…… and becomes the first company in Europe to offer only consumer loans with a buyback guarantee
On August 17, from a peer-to-peer lending platform TWINO has become the first lending platform in Europe to offer investing only in consumer loans with a buyback guarantee. From now on, the platform will be available only to investors.
‘We saw that the alternative financial market elsewhere in Europe was becoming an essential part of the economy, so, for the last three months, we did an in-depth study of demand and supply. By taking into account the latest trends, TWINO will focus only on attracting investors, while the supply will be provided by platforms of the parent company FinaBay. The biggest benefit will be felt by investors, because the traditional financial instruments often involve a higher risk, and also cannot offer preferential interest rates,’ Ieva Ozoliņa-Bērziņa, the Executive Director of TWINO, explains the benefits provided by the platform.
Instead of different risk classes (A+; A, B, C, D, E, F), there will now be loans with different terms and % rates. In the event the borrower does not settle the repayment in 60 days, TWINO will buy it back by repaying the principal amount and interest for the time period the loan was used.
Thanks to TWINO’s parent company FinaBay, which has seven years of online lending experience in six countries and has issued well over 1M loans, TWINO will keep at least 500,000 euro worth of loans available for investment on a daily basis. FinaBay has expanded its operations in six countries- Latvia, Poland, the Czech Republic, Georgia, Denmark and Russia.
FinaBay is a company founded in Latvia and operating since 2009.