform also features an auto-invest option for queuing new investments and includes a mobile app available on the Apple App Store and Google Play for Android.

Swaper claims to offer the following investment returns:

• Consumer and business loans annual interest rates ranging from 14% to 16%.
• Vehicle leasing contracts effective annual interest rates ranging from 8% to 12%.^[4]

Swaper does not withhold taxes on interest payments. However, investors are responsible for ensuring compliance with the tax regulations of their respective countries.

For consumer and business loans, the platform reports that 4% of the loans in the portfolio are late by 1-5 days, 3% are late by 16-30 days, and 5% are late by 31-60 days. In terms of vehicle leasing contracts, the platform states that 18% of leases are paid late by 1-15 days, 4% are late by 16-30 days, and 1% are late by 31-60 days.^[5] Swaper has not reported any defaulted loans to date. Since its inception, Swaper has paid more than €5.7 million to investors.^[6]

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. Swaper primarily generates revenue through service and brokerage fees collected from loan originators, although the exact amount or percentage of these fees charged to borrowers has not been disclosed.^[7]

Swaper was founded by Iveta Bruvele, who also established Swaper’s loan originator, Wandoo Finance Group.^[8] The platform is led by CEO Indrek Puolokainen, who brings over 15 years of experience in Fintech, iGaming, and Crypto. Supporting him is COO Marina Tjulinova, who oversees platform operations. Before joining Swaper, she had over two decades of experience as a finance manager and accountant. Zane Ziedone, the head of legal and compliance, is also part of the team. She is an experienced legal counsel, having worked with platforms such as Mintos and TWINO.

The platform is owned and controlled by Swaper Platform OÜ, incorporated in Tallinn, Estonia. The sole shareholder of the company is Marina Tjulinova, Swaper’s COO, who owns 100% of the company’s shares.^[9]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[10]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[11]

1. Swaper: “FAQ - When and how will I receive returns on my investment?”
2. Swaper: “Loan Originators - Loan amount”
3. Swaper: “FAQ - What does Swaper’s BuyBack mean?”
4. Swaper: “Loan Originators - Annual interest offered to investors”
5. Swaper: “Statistics - Loan Statuses”
6. Swaper: “About - Interest Paid to investors”
7. Swaper: “Fees”
8. Paris Fintech Forum: “Speakers - Iveta Bruvele”
9. Info Register: “SWAPER PLATFORM OÜ”
10. Swaper: “Our Awards”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform that specializes in consumer and business loans, as well as vehicle leasing contracts, primarily issued by loan originators in Eastern and Central Europe, notably Romania and North Macedonia, with some activity in Spain. The platform is accessible to residents and legal entities from the EU, the European Economic Area (EEA), Switzerland, or the UK, provided they have a local bank account. However, individuals from Poland and private persons from Estonia are not allowed to invest on the platform. Since its launch in October 2016, Swaper has attracted over 5,761 investors and facilitated more than €691 million in funding, with €236.18 million funded in the past 12 months, averaging €19.68 million per month.

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 12% for consumer and business loans and up to 23% for vehicle leasing contracts.
• Swaper has not reported any defaulted loans to this date.

Swaper connects investors with unsecured consumer and business loans, as well as vehicle leasing contracts from loan originators in Eastern and Central Europe, particularly Romania, North Macedonia, and Spain. Swaper wholly-owned subsidiary, SW Finance, is licensed by the Estonian Financial Intelligence Unit, while the platform operates without specific financial services regulation.

Investors can choose to invest in four categories of loans:

• Long term business loans
• Short term business loans
• Short term consumer loans
• Vehicle leasing contracts

The minimum investment is €10, while the maximum investment per loan is €100. For consumer loans, the investment term is up to 2 years, and for vehicle leasing contracts, it extends to 4 years. These investments are structured as amortized loans, with principal and interest paid periodically. However, the exact payment schedule varies by loan agreement and is not clearly disclosed by Swaper.^[1] Typically, investments for consumer and business loans range from €50 to €1,000 but can reach up to €10,000, whereas for vehicle leasing, investments can be as high as €15,000.^[2]

Swaper offers a buyback guarantee on its loans, with terms that vary by loan originator. With one of its primary loan originators, Wandoo Finance, Swaper commits to compensating the invested principal and accrued interest if loan repayments are delayed by more than 60 days.^[3]

Swaper offers a secondary market where investors can exit their loan investments early. The platform also features an auto-invest option for queuing new investments and includes a mobile app available on the Apple App Store and Google Play for Android.

Swaper claims to offer the following investment returns:

• Consumer and business loans annual interest rates ranging from 14% to 16%.
• Vehicle leasing contracts effective annual interest rates ranging from 8% to 12%.^[4]

Swaper does not withhold taxes on interest payments. However, investors are responsible for ensuring compliance with the tax regulations of their respective countries.

For consumer and business loans, the platform reports that 4% of the loans in the portfolio are late by 1-5 days, 3% are late by 16-30 days, and 5% are late by 31-60 days. In terms of vehicle leasing contracts, the platform states that 18% of leases are paid late by 1-15 days, 4% are late by 16-30 days, and 1% are late by 31-60 days.^[5] Swaper has not reported any defaulted loans to date. Since its inception, Swaper has paid more than €5.7 million to investors.^[6]

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. Swaper primarily generates revenue through service and brokerage fees collected from loan originators, although the exact amount or percentage of these fees charged to borrowers has not been disclosed.^[7]

Swaper was founded by Iveta Bruvele, who also established Swaper’s loan originator, Wandoo Finance Group.^[8] The platform is led by CEO Indrek Puolokainen, who brings over 15 years of experience in Fintech, iGaming, and Crypto. Supporting him is COO Marina Tjulinova, who oversees platform operations. Before joining Swaper, she had over two decades of experience as a finance manager and accountant. Zane Ziedone, the head of legal and compliance, is also part of the team. She is an experienced legal counsel, having worked with platforms such as Mintos and TWINO.

The platform is owned and controlled by Swaper Platform OÜ, incorporated in Tallinn, Estonia. The sole shareholder of the company is Marina Tjulinova, Swaper’s COO, who owns 100% of the company’s shares.^[9]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[10]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[11]

1. Swaper: “FAQ - When and how will I receive returns on my investment?”
2. Swaper: “Loan Originators - Loan amount”
3. Swaper: “FAQ - What does Swaper’s BuyBack mean?”
4. Swaper: “Loan Originators - Annual interest offered to investors”
5. Swaper: “Statistics - Loan Statuses”
6. Swaper: “About - Interest Paid to investors”
7. Swaper: “Fees”
8. Paris Fintech Forum: “Speakers - Iveta Bruvele”
9. Info Register: “SWAPER PLATFORM OÜ”
10. Swaper: “Our Awards”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform that specializes in consumer and business loans, as well as vehicle leasing contracts, primarily issued by loan originators in Eastern and Central Europe, notably Romania and North Macedonia, with some activity in Spain. The platform is accessible to residents and legal entities from the EU, the European Economic Area (EEA), Switzerland, or the UK, provided they have a local bank account. However, individuals from Poland and private persons from Estonia are not allowed to invest on the platform. Since its launch in October 2016, Swaper has attracted over 5,761 investors and facilitated more than €691 million in funding, with €236.18 million funded in the past 12 months, averaging €19.68 million per month.

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 12% for consumer and business loans and up to 23% for vehicle leasing contracts.
• Swaper has not reported any defaulted loans to this date.

Swaper connects investors with unsecured consumer and business loans, as well as vehicle leasing contracts from loan originators in Eastern and Central Europe, particularly Romania, North Macedonia, and Spain. Swaper wholly-owned subsidiary, SW Finance, is licensed by the Estonian Financial Intelligence Unit, while the platform operates without specific financial services regulation.

Investors can choose to invest in four categories of loans:

• Long term business loans
• Short term business loans
• Short term consumer loans
• Vehicle leasing contracts

The minimum investment is €10, while the maximum investment per loan is €100. For consumer loans, the investment term is up to 2 years, and for vehicle leasing contracts, it extends to 4 years. These investments are structured as amortized loans, with principal and interest paid periodically. However, the exact payment schedule varies by loan agreement and is not clearly disclosed by Swaper.^[1] Typically, investments for consumer and business loans range from €50 to €1,000 but can reach up to €10,000, whereas for vehicle leasing, investments can be as high as €15,000.^[2]

Swaper offers a buyback guarantee on its loans, with terms that vary by loan originator. With one of its primary loan originators, Wandoo Finance, Swaper commits to compensating the invested principal and accrued interest if loan repayments are delayed by more than 60 days.^[3]

Swaper offers a secondary market where investors can exit their loan investments early. The platform also features an auto-invest option for queuing new investments and includes a mobile app available on the Apple App Store and Google Play for Android.

Swaper claims to offer the following investment returns:

• Consumer and business loans annual interest rates ranging from 14% to 16%.
• Vehicle leasing contracts effective annual interest rates ranging from 8% to 12%.^[4]

Swaper does not withhold taxes on interest payments. However, investors are responsible for ensuring compliance with the tax regulations of their respective countries.

For consumer and business loans, the platform reports that 4% of the loans in the portfolio are late by 1-5 days, 3% are late by 16-30 days, and 5% are late by 31-60 days. In terms of vehicle leasing contracts, the platform states that 18% of leases are paid late by 1-15 days, 4% are late by 16-30 days, and 1% are late by 31-60 days.^[5] Swaper has not reported any defaulted loans to date. Since its inception, Swaper has paid more than €5.7 million to investors.^[6]

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. Swaper primarily generates revenue through service and brokerage fees collected from loan originators, although the exact amount or percentage of these fees charged to borrowers has not been disclosed.^[7]

Swaper was founded by Iveta Bruvele, who also established Swaper’s loan originator, Wandoo Finance Group.^[8] The platform is led by CEO Indrek Puolokainen, who brings over 15 years of experience in Fintech, iGaming, and Crypto. Supporting him is COO Marina Tjulinova, who oversees platform operations. Before joining Swaper, she had over two decades of experience as a finance manager and accountant. Zane Ziedone, the head of legal and compliance, is also part of the team. She is an experienced legal counsel, having worked with platforms such as Mintos and TWINO.

The platform is owned and controlled by Swaper Platform OÜ, incorporated in Tallinn, Estonia. The sole shareholder of the company is Marina Tjulinova, Swaper’s COO, who owns 100% of the company’s shares.^[9]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[10]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[11]

1. Swaper: “FAQ - When and how will I receive returns on my investment?”
2. Swaper: “Loan Originators - Loan amount”
3. Swaper: “FAQ - What does Swaper’s BuyBack mean?”
4. Swaper: “Loan Originators - Annual interest offered to investors”
5. Swaper: “Statistics - Loan Statuses”
6. Swaper: “About - Interest Paid to investors”
7. Swaper: “Fees”
8. Paris Fintech Forum: “Speakers - Iveta Bruvele”
9. Info Register: “SWAPER PLATFORM OÜ”
10. Swaper: “Our Awards”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform that specializes in consumer and business loans, as well as vehicle leasing contracts, primarily issued by loan originators in Eastern and Central Europe, notably Romania and North Macedonia, with some activity in Spain. The platform is accessible to residents and legal entities from the EU, the European Economic Area (EEA), Switzerland, or the UK, provided they have a local bank account. However, individuals from Poland and private persons from Estonia are not allowed to invest on the platform. Since its launch in October 2016, Swaper has attracted over 5,761 investors and facilitated more than €691 million in funding, with €236.18 million funded in the past 12 months, averaging €19.68 million per month.

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 12% for consumer and business loans and up to 23% for vehicle leasing contracts.
• Swaper has not reported any defaulted loans to this date.

Swaper connects investors with unsecured consumer and business loans, as well as vehicle leasing contracts from loan originators in Eastern and Central Europe, particularly Romania, North Macedonia, and Spain. Swaper wholly-owned subsidiary, SW Finance, is licensed by the Estonian Financial Intelligence Unit, while the platform operates without specific financial services regulation.

Investors can choose to invest in four categories of loans:

• Long term business loans
• Short term business loans
• Short term consumer loans
• Vehicle leasing contracts

The minimum investment is €10, while the maximum investment per loan is €100. For consumer loans, the investment term is up to 2 years, and for vehicle leasing contracts, it extends to 4 years. These investments are structured as amortized loans, with principal and interest paid periodically. However, the exact payment schedule varies by loan agreement and is not clearly disclosed by Swaper.^[1] Typically, investments for consumer and business loans range from €50 to €1,000 but can reach up to €10,000, whereas for vehicle leasing, investments can be as high as €15,000.^[2]

Swaper offers a buyback guarantee on its loans, with terms that vary by loan originator. With one of its primary loan originators, Wandoo Finance, Swaper commits to compensating the invested principal and accrued interest if loan repayments are delayed by more than 60 days.^[3]

Swaper offers a secondary market where investors can exit their loan investments early. The platform also features an auto-invest option for queuing new investments and includes a mobile app available on the Apple App Store and Google Play for Android.

Swaper claims to offer the following investment returns:

• Consumer and business loans annual interest rates ranging from 14% to 16%.
• Vehicle leasing contracts effective annual interest rates ranging from 8% to 12%.^[4]

Swaper does not withhold taxes on interest payments. However, investors are responsible for ensuring compliance with the tax regulations of their respective countries.

For consumer and business loans, the platform reports that 4% of the loans in the portfolio are late by 1-5 days, 3% are late by 16-30 days, and 5% are late by 31-60 days. In terms of vehicle leasing contracts, the platform states that 18% of leases are paid late by 1-15 days, 4% are late by 16-30 days, and 1% are late by 31-60 days.^[5] Swaper has not reported any defaulted loans to date. Since its inception, Swaper has paid more than €5.7 million to investors.^[6]

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. Swaper primarily generates revenue through service and brokerage fees collected from loan originators, although the exact amount or percentage of these fees charged to borrowers has not been disclosed.^[7]

Swaper was founded by Iveta Bruvele, who also established Swaper’s loan originator, Wandoo Finance Group.^[8] The platform is led by CEO Indrek Puolokainen, who brings over 15 years of experience in Fintech, iGaming, and Crypto. Supporting him is COO Marina Tjulinova, who oversees platform operations. Before joining Swaper, she had over two decades of experience as a finance manager and accountant. Zane Ziedone, the head of legal and compliance, is also part of the team. She is an experienced legal counsel, having worked with platforms such as Mintos and TWINO.

The platform is owned and controlled by Swaper Platform OÜ, incorporated in Tallinn, Estonia. The sole shareholder of the company is Marina Tjulinova, Swaper’s COO, who owns 100% of the company’s shares.^[9]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[10]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[11]

1. Swaper: “FAQ - When and how will I receive returns on my investment?”
2. Swaper: “Loan Originators - Loan amount”
3. Swaper: “FAQ - What does Swaper’s BuyBack mean?”
4. Swaper: “Loan Originators - Annual interest offered to investors”
5. Swaper: “Statistics - Loan Statuses”
6. Swaper: “About - Interest Paid to investors”
7. Swaper: “Fees”
8. Paris Fintech Forum: “Speakers - Iveta Bruvele”
9. Info Register: “SWAPER PLATFORM OÜ”
10. Swaper: “Our Awards”
11. Swaper: “Annual Report 2023”