TWINO

TWINO is a MiFID II‑regulated investment platform based in Latvia that connects European investors with short‑term consumer loans in Poland. The platform acts as an investment broker licensed by the National Bank of Latvia, meaning it does not issue loans itself but facilitates investments in loans originated by partner lenders. In 2021 TWINO pivoted from the classic peer‑to‑peer model to a securities‑based structure, packaging consumer loans as bullet bonds with monthly interest and principal repayment at maturity. 

Historically the platform also offered securities backed by short‑term rental properties in Latvia, but these real‑estate investments are being phased out; in mid‑2025 TWINO announced that all rental projects would be wound down, and investors’ capital and profits from property sales would be returned.^[1] TWINO ceased operations in Vietnam and the Philippines in 2024 because of regulatory challenges; the company now focuses on European loans and continues recovering outstanding exposure from those markets.^[2]

The business is part of the AS TWINO Investments group founded by Armands Broks. Since launching in 2015 TWINO has facilitated more than €1.125 billion in investments, making it one of the larger players in Europe’s alternative lending sector. As of August 2025 the platform managed over €35 million of assets and had funded €34.68 million in new investments during the previous twelve months.^[3] Despite these volumes, TWINO is no longer seeking growth outside Europe and instead concentrates on solidifying its Polish lending operations and resolving war‑affected portfolios.

• TWINO offers two main investment types—consumer loan securities and (formerly) rental real‑estate securities. The consumer loans are short‑term (up to 12 months), unsecured bullet loans from Poland, whereas the real‑estate securities provided fractional ownership of Latvian rental properties. The real‑estate product is being discontinued
• Investors can start with €1 for consumer loans and €100 for real‑estate securities. Consumer loan securities pay monthly interest at 10% – 13% per year, while past real‑estate projects yielded 4% – 8% dividends. In 2024 TWINO’s average interest rate across loans was 12.24%
• Since inception the platform has facilitated over €1.125 billion in investments. In 2024 it funded €37 million of consumer loans and €998 thousand in rental projects. There were more than 20,000 registered investors and about €35.9 million assets under management.
• TWINO reports a performing portfolio of roughly 86%, with about 14% non‑performing loans. Previous statistics showed an 11% delay rate and 1% default rate; however, the war‑affected portfolios in Russia, Vietnam and the Philippines continue to elevate risk. Transfers from Russia are restricted to about €100k per month, and roughly 60% of the war‑affected portfolio has been recovered.
• The platform does not charge investors any service fees. A 20% withholding tax applies to Latvian individuals, while EEA residents benefit from a reduced 5% rate; investors outside the EEA must provide proof of tax residency to receive a reduced rate.

TWINO bridges investors and loan originators using a securitisation model. Consumer loan securities are issued in denominations of €200,000 and then split into units as small as €1 for retail investors. These debt instruments have durations of up to 12 months, pay monthly interest, and return principal at maturity. The loans are unsecured, there is no buy‑back guarantee, and thus investor returns depend on borrower repayments and the financial strength of the loan originator. Investors can set up auto‑invest strategies, choose specific loans, or use the platform’s secondary market to exit positions before maturity.

The now‑discontinued real‑estate securities were structured as shares in Latvian rental properties. Individual projects ranged from €40,000 to €317,000 and had no fixed maturity, allowing investors to earn annual dividends from rental income and share in capital gains on sale. TWINO decided in June 2025 to wind down its real‑estate product because the segment underperformed and required disproportionate resources; the company committed to returning investors’ capital and profits as properties are sold. The wind‑down reflects TWINO’s shift back to its core competency that is consumer lending.

TWINO operates under the supervision of the Latvian Financial and Capital Market Commission. Its investment brokerage licence requires it to meet capital adequacy and liquidity standards, and the platform states that it maintains a capital adequacy ratio of 202% and a liquidity ratio of 503%, well above regulatory minimums. Investors' funds are held in segregated accounts, and the platform generates revenue by charging interest and commissions to loan originators rather than investors.^[4]

Investors are not charged any service or management fees by TWINO. Borrowers pay origination and servicing fees to the platform’s lending partners. Dividends and interest distributions are subject to withholding tax of 20% for Latvian residents and 5% for EEA residents with reductions available upon proof of tax residency. TWINO offers a secondary market where investors can sell consumer loan securities before maturity, although liquidity depends on demand. Automatic investment tools allow investors to reinvest payments and diversify across borrowers.^[5]

TWINO’s consumer loan securities currently offer annual interest rates between 10% and 13%. During 2024 the average interest rate across the portfolio was 12.24%, resulting in €3.8 million paid to investors in interest. The platform previously marketed real‑estate securities with projected annual dividend yields of 4 %–8 %, though actual returns depended on rental occupancy and property appreciation. As the real‑estate program winds down, these yields will cease and investors will receive proceeds upon property sales.

It is important to note that TWINO does not publish net investor returns (XIRR/IRR). The official Statistics page reports cumulative volumes, interest paid, and a broad split of “performing vs. in recovery” portfolios, but it does not disclose realized net yields after delays, recoveries, cash drag, or taxation. Since its launch, TWINO has paid approximately €25.79 million in interest to its investors.^[6]

In practice, investors should interpret the “12%” headline as a coupon target, not a guaranteed net return. Realized results depend on late loans, recoveries, secondary-market liquidity, and individual tax situations. Without official net-return reporting from TWINO, the only reliable way for investors to measure performance is to calculate their own weighted return (XIRR) from cash-flow data.

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. TWINO generates revenue by charging interest and commissions on lent capital.^[7]

TWINO is owned by AS TWINO Investments, with Armands Broks as Founder and Chairman of the Supervisory Board. Broks sets the long-term strategy and oversees business development, drawing on his background in launching financial products and new markets.

The Supervisory Board also includes:

• Mārtiņš Mellēns – Deputy Chairperson, bringing 15+ years of experience from McKinsey’s Private Equity practice, investment banking, and international private equity.
• Helvijs Henšelis – Member and former CEO of TWINO, with a background in Deloitte and PwC, contributing expertise in strategic and financial planning.

The Management Board is led by Nauris Bloks, Chief Executive Officer, who has extensive experience in IT, product development, and strategic growth. He is responsible for driving innovation, aligning operations with regulatory standards, and overseeing overall business performance. Supporting him are:

• Artūrs Cekuliņš, Member of the Management Board and Head of Legal & AML, responsible for compliance and legal oversight.
• Māris Čevers, Member of the Management Board and Risk Director, with over 15 years in insurance and banking, overseeing risk management and internal controls.

Together, the Supervisory and Management Boards provide a balance of entrepreneurial vision, strategic governance, and operational expertise, with a strong emphasis on regulatory compliance under the supervision of the Latvian central bank (Latvijas Banka).^[8]

The platform is owned by AS TWINO Investments, a joint stock company where the sole shareholder, founder and Chairman, Armands Broks, holds 100% of the shares. TWINO has raised approximately $8.12 million across two funding rounds. The most recent funding round was the Google Adopt a Startup Incubator/Accelerator, which took place on September 17, 2018, for an undisclosed amount.^[9] Unlike some competitors, the company has not taken in significant new external equity since earlier funding rounds in 2018.

Since 2021, TWINO has operated as a licensed investment brokerage firm under MiFID II, supervised by Latvijas Banka (formerly the Financial and Capital Market Commission, FCMC). This licensing requires strict capital adequacy and liquidity standards, which TWINO reports it comfortably exceeds.^[10]

TWINO is still recovering legacy exposures tied to its past loan operations in Russia, Vietnam, and the Philippines. Transfers from Russia remain limited to about €100k per month under EU sanctions, while the Vietnam and Philippines portfolios are in gradual wind-down. The company reports that a majority of affected loans have been repaid, but recoveries continue to add uncertainty to realized investor returns.^[11] After obtaining its investment brokerage firm license in 2021, TWINO planned to launch its first equity crowdfunding campaign during the second half of 2022. The funds were intended to support new product introductions and expand brokerage services across Europe, but it seems the campaign has not come to fruition.^[12]

TWINO operates through three legal entities, SIA FINNO, SIA TWINO Finance, and AS TWINO Investments, most published financial statements are audited by BDO Latvia. Historical financials show volatile results, with profitable years (e.g. 2019, 2020) offset by smaller losses (2021, 2023). While gross profit has remained positive, TWINO’s margins are sensitive to regulatory changes, geographic exposure, and the cost of maintaining compliance as a licensed brokerage.

Over the past six financial years, the platform’s after-tax profit has been volatile, with small negative results in 2021 (-€172K) and 2023 (-€2.7K), while achieving notable positive figures in other years, including €4.43 million in 2019, €220K in 2020, and a modest profit of €362k in 2024. Despite these fluctuations, gross profit has remained positive and steady, ranging from $1.25 million to $5.8 million, with a strong rebound to $2.26 million in 2023 from lower figures in previous periods and €2.95 million in 2024 reflecting continued resilience.^[13] 

1. TWINO: “Update on Rentals”
2. TWINO: “2024 in review”
3. P2PMarketData: “TWINO Statistics”
4. Rethink P2P: “10 Years, 10 Questions: Anniversary Interview with TWINO CEO Nauris Bloks”
5. TWINO: “FAQ”
6. TWINO: “Statistics”
7. TWINO: “Fees”
8. TWINO: “Team”
9. CB Insights: “TWINO”
10. TWINO: “A letter from CEO”
11. Alternative Credit Investor: “Via SMS and Twino joint venture exits Vietnam in lending clampdown”
12. Alternative Credit Investor: “Twino to launch first equity crowdfunding round”
13. TWINO: “Financials”

TWINO is a MiFID II‑regulated investment platform based in Latvia that connects European investors with short‑term consumer loans in Poland. The platform acts as an investment broker licensed by the National Bank of Latvia, meaning it does not issue loans itself but facilitates investments in loans originated by partner lenders. In 2021 TWINO pivoted from the classic peer‑to‑peer model to a securities‑based structure, packaging consumer loans as bullet bonds with monthly interest and principal repayment at maturity. 

Historically the platform also offered securities backed by short‑term rental properties in Latvia, but these real‑estate investments are being phased out; in mid‑2025 TWINO announced that all rental projects would be wound down, and investors’ capital and profits from property sales would be returned.^[1] TWINO ceased operations in Vietnam and the Philippines in 2024 because of regulatory challenges; the company now focuses on European loans and continues recovering outstanding exposure from those markets.^[2]

The business is part of the AS TWINO Investments group founded by Armands Broks. Since launching in 2015 TWINO has facilitated more than €1.125 billion in investments, making it one of the larger players in Europe’s alternative lending sector. As of August 2025 the platform managed over €35 million of assets and had funded €34.68 million in new investments during the previous twelve months.^[3] Despite these volumes, TWINO is no longer seeking growth outside Europe and instead concentrates on solidifying its Polish lending operations and resolving war‑affected portfolios.

• TWINO offers two main investment types—consumer loan securities and (formerly) rental real‑estate securities. The consumer loans are short‑term (up to 12 months), unsecured bullet loans from Poland, whereas the real‑estate securities provided fractional ownership of Latvian rental properties. The real‑estate product is being discontinued
• Investors can start with €1 for consumer loans and €100 for real‑estate securities. Consumer loan securities pay monthly interest at 10% – 13% per year, while past real‑estate projects yielded 4% – 8% dividends. In 2024 TWINO’s average interest rate across loans was 12.24%
• Since inception the platform has facilitated over €1.125 billion in investments. In 2024 it funded €37 million of consumer loans and €998 thousand in rental projects. There were more than 20,000 registered investors and about €35.9 million assets under management.
• TWINO reports a performing portfolio of roughly 86%, with about 14% non‑performing loans. Previous statistics showed an 11% delay rate and 1% default rate; however, the war‑affected portfolios in Russia, Vietnam and the Philippines continue to elevate risk. Transfers from Russia are restricted to about €100k per month, and roughly 60% of the war‑affected portfolio has been recovered.
• The platform does not charge investors any service fees. A 20% withholding tax applies to Latvian individuals, while EEA residents benefit from a reduced 5% rate; investors outside the EEA must provide proof of tax residency to receive a reduced rate.

TWINO bridges investors and loan originators using a securitisation model. Consumer loan securities are issued in denominations of €200,000 and then split into units as small as €1 for retail investors. These debt instruments have durations of up to 12 months, pay monthly interest, and return principal at maturity. The loans are unsecured, there is no buy‑back guarantee, and thus investor returns depend on borrower repayments and the financial strength of the loan originator. Investors can set up auto‑invest strategies, choose specific loans, or use the platform’s secondary market to exit positions before maturity.

The now‑discontinued real‑estate securities were structured as shares in Latvian rental properties. Individual projects ranged from €40,000 to €317,000 and had no fixed maturity, allowing investors to earn annual dividends from rental income and share in capital gains on sale. TWINO decided in June 2025 to wind down its real‑estate product because the segment underperformed and required disproportionate resources; the company committed to returning investors’ capital and profits as properties are sold. The wind‑down reflects TWINO’s shift back to its core competency that is consumer lending.

TWINO operates under the supervision of the Latvian Financial and Capital Market Commission. Its investment brokerage licence requires it to meet capital adequacy and liquidity standards, and the platform states that it maintains a capital adequacy ratio of 202% and a liquidity ratio of 503%, well above regulatory minimums. Investors' funds are held in segregated accounts, and the platform generates revenue by charging interest and commissions to loan originators rather than investors.^[4]

Investors are not charged any service or management fees by TWINO. Borrowers pay origination and servicing fees to the platform’s lending partners. Dividends and interest distributions are subject to withholding tax of 20% for Latvian residents and 5% for EEA residents with reductions available upon proof of tax residency. TWINO offers a secondary market where investors can sell consumer loan securities before maturity, although liquidity depends on demand. Automatic investment tools allow investors to reinvest payments and diversify across borrowers.^[5]

TWINO’s consumer loan securities currently offer annual interest rates between 10% and 13%. During 2024 the average interest rate across the portfolio was 12.24%, resulting in €3.8 million paid to investors in interest. The platform previously marketed real‑estate securities with projected annual dividend yields of 4 %–8 %, though actual returns depended on rental occupancy and property appreciation. As the real‑estate program winds down, these yields will cease and investors will receive proceeds upon property sales.

It is important to note that TWINO does not publish net investor returns (XIRR/IRR). The official Statistics page reports cumulative volumes, interest paid, and a broad split of “performing vs. in recovery” portfolios, but it does not disclose realized net yields after delays, recoveries, cash drag, or taxation. Since its launch, TWINO has paid approximately €25.79 million in interest to its investors.^[6]

In practice, investors should interpret the “12%” headline as a coupon target, not a guaranteed net return. Realized results depend on late loans, recoveries, secondary-market liquidity, and individual tax situations. Without official net-return reporting from TWINO, the only reliable way for investors to measure performance is to calculate their own weighted return (XIRR) from cash-flow data.

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. TWINO generates revenue by charging interest and commissions on lent capital.^[7]

TWINO is owned by AS TWINO Investments, with Armands Broks as Founder and Chairman of the Supervisory Board. Broks sets the long-term strategy and oversees business development, drawing on his background in launching financial products and new markets.

The Supervisory Board also includes:

• Mārtiņš Mellēns – Deputy Chairperson, bringing 15+ years of experience from McKinsey’s Private Equity practice, investment banking, and international private equity.
• Helvijs Henšelis – Member and former CEO of TWINO, with a background in Deloitte and PwC, contributing expertise in strategic and financial planning.

The Management Board is led by Nauris Bloks, Chief Executive Officer, who has extensive experience in IT, product development, and strategic growth. He is responsible for driving innovation, aligning operations with regulatory standards, and overseeing overall business performance. Supporting him are:

• Artūrs Cekuliņš, Member of the Management Board and Head of Legal & AML, responsible for compliance and legal oversight.
• Māris Čevers, Member of the Management Board and Risk Director, with over 15 years in insurance and banking, overseeing risk management and internal controls.

Together, the Supervisory and Management Boards provide a balance of entrepreneurial vision, strategic governance, and operational expertise, with a strong emphasis on regulatory compliance under the supervision of the Latvian central bank (Latvijas Banka).^[8]

The platform is owned by AS TWINO Investments, a joint stock company where the sole shareholder, founder and Chairman, Armands Broks, holds 100% of the shares. TWINO has raised approximately $8.12 million across two funding rounds. The most recent funding round was the Google Adopt a Startup Incubator/Accelerator, which took place on September 17, 2018, for an undisclosed amount.^[9] Unlike some competitors, the company has not taken in significant new external equity since earlier funding rounds in 2018.

Since 2021, TWINO has operated as a licensed investment brokerage firm under MiFID II, supervised by Latvijas Banka (formerly the Financial and Capital Market Commission, FCMC). This licensing requires strict capital adequacy and liquidity standards, which TWINO reports it comfortably exceeds.^[10]

TWINO is still recovering legacy exposures tied to its past loan operations in Russia, Vietnam, and the Philippines. Transfers from Russia remain limited to about €100k per month under EU sanctions, while the Vietnam and Philippines portfolios are in gradual wind-down. The company reports that a majority of affected loans have been repaid, but recoveries continue to add uncertainty to realized investor returns.^[11] After obtaining its investment brokerage firm license in 2021, TWINO planned to launch its first equity crowdfunding campaign during the second half of 2022. The funds were intended to support new product introductions and expand brokerage services across Europe, but it seems the campaign has not come to fruition.^[12]

TWINO operates through three legal entities, SIA FINNO, SIA TWINO Finance, and AS TWINO Investments, most published financial statements are audited by BDO Latvia. Historical financials show volatile results, with profitable years (e.g. 2019, 2020) offset by smaller losses (2021, 2023). While gross profit has remained positive, TWINO’s margins are sensitive to regulatory changes, geographic exposure, and the cost of maintaining compliance as a licensed brokerage.

Over the past six financial years, the platform’s after-tax profit has been volatile, with small negative results in 2021 (-€172K) and 2023 (-€2.7K), while achieving notable positive figures in other years, including €4.43 million in 2019, €220K in 2020, and a modest profit of €362k in 2024. Despite these fluctuations, gross profit has remained positive and steady, ranging from $1.25 million to $5.8 million, with a strong rebound to $2.26 million in 2023 from lower figures in previous periods and €2.95 million in 2024 reflecting continued resilience.^[13] 

1. TWINO: “Update on Rentals”
2. TWINO: “2024 in review”
3. P2PMarketData: “TWINO Statistics”
4. Rethink P2P: “10 Years, 10 Questions: Anniversary Interview with TWINO CEO Nauris Bloks”
5. TWINO: “FAQ”
6. TWINO: “Statistics”
7. TWINO: “Fees”
8. TWINO: “Team”
9. CB Insights: “TWINO”
10. TWINO: “A letter from CEO”
11. Alternative Credit Investor: “Via SMS and Twino joint venture exits Vietnam in lending clampdown”
12. Alternative Credit Investor: “Twino to launch first equity crowdfunding round”
13. TWINO: “Financials”

TWINO is a MiFID II‑regulated investment platform based in Latvia that connects European investors with short‑term consumer loans in Poland. The platform acts as an investment broker licensed by the National Bank of Latvia, meaning it does not issue loans itself but facilitates investments in loans originated by partner lenders. In 2021 TWINO pivoted from the classic peer‑to‑peer model to a securities‑based structure, packaging consumer loans as bullet bonds with monthly interest and principal repayment at maturity. 

Historically the platform also offered securities backed by short‑term rental properties in Latvia, but these real‑estate investments are being phased out; in mid‑2025 TWINO announced that all rental projects would be wound down, and investors’ capital and profits from property sales would be returned.^[1] TWINO ceased operations in Vietnam and the Philippines in 2024 because of regulatory challenges; the company now focuses on European loans and continues recovering outstanding exposure from those markets.^[2]

The business is part of the AS TWINO Investments group founded by Armands Broks. Since launching in 2015 TWINO has facilitated more than €1.125 billion in investments, making it one of the larger players in Europe’s alternative lending sector. As of August 2025 the platform managed over €35 million of assets and had funded €34.68 million in new investments during the previous twelve months.^[3] Despite these volumes, TWINO is no longer seeking growth outside Europe and instead concentrates on solidifying its Polish lending operations and resolving war‑affected portfolios.

• TWINO offers two main investment types—consumer loan securities and (formerly) rental real‑estate securities. The consumer loans are short‑term (up to 12 months), unsecured bullet loans from Poland, whereas the real‑estate securities provided fractional ownership of Latvian rental properties. The real‑estate product is being discontinued
• Investors can start with €1 for consumer loans and €100 for real‑estate securities. Consumer loan securities pay monthly interest at 10% – 13% per year, while past real‑estate projects yielded 4% – 8% dividends. In 2024 TWINO’s average interest rate across loans was 12.24%
• Since inception the platform has facilitated over €1.125 billion in investments. In 2024 it funded €37 million of consumer loans and €998 thousand in rental projects. There were more than 20,000 registered investors and about €35.9 million assets under management.
• TWINO reports a performing portfolio of roughly 86%, with about 14% non‑performing loans. Previous statistics showed an 11% delay rate and 1% default rate; however, the war‑affected portfolios in Russia, Vietnam and the Philippines continue to elevate risk. Transfers from Russia are restricted to about €100k per month, and roughly 60% of the war‑affected portfolio has been recovered.
• The platform does not charge investors any service fees. A 20% withholding tax applies to Latvian individuals, while EEA residents benefit from a reduced 5% rate; investors outside the EEA must provide proof of tax residency to receive a reduced rate.

TWINO bridges investors and loan originators using a securitisation model. Consumer loan securities are issued in denominations of €200,000 and then split into units as small as €1 for retail investors. These debt instruments have durations of up to 12 months, pay monthly interest, and return principal at maturity. The loans are unsecured, there is no buy‑back guarantee, and thus investor returns depend on borrower repayments and the financial strength of the loan originator. Investors can set up auto‑invest strategies, choose specific loans, or use the platform’s secondary market to exit positions before maturity.

The now‑discontinued real‑estate securities were structured as shares in Latvian rental properties. Individual projects ranged from €40,000 to €317,000 and had no fixed maturity, allowing investors to earn annual dividends from rental income and share in capital gains on sale. TWINO decided in June 2025 to wind down its real‑estate product because the segment underperformed and required disproportionate resources; the company committed to returning investors’ capital and profits as properties are sold. The wind‑down reflects TWINO’s shift back to its core competency that is consumer lending.

TWINO operates under the supervision of the Latvian Financial and Capital Market Commission. Its investment brokerage licence requires it to meet capital adequacy and liquidity standards, and the platform states that it maintains a capital adequacy ratio of 202% and a liquidity ratio of 503%, well above regulatory minimums. Investors' funds are held in segregated accounts, and the platform generates revenue by charging interest and commissions to loan originators rather than investors.^[4]

Investors are not charged any service or management fees by TWINO. Borrowers pay origination and servicing fees to the platform’s lending partners. Dividends and interest distributions are subject to withholding tax of 20% for Latvian residents and 5% for EEA residents with reductions available upon proof of tax residency. TWINO offers a secondary market where investors can sell consumer loan securities before maturity, although liquidity depends on demand. Automatic investment tools allow investors to reinvest payments and diversify across borrowers.^[5]

TWINO’s consumer loan securities currently offer annual interest rates between 10% and 13%. During 2024 the average interest rate across the portfolio was 12.24%, resulting in €3.8 million paid to investors in interest. The platform previously marketed real‑estate securities with projected annual dividend yields of 4 %–8 %, though actual returns depended on rental occupancy and property appreciation. As the real‑estate program winds down, these yields will cease and investors will receive proceeds upon property sales.

It is important to note that TWINO does not publish net investor returns (XIRR/IRR). The official Statistics page reports cumulative volumes, interest paid, and a broad split of “performing vs. in recovery” portfolios, but it does not disclose realized net yields after delays, recoveries, cash drag, or taxation. Since its launch, TWINO has paid approximately €25.79 million in interest to its investors.^[6]

In practice, investors should interpret the “12%” headline as a coupon target, not a guaranteed net return. Realized results depend on late loans, recoveries, secondary-market liquidity, and individual tax situations. Without official net-return reporting from TWINO, the only reliable way for investors to measure performance is to calculate their own weighted return (XIRR) from cash-flow data.

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. TWINO generates revenue by charging interest and commissions on lent capital.^[7]

TWINO is owned by AS TWINO Investments, with Armands Broks as Founder and Chairman of the Supervisory Board. Broks sets the long-term strategy and oversees business development, drawing on his background in launching financial products and new markets.

The Supervisory Board also includes:

• Mārtiņš Mellēns – Deputy Chairperson, bringing 15+ years of experience from McKinsey’s Private Equity practice, investment banking, and international private equity.
• Helvijs Henšelis – Member and former CEO of TWINO, with a background in Deloitte and PwC, contributing expertise in strategic and financial planning.

The Management Board is led by Nauris Bloks, Chief Executive Officer, who has extensive experience in IT, product development, and strategic growth. He is responsible for driving innovation, aligning operations with regulatory standards, and overseeing overall business performance. Supporting him are:

• Artūrs Cekuliņš, Member of the Management Board and Head of Legal & AML, responsible for compliance and legal oversight.
• Māris Čevers, Member of the Management Board and Risk Director, with over 15 years in insurance and banking, overseeing risk management and internal controls.

Together, the Supervisory and Management Boards provide a balance of entrepreneurial vision, strategic governance, and operational expertise, with a strong emphasis on regulatory compliance under the supervision of the Latvian central bank (Latvijas Banka).^[8]

The platform is owned by AS TWINO Investments, a joint stock company where the sole shareholder, founder and Chairman, Armands Broks, holds 100% of the shares. TWINO has raised approximately $8.12 million across two funding rounds. The most recent funding round was the Google Adopt a Startup Incubator/Accelerator, which took place on September 17, 2018, for an undisclosed amount.^[9] Unlike some competitors, the company has not taken in significant new external equity since earlier funding rounds in 2018.

Since 2021, TWINO has operated as a licensed investment brokerage firm under MiFID II, supervised by Latvijas Banka (formerly the Financial and Capital Market Commission, FCMC). This licensing requires strict capital adequacy and liquidity standards, which TWINO reports it comfortably exceeds.^[10]

TWINO is still recovering legacy exposures tied to its past loan operations in Russia, Vietnam, and the Philippines. Transfers from Russia remain limited to about €100k per month under EU sanctions, while the Vietnam and Philippines portfolios are in gradual wind-down. The company reports that a majority of affected loans have been repaid, but recoveries continue to add uncertainty to realized investor returns.^[11] After obtaining its investment brokerage firm license in 2021, TWINO planned to launch its first equity crowdfunding campaign during the second half of 2022. The funds were intended to support new product introductions and expand brokerage services across Europe, but it seems the campaign has not come to fruition.^[12]

TWINO operates through three legal entities, SIA FINNO, SIA TWINO Finance, and AS TWINO Investments, most published financial statements are audited by BDO Latvia. Historical financials show volatile results, with profitable years (e.g. 2019, 2020) offset by smaller losses (2021, 2023). While gross profit has remained positive, TWINO’s margins are sensitive to regulatory changes, geographic exposure, and the cost of maintaining compliance as a licensed brokerage.

Over the past six financial years, the platform’s after-tax profit has been volatile, with small negative results in 2021 (-€172K) and 2023 (-€2.7K), while achieving notable positive figures in other years, including €4.43 million in 2019, €220K in 2020, and a modest profit of €362k in 2024. Despite these fluctuations, gross profit has remained positive and steady, ranging from $1.25 million to $5.8 million, with a strong rebound to $2.26 million in 2023 from lower figures in previous periods and €2.95 million in 2024 reflecting continued resilience.^[13] 

1. TWINO: “Update on Rentals”
2. TWINO: “2024 in review”
3. P2PMarketData: “TWINO Statistics”
4. Rethink P2P: “10 Years, 10 Questions: Anniversary Interview with TWINO CEO Nauris Bloks”
5. TWINO: “FAQ”
6. TWINO: “Statistics”
7. TWINO: “Fees”
8. TWINO: “Team”
9. CB Insights: “TWINO”
10. TWINO: “A letter from CEO”
11. Alternative Credit Investor: “Via SMS and Twino joint venture exits Vietnam in lending clampdown”
12. Alternative Credit Investor: “Twino to launch first equity crowdfunding round”
13. TWINO: “Financials”

TWINO is a MiFID II‑regulated investment platform based in Latvia that connects European investors with short‑term consumer loans in Poland. The platform acts as an investment broker licensed by the National Bank of Latvia, meaning it does not issue loans itself but facilitates investments in loans originated by partner lenders. In 2021 TWINO pivoted from the classic peer‑to‑peer model to a securities‑based structure, packaging consumer loans as bullet bonds with monthly interest and principal repayment at maturity. 

Historically the platform also offered securities backed by short‑term rental properties in Latvia, but these real‑estate investments are being phased out; in mid‑2025 TWINO announced that all rental projects would be wound down, and investors’ capital and profits from property sales would be returned.^[1] TWINO ceased operations in Vietnam and the Philippines in 2024 because of regulatory challenges; the company now focuses on European loans and continues recovering outstanding exposure from those markets.^[2]

The business is part of the AS TWINO Investments group founded by Armands Broks. Since launching in 2015 TWINO has facilitated more than €1.125 billion in investments, making it one of the larger players in Europe’s alternative lending sector. As of August 2025 the platform managed over €35 million of assets and had funded €34.68 million in new investments during the previous twelve months.^[3] Despite these volumes, TWINO is no longer seeking growth outside Europe and instead concentrates on solidifying its Polish lending operations and resolving war‑affected portfolios.

• TWINO offers two main investment types—consumer loan securities and (formerly) rental real‑estate securities. The consumer loans are short‑term (up to 12 months), unsecured bullet loans from Poland, whereas the real‑estate securities provided fractional ownership of Latvian rental properties. The real‑estate product is being discontinued
• Investors can start with €1 for consumer loans and €100 for real‑estate securities. Consumer loan securities pay monthly interest at 10% – 13% per year, while past real‑estate projects yielded 4% – 8% dividends. In 2024 TWINO’s average interest rate across loans was 12.24%
• Since inception the platform has facilitated over €1.125 billion in investments. In 2024 it funded €37 million of consumer loans and €998 thousand in rental projects. There were more than 20,000 registered investors and about €35.9 million assets under management.
• TWINO reports a performing portfolio of roughly 86%, with about 14% non‑performing loans. Previous statistics showed an 11% delay rate and 1% default rate; however, the war‑affected portfolios in Russia, Vietnam and the Philippines continue to elevate risk. Transfers from Russia are restricted to about €100k per month, and roughly 60% of the war‑affected portfolio has been recovered.
• The platform does not charge investors any service fees. A 20% withholding tax applies to Latvian individuals, while EEA residents benefit from a reduced 5% rate; investors outside the EEA must provide proof of tax residency to receive a reduced rate.

TWINO bridges investors and loan originators using a securitisation model. Consumer loan securities are issued in denominations of €200,000 and then split into units as small as €1 for retail investors. These debt instruments have durations of up to 12 months, pay monthly interest, and return principal at maturity. The loans are unsecured, there is no buy‑back guarantee, and thus investor returns depend on borrower repayments and the financial strength of the loan originator. Investors can set up auto‑invest strategies, choose specific loans, or use the platform’s secondary market to exit positions before maturity.

The now‑discontinued real‑estate securities were structured as shares in Latvian rental properties. Individual projects ranged from €40,000 to €317,000 and had no fixed maturity, allowing investors to earn annual dividends from rental income and share in capital gains on sale. TWINO decided in June 2025 to wind down its real‑estate product because the segment underperformed and required disproportionate resources; the company committed to returning investors’ capital and profits as properties are sold. The wind‑down reflects TWINO’s shift back to its core competency that is consumer lending.

TWINO operates under the supervision of the Latvian Financial and Capital Market Commission. Its investment brokerage licence requires it to meet capital adequacy and liquidity standards, and the platform states that it maintains a capital adequacy ratio of 202% and a liquidity ratio of 503%, well above regulatory minimums. Investors' funds are held in segregated accounts, and the platform generates revenue by charging interest and commissions to loan originators rather than investors.^[4]

Investors are not charged any service or management fees by TWINO. Borrowers pay origination and servicing fees to the platform’s lending partners. Dividends and interest distributions are subject to withholding tax of 20% for Latvian residents and 5% for EEA residents with reductions available upon proof of tax residency. TWINO offers a secondary market where investors can sell consumer loan securities before maturity, although liquidity depends on demand. Automatic investment tools allow investors to reinvest payments and diversify across borrowers.^[5]

TWINO’s consumer loan securities currently offer annual interest rates between 10% and 13%. During 2024 the average interest rate across the portfolio was 12.24%, resulting in €3.8 million paid to investors in interest. The platform previously marketed real‑estate securities with projected annual dividend yields of 4 %–8 %, though actual returns depended on rental occupancy and property appreciation. As the real‑estate program winds down, these yields will cease and investors will receive proceeds upon property sales.

It is important to note that TWINO does not publish net investor returns (XIRR/IRR). The official Statistics page reports cumulative volumes, interest paid, and a broad split of “performing vs. in recovery” portfolios, but it does not disclose realized net yields after delays, recoveries, cash drag, or taxation. Since its launch, TWINO has paid approximately €25.79 million in interest to its investors.^[6]

In practice, investors should interpret the “12%” headline as a coupon target, not a guaranteed net return. Realized results depend on late loans, recoveries, secondary-market liquidity, and individual tax situations. Without official net-return reporting from TWINO, the only reliable way for investors to measure performance is to calculate their own weighted return (XIRR) from cash-flow data.

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. TWINO generates revenue by charging interest and commissions on lent capital.^[7]

TWINO is owned by AS TWINO Investments, with Armands Broks as Founder and Chairman of the Supervisory Board. Broks sets the long-term strategy and oversees business development, drawing on his background in launching financial products and new markets.

The Supervisory Board also includes:

• Mārtiņš Mellēns – Deputy Chairperson, bringing 15+ years of experience from McKinsey’s Private Equity practice, investment banking, and international private equity.
• Helvijs Henšelis – Member and former CEO of TWINO, with a background in Deloitte and PwC, contributing expertise in strategic and financial planning.

The Management Board is led by Nauris Bloks, Chief Executive Officer, who has extensive experience in IT, product development, and strategic growth. He is responsible for driving innovation, aligning operations with regulatory standards, and overseeing overall business performance. Supporting him are:

• Artūrs Cekuliņš, Member of the Management Board and Head of Legal & AML, responsible for compliance and legal oversight.
• Māris Čevers, Member of the Management Board and Risk Director, with over 15 years in insurance and banking, overseeing risk management and internal controls.

Together, the Supervisory and Management Boards provide a balance of entrepreneurial vision, strategic governance, and operational expertise, with a strong emphasis on regulatory compliance under the supervision of the Latvian central bank (Latvijas Banka).^[8]

The platform is owned by AS TWINO Investments, a joint stock company where the sole shareholder, founder and Chairman, Armands Broks, holds 100% of the shares. TWINO has raised approximately $8.12 million across two funding rounds. The most recent funding round was the Google Adopt a Startup Incubator/Accelerator, which took place on September 17, 2018, for an undisclosed amount.^[9] Unlike some competitors, the company has not taken in significant new external equity since earlier funding rounds in 2018.

Since 2021, TWINO has operated as a licensed investment brokerage firm under MiFID II, supervised by Latvijas Banka (formerly the Financial and Capital Market Commission, FCMC). This licensing requires strict capital adequacy and liquidity standards, which TWINO reports it comfortably exceeds.^[10]

TWINO is still recovering legacy exposures tied to its past loan operations in Russia, Vietnam, and the Philippines. Transfers from Russia remain limited to about €100k per month under EU sanctions, while the Vietnam and Philippines portfolios are in gradual wind-down. The company reports that a majority of affected loans have been repaid, but recoveries continue to add uncertainty to realized investor returns.^[11] After obtaining its investment brokerage firm license in 2021, TWINO planned to launch its first equity crowdfunding campaign during the second half of 2022. The funds were intended to support new product introductions and expand brokerage services across Europe, but it seems the campaign has not come to fruition.^[12]

TWINO operates through three legal entities, SIA FINNO, SIA TWINO Finance, and AS TWINO Investments, most published financial statements are audited by BDO Latvia. Historical financials show volatile results, with profitable years (e.g. 2019, 2020) offset by smaller losses (2021, 2023). While gross profit has remained positive, TWINO’s margins are sensitive to regulatory changes, geographic exposure, and the cost of maintaining compliance as a licensed brokerage.

Over the past six financial years, the platform’s after-tax profit has been volatile, with small negative results in 2021 (-€172K) and 2023 (-€2.7K), while achieving notable positive figures in other years, including €4.43 million in 2019, €220K in 2020, and a modest profit of €362k in 2024. Despite these fluctuations, gross profit has remained positive and steady, ranging from $1.25 million to $5.8 million, with a strong rebound to $2.26 million in 2023 from lower figures in previous periods and €2.95 million in 2024 reflecting continued resilience.^[13] 

1. TWINO: “Update on Rentals”
2. TWINO: “2024 in review”
3. P2PMarketData: “TWINO Statistics”
4. Rethink P2P: “10 Years, 10 Questions: Anniversary Interview with TWINO CEO Nauris Bloks”
5. TWINO: “FAQ”
6. TWINO: “Statistics”
7. TWINO: “Fees”
8. TWINO: “Team”
9. CB Insights: “TWINO”
10. TWINO: “A letter from CEO”
11. Alternative Credit Investor: “Via SMS and Twino joint venture exits Vietnam in lending clampdown”
12. Alternative Credit Investor: “Twino to launch first equity crowdfunding round”
13. TWINO: “Financials”

TWINO is a MiFID II‑regulated investment platform based in Latvia that connects European investors with short‑term consumer loans in Poland. The platform acts as an investment broker licensed by the National Bank of Latvia, meaning it does not issue loans itself but facilitates investments in loans originated by partner lenders. In 2021 TWINO pivoted from the classic peer‑to‑peer model to a securities‑based structure, packaging consumer loans as bullet bonds with monthly interest and principal repayment at maturity. 

Historically the platform also offered securities backed by short‑term rental properties in Latvia, but these real‑estate investments are being phased out; in mid‑2025 TWINO announced that all rental projects would be wound down, and investors’ capital and profits from property sales would be returned.^[1] TWINO ceased operations in Vietnam and the Philippines in 2024 because of regulatory challenges; the company now focuses on European loans and continues recovering outstanding exposure from those markets.^[2]

The business is part of the AS TWINO Investments group founded by Armands Broks. Since launching in 2015 TWINO has facilitated more than €1.125 billion in investments, making it one of the larger players in Europe’s alternative lending sector. As of August 2025 the platform managed over €35 million of assets and had funded €34.68 million in new investments during the previous twelve months.^[3] Despite these volumes, TWINO is no longer seeking growth outside Europe and instead concentrates on solidifying its Polish lending operations and resolving war‑affected portfolios.

• TWINO offers two main investment types—consumer loan securities and (formerly) rental real‑estate securities. The consumer loans are short‑term (up to 12 months), unsecured bullet loans from Poland, whereas the real‑estate securities provided fractional ownership of Latvian rental properties. The real‑estate product is being discontinued
• Investors can start with €1 for consumer loans and €100 for real‑estate securities. Consumer loan securities pay monthly interest at 10% – 13% per year, while past real‑estate projects yielded 4% – 8% dividends. In 2024 TWINO’s average interest rate across loans was 12.24%
• Since inception the platform has facilitated over €1.125 billion in investments. In 2024 it funded €37 million of consumer loans and €998 thousand in rental projects. There were more than 20,000 registered investors and about €35.9 million assets under management.
• TWINO reports a performing portfolio of roughly 86%, with about 14% non‑performing loans. Previous statistics showed an 11% delay rate and 1% default rate; however, the war‑affected portfolios in Russia, Vietnam and the Philippines continue to elevate risk. Transfers from Russia are restricted to about €100k per month, and roughly 60% of the war‑affected portfolio has been recovered.
• The platform does not charge investors any service fees. A 20% withholding tax applies to Latvian individuals, while EEA residents benefit from a reduced 5% rate; investors outside the EEA must provide proof of tax residency to receive a reduced rate.

TWINO bridges investors and loan originators using a securitisation model. Consumer loan securities are issued in denominations of €200,000 and then split into units as small as €1 for retail investors. These debt instruments have durations of up to 12 months, pay monthly interest, and return principal at maturity. The loans are unsecured, there is no buy‑back guarantee, and thus investor returns depend on borrower repayments and the financial strength of the loan originator. Investors can set up auto‑invest strategies, choose specific loans, or use the platform’s secondary market to exit positions before maturity.

The now‑discontinued real‑estate securities were structured as shares in Latvian rental properties. Individual projects ranged from €40,000 to €317,000 and had no fixed maturity, allowing investors to earn annual dividends from rental income and share in capital gains on sale. TWINO decided in June 2025 to wind down its real‑estate product because the segment underperformed and required disproportionate resources; the company committed to returning investors’ capital and profits as properties are sold. The wind‑down reflects TWINO’s shift back to its core competency that is consumer lending.

TWINO operates under the supervision of the Latvian Financial and Capital Market Commission. Its investment brokerage licence requires it to meet capital adequacy and liquidity standards, and the platform states that it maintains a capital adequacy ratio of 202% and a liquidity ratio of 503%, well above regulatory minimums. Investors' funds are held in segregated accounts, and the platform generates revenue by charging interest and commissions to loan originators rather than investors.^[4]

Investors are not charged any service or management fees by TWINO. Borrowers pay origination and servicing fees to the platform’s lending partners. Dividends and interest distributions are subject to withholding tax of 20% for Latvian residents and 5% for EEA residents with reductions available upon proof of tax residency. TWINO offers a secondary market where investors can sell consumer loan securities before maturity, although liquidity depends on demand. Automatic investment tools allow investors to reinvest payments and diversify across borrowers.^[5]

TWINO’s consumer loan securities currently offer annual interest rates between 10% and 13%. During 2024 the average interest rate across the portfolio was 12.24%, resulting in €3.8 million paid to investors in interest. The platform previously marketed real‑estate securities with projected annual dividend yields of 4 %–8 %, though actual returns depended on rental occupancy and property appreciation. As the real‑estate program winds down, these yields will cease and investors will receive proceeds upon property sales.

It is important to note that TWINO does not publish net investor returns (XIRR/IRR). The official Statistics page reports cumulative volumes, interest paid, and a broad split of “performing vs. in recovery” portfolios, but it does not disclose realized net yields after delays, recoveries, cash drag, or taxation. Since its launch, TWINO has paid approximately €25.79 million in interest to its investors.^[6]

In practice, investors should interpret the “12%” headline as a coupon target, not a guaranteed net return. Realized results depend on late loans, recoveries, secondary-market liquidity, and individual tax situations. Without official net-return reporting from TWINO, the only reliable way for investors to measure performance is to calculate their own weighted return (XIRR) from cash-flow data.

Investors are not charged any fees. While details about borrower fees are not provided, they likely vary according to the loan originators’ terms. TWINO generates revenue by charging interest and commissions on lent capital.^[7]

TWINO is owned by AS TWINO Investments, with Armands Broks as Founder and Chairman of the Supervisory Board. Broks sets the long-term strategy and oversees business development, drawing on his background in launching financial products and new markets.

The Supervisory Board also includes:

• Mārtiņš Mellēns – Deputy Chairperson, bringing 15+ years of experience from McKinsey’s Private Equity practice, investment banking, and international private equity.
• Helvijs Henšelis – Member and former CEO of TWINO, with a background in Deloitte and PwC, contributing expertise in strategic and financial planning.

The Management Board is led by Nauris Bloks, Chief Executive Officer, who has extensive experience in IT, product development, and strategic growth. He is responsible for driving innovation, aligning operations with regulatory standards, and overseeing overall business performance. Supporting him are:

• Artūrs Cekuliņš, Member of the Management Board and Head of Legal & AML, responsible for compliance and legal oversight.
• Māris Čevers, Member of the Management Board and Risk Director, with over 15 years in insurance and banking, overseeing risk management and internal controls.

Together, the Supervisory and Management Boards provide a balance of entrepreneurial vision, strategic governance, and operational expertise, with a strong emphasis on regulatory compliance under the supervision of the Latvian central bank (Latvijas Banka).^[8]

The platform is owned by AS TWINO Investments, a joint stock company where the sole shareholder, founder and Chairman, Armands Broks, holds 100% of the shares. TWINO has raised approximately $8.12 million across two funding rounds. The most recent funding round was the Google Adopt a Startup Incubator/Accelerator, which took place on September 17, 2018, for an undisclosed amount.^[9] Unlike some competitors, the company has not taken in significant new external equity since earlier funding rounds in 2018.

Since 2021, TWINO has operated as a licensed investment brokerage firm under MiFID II, supervised by Latvijas Banka (formerly the Financial and Capital Market Commission, FCMC). This licensing requires strict capital adequacy and liquidity standards, which TWINO reports it comfortably exceeds.^[10]

TWINO is still recovering legacy exposures tied to its past loan operations in Russia, Vietnam, and the Philippines. Transfers from Russia remain limited to about €100k per month under EU sanctions, while the Vietnam and Philippines portfolios are in gradual wind-down. The company reports that a majority of affected loans have been repaid, but recoveries continue to add uncertainty to realized investor returns.^[11] After obtaining its investment brokerage firm license in 2021, TWINO planned to launch its first equity crowdfunding campaign during the second half of 2022. The funds were intended to support new product introductions and expand brokerage services across Europe, but it seems the campaign has not come to fruition.^[12]

TWINO operates through three legal entities, SIA FINNO, SIA TWINO Finance, and AS TWINO Investments, most published financial statements are audited by BDO Latvia. Historical financials show volatile results, with profitable years (e.g. 2019, 2020) offset by smaller losses (2021, 2023). While gross profit has remained positive, TWINO’s margins are sensitive to regulatory changes, geographic exposure, and the cost of maintaining compliance as a licensed brokerage.

Over the past six financial years, the platform’s after-tax profit has been volatile, with small negative results in 2021 (-€172K) and 2023 (-€2.7K), while achieving notable positive figures in other years, including €4.43 million in 2019, €220K in 2020, and a modest profit of €362k in 2024. Despite these fluctuations, gross profit has remained positive and steady, ranging from $1.25 million to $5.8 million, with a strong rebound to $2.26 million in 2023 from lower figures in previous periods and €2.95 million in 2024 reflecting continued resilience.^[13] 

1. TWINO: “Update on Rentals”
2. TWINO: “2024 in review”
3. P2PMarketData: “TWINO Statistics”
4. Rethink P2P: “10 Years, 10 Questions: Anniversary Interview with TWINO CEO Nauris Bloks”
5. TWINO: “FAQ”
6. TWINO: “Statistics”
7. TWINO: “Fees”
8. TWINO: “Team”
9. CB Insights: “TWINO”
10. TWINO: “A letter from CEO”
11. Alternative Credit Investor: “Via SMS and Twino joint venture exits Vietnam in lending clampdown”
12. Alternative Credit Investor: “Twino to launch first equity crowdfunding round”
13. TWINO: “Financials”