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Swaper Analysis

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Peer-to-Peer Lending
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Last updated in October 2023.

What is Swaper?

Swaper is an Estonian-based loan receivables investment marketplace by the Wandoo Finance Group. It launched in October 2016 by offering EU investors access to the market for unsecured consumer loans in Central and South Europe. Since then more than 5,000 investors have joined and funded loans for more than €450 million while paying out almost €7 million in interest to it's investors. During the past year Swaper has on average funded loans worth more than €10 million every month.

Key Takeaways

  • Swaper doesn't disclose any figures about the average interest or net returns.
  • The platform offers a secondary market for early exit, automatic investing with pre-set filters and a mobile app.
  • Investors in the Swaper Loyalty Bonus program, can earn an extra 2% interest.
  • In 2021, the company behind Swaper reported revenue of €2.147 million and a gross profit margin of 28.17%.

How Swaper Works

Swaper works by facilitating investments in unsecured personal loans and vehicle leasing loans from Wandoo Finance Group in Spain, Poland, and North Macedonia. Some of the claim rights are backed by a 60-day buyback guarantee from either One Leasing or Wandoo Finance.[1]

With a minimum investment of €10, residents of the EU and EEA with a bank account in these regions can access the platform. They offer a mobile app and accept GBP deposits, though conversion to EUR is required for investments. Please note, while exchange rates are visible, Swaper's currency exchange spread and fees are not disclosed.

The platform features a secondary market for early loan sales to other investors and while most of the unsecured personal loans are up to 35 days, the vehicle-secured loans can range up to 48 months. Investors can automate their investments using customizable filters or select claim rights manually. The auto-invest function allows for specification of interest rates, loan amounts, terms, portfolio size, and more, with options to filter by country, loan status, originator, type, and buyback inclusion.[2]

Swaper Returns & Fees

Swaper doesn't disclose average interest, delay, default rates, or net return statistics, but has paid out €6.9 million in interest over 7 years.[3] 

The platform attracts long-term investors with fixed interest rates and a loyalty bonus, granting an additional 2% interest to those investing over €5000 for three consecutive months. In case of a missed payment, borrowers can pay fully or extend the loan for 30 days. After 60 days of delay, Swaper offers a buyback on some of the loans, covering the investor’s principal and interest. The loan originator may initiate debt collection and legal proceedings if necessary.[4]

Swaper charges no investor fees for using the platform, though it is presumed they profit from the interest spread between borrowers and investors.[5]

Swaper Management

Founded by Marina Tjulinova, Swaper Platform OÜ saw a shift in leadership when Marina stepped down from the board in 2020. Currently, Indrek Puolokainen leads as CEO, focusing on business growth, partnerships, and company representation. Meanwhile, Marina, now Head of Operations, manages relationships with loan originators and business partners, and oversees financial and legal affairs. The leadership team is further strengthened by Zane Ziedone, Head of Legal and Compliance, and Kadi Kivi, Customer Onboarding Specialist.[6]

Indrek Puolokainen serves as Swaper's CEO and is the sole Board Member listed on the Estonian Business Register. Despite this, founder Marina Tjulinova holds 100% ownership of Swaper, having amplified her initial investment of €2,500 to €100,000 in 2022.[7]

Special Considerations

Swaper is not a regulated financial institution and the claim rights it offers are not to be considered securities or regulated financial instruments. If Swaper were to go out of business, the assignment agreements that govern investors' claim rights against borrowers will remain in place but your investments are not guaranteed in any way.[8]

In 2021, Swaper's revenues reached €2.147 million as a result of commission income charged to loan originators and its gross profit margin was 28.17%. The company generated a net profit of €114,478. Swapers total reported assets for 2021 were €14.08M, with €13.47M in liabilities. The annual report for 2021 is audited by Assertum Audit.[9]

Article Sources

  1. Swaper: “BuyBack
  2. Swaper: “Auto Invest
  3. Swaper: “Statistics
  4. Swaper: “Loan Default
  5. Swaper: “Fees
  6. Swaper: “About Us
  7. Estonian Business Register: “Swaper Platform OÜ
  8. Swaper: “Regulations
  9. Swaper: “Annual report for the year ended 31 December 2021