Twino Review 2026: Licensed, Audited and Down to One Lender

Twino is an online investment platform run by AS TWINO Investments, an investment brokerage firm in Riga supervised by Latvijas Banka. It started in 2015 as a marketplace for consumer loans issued by lenders in the founder's own group across several countries. In 2026 it sells two things: fixed-term asset-backed securities with terms of 3–12 months and advertised rates of 8.5–12%, and FLEXI, a product paying a fixed 6% with withdrawals on demand, subject to available liquidity.

Both products fund the same lender. Twino's loan originator page lists one active originator, NetCredit in Poland, operated by Fincard Sp. z o.o. Earlier markets — Russia, Vietnam, the Philippines and others — have been closed or wound down, and a small rental real estate product is being sold off.

That is the most important thing to understand about Twino today. It is a regulated, audited firm, but an investment here is a concentrated bet on one Polish consumer lender whose owner is also behind the platform. Our Twino platform profile shows the live figures and how the safety score is built; the methodology explains the weighting.

Twino no longer sells individual loan agreements. Since moving to securities, the chain looks like this:

1. 1Fincard, under the NetCredit brand, issues revolving credit-card lines to Polish consumers.
2. 2A Twino group lender extends loans to Fincard. Those loan receivables are sold to the issuer, SIA TWINO Investments Poland, a Latvian company.
3. 3The issuer sells securities to investors on the Twino platform. The base prospectus was approved by Latvijas Banka on 28 May 2025.
4. 4Fincard pays the group lender, the issuer receives the money, and the issuer pays you.

What you actually own

You own a security issued by SIA TWINO Investments Poland, not a loan to a Polish consumer and not a claim on Twino. The prospectus is specific on three points:

• The loan receivables backing the securities are pledged against Fincard's underlying loan portfolio.
• The lender to Fincard "does not provide any kind of guarantee" on repayment.
• Payments to investors are made "only from and to the extent of such sums received (or recovered)" from those receivables.

The loans to Fincard are capped at 95% of Fincard's outstanding loan portfolio, which is how the structure meets its skin-in-the-game requirement. The prospectus also states that claims under the securities are subordinated to other claims against the issuer.

In plain terms: if Fincard pays, you are paid. If Fincard stops paying, your recovery depends on enforcing a pledge over a Polish consumer-credit book, and on what is left after other claims on the issuer.

The platform company is AS TWINO Investments (registration number 44103143823, LEI 984500856AF4DF5FAT57), registered on 26 March 2020, with paid-up share capital of €1.98 million. The Latvian company register shows a single private individual, resident in Latvia, as its 100% shareholder.

Twino names Armands Broks as founder and chair of the supervisory board. The management board is led by chief executive Nauris Bloks, with Artūrs Cekuliņš (legal and AML) and Māris Čevers (risk).

The group connection

This is where the concentration comes from:

• The securities issuer, SIA TWINO Investments Poland, is owned by SIA TWINO Holding, and the prospectus names Armands Broks as its ultimate beneficial owner.
• The lender, Fincard Sp. z o.o., is 100% owned by FINNO Holding SIA, a Riga holding company registered at the same address as AS TWINO Investments and wholly owned by a single Latvian private individual.
• Twino's own financials page lists a "FINNO Group" consolidated statement for 2021, the year after the former TWINO Group statements end.

The platform, the issuer and the lender are therefore one group under common ownership. That has a benefit — Twino has more influence over the lender than a marketplace usually does, which helped in the Philippines — and a cost: there is no independent party between the investor and the lender, and the three would be exposed to the same problems at the same time.

Twino accepts private investors who live in the EU or EEA, are at least 18 and hold a payment account at a financial institution registered in an EU/EEA country. Companies registered in the EU/EEA can also invest through an authorised representative. Latvijas Banka's register lists cross-border services to 11 countries, including Germany, France, Spain, Italy, the Netherlands and Austria.

1. 1Register with your email address and create a password.
2. 2Verify your identity and complete the investor questionnaire that a MiFID firm must ask.
3. 3Enter your tax residence. EEA residents get the 5% withholding rate; non-citizens may need to upload proof of tax residence.
4. 4Deposit by bank transfer from an account in your own name. Deposits are free.
5. 5Choose fixed-term securities (manually or with auto-invest) or FLEXI.

Before depositing, read the base prospectus and the key information document for the product you choose, and decide how much you are prepared to have exposed to one Polish lender. The minimum is €1 for fixed-term securities and €10 for FLEXI.

Opening a Twino account is quick: identity verification runs through Onfido and, Twino says, usually takes just a few minutes, and fixed-term securities start from €1.

Signing up Registration has six steps on Twino's site: email and password, identity verification, a short suitability questionnaire (required of a licensed investment firm), switching on two-factor authentication, and a final check of your account status. For the identity check you photograph both sides of your passport or national ID card and take a live selfie, using a smartphone, tablet or computer with a camera.

Deposits There are two ways to add money: Pay by Bank, which sends you to your online banking to approve the payment, or a manual bank transfer using the details shown in your account. Twino says transfers are credited within two business days.

Setting up investing Auto-invest needs only an amount, a loan type and a duration, and the system builds the portfolio. FLEXI needs no set-up at all beyond the amount. Manual selection of securities is also available.

App and dashboard Twino has apps for iOS and Android. The iOS app is listed in English, and the account statement is on the dashboard, with quick views for today, yesterday, this week, last week, this month and last month.

Documents and support - Income statement for tax: Profile, then Reports, then Income Statement. - Support: by email or through the messaging tool inside your Twino account, Monday to Friday, 08:00–17:00 CET. Twino does not list a phone number on its contact page.

Fixed-term asset-backed securities

Twino's main product is a series of securities with terms of 3–12 months and a fixed rate between 8.5% and 12%, paid monthly. You can pick securities manually or set up auto-invest with an amount, loan type and duration, and the system builds the portfolio. Since August 2026, repayments from fixed-term securities can be routed automatically into FLEXI.

FLEXI

FLEXI was announced on 27 April 2026. It pays a fixed 6% a year, accrued daily, and lets you withdraw part or all of your money at any time without a fixed term or penalty. Underneath, FLEXI money is invested in 12-month asset-backed securities linked to NetCredit loans — the same credit exposure as the fixed-term product.

The liquidity comes from three places, in order: money from other investors, a liquidity buffer provided by the loan originator, and early repayment of the underlying investments. Twino states that withdrawals "depend on available liquidity within the product" and may take longer when many investors want out at once. FLEXI is capped at €10,000 per investor.

FLEXI feels like a savings account. It is not one. The 6% is a claim on NetCredit's loans and the liquidity is only as deep as the buffer and the flow of new money. If Fincard ran into trouble, FLEXI holders and fixed-term holders would face the same lender.

Other products

Twino financed ten rental apartments through a real estate product, now being wound down. Independent coverage in March 2026 reported €1.8 million of outstanding capital and revised return expectations of at most 2%; Twino's August 2026 update said sales were "below our expectations". Twino also received MiCA authorisation for crypto-asset services in June 2026, but had not described a live crypto product at the time of writing.

Twino advertises "up to 12%" on fixed-term securities, within a stated range of 8.5–12%, and a fixed 6% on FLEXI. These are coupon rates on performing securities. They are not a record of what investors earned after losses.

Twino does not publish an annual net-return series comparable to Mintos' historical performance page. The figures we could find:

• In a May 2025 interview, the CEO described the Polish credit-card product as providing "a 12% annual return".
• The 2025 annual report, as summarised by IncomePlatforms, gives an average interest rate of 11.94% and €3.7 million of interest paid to investors in 2025.

The gap between headline and realised returns at Twino has come from events, not from a steady default rate. Investors in Russian loans waited four years for their money; those who took the early exit offer accepted 80% of principal. Vietnam investors are unlikely to recover about €1.6 million. The Philippines book was repaid only after Twino sold the assets and added its own money.

A 12% fixed rate on a one-lender product is a price for concentrated credit risk. Withholding tax and cash waiting between repayments reduce what arrives. See our risks page for why headline rates overstate what investors keep.

Twino's fee page lists registration, investing, deposits and withdrawals to EU/EEA bank accounts as free, and the homepage shows zero fees on both products. The charges that do exist:

• Withdrawals outside the EU/EEA: €35 per withdrawal or refund.
• Inactivity fee: €10 a month. There are two cases:
• No active investments for six months or more: €10 a month until the balance reaches €0.
• Active investments but no new investment for six months: €10 a month, unless your available cash is below €50 or below 15% of your portfolio value; the fee never takes the balance below €50.
• Secondary market: no fee is listed, but you set the price, and Twino's risk disclosure warns that sales can happen at discounts of up to 29.9%.

The inactivity fee matters more than it looks. An investor who stops reinvesting and leaves cash in the account can lose €120 a year. Either reinvest, move the cash to FLEXI, or withdraw it.

Twino also publishes a separate costs-and-charges document with each product; read it before you buy.

For how these fees compare with the other licensed platforms we rate highest, see our P2P lending fees comparison.

There are three ways out:

1. 1Wait for maturity. Fixed-term securities run 3–12 months and pay monthly.
2. 2Sell on the secondary market. You list securities at your own price. Twino warns that sale prices may be up to 29.9% below nominal value, and that fair value "may significantly differ" from nominal value.
3. 3Withdraw from FLEXI. Usually quick, but dependent on the product's liquidity buffer and on demand from other investors.

Cash in your account can be withdrawn free to an EU/EEA bank account in your name.

The Russian episode shows what liquidity looks like when it fails. When Russian capital controls hit in March 2022, Twino suspended principal repayments on Russian loans, then 19% of the loans on the platform. Investors in those loans had no exit at par for four years. The early exit Twino offered in early 2026 paid 80% of principal plus accrued interest, and was limited to a total volume of €200,000, according to independent coverage.

FLEXI has not yet been through a period of heavy withdrawals. Treat its liquidity as a feature that works in normal conditions, not as a promise.

Twino's current securities have no buyback obligation. Older Twino loans carried a buyback from the originating lender; the securities issued under the 2025 base prospectus do not.

What stands behind them instead:

• A pledge. The loan receivables backing each series are pledged against Fincard's underlying portfolio of Polish consumer loans.
• Over-collateralisation of 5%. Loans to Fincard may not exceed 95% of its outstanding loan portfolio.
• No guarantee. The prospectus says the lender to Fincard gives no guarantee of repayment, and Twino's product pages do not describe one.

On insolvency, Twino's risk disclosure states that investors have the right to receive outstanding principal and accrued interest "according to the relevant laws governing the insolvency process" — meaning a Polish insolvency, with other creditors, on a timetable nobody can predict.

The pledge is better than nothing, but its value depends on the quality of an unsecured consumer-credit portfolio at exactly the moment its owner is failing. And because the lender and the platform are in one group, the group's willingness to support investors — which Twino showed in the Philippines — could disappear with the group's own finances.

AS TWINO Investments is an investment firm supervised by Latvijas Banka. The central bank's register shows a licence issued on 31 August 2021, now under number 27-55/2025/7; Twino's homepage and legal footer still show the older number 06.06.08.720/536. The authorised services include reception and transmission of orders, execution, dealing on own account, portfolio management and placing of financial instruments. Since 4 June 2026 the same company also holds MiCA authorisation for crypto-asset custody, exchange and order execution.

What the licence gives you

• Your cash must be held in accounts separate from Twino's own funds, under Latvia's Financial Instrument Market Law.
• The securities are issued under a base prospectus approved by Latvijas Banka, with final terms for each series and a key information document.
• Twino is subject to capital, conduct and reporting rules as an investment firm.

What the compensation scheme covers

Twino is covered by the Latvian investor compensation scheme. If Twino itself cannot meet its obligations to return your money or securities, you can claim compensation up to €20,000. The scheme does not cover the failure of Fincard, the issuer's inability to pay, or a fall in the value of your securities. It protects against the broker losing your assets, not against the loans going bad.

Nothing at Twino is a bank deposit, and no deposit guarantee scheme applies.

Everything on Twino now depends on Fincard Sp. z o.o., which lends under the NetCredit brand. Twino's originator page describes it as a payment institution registered with the Polish Financial Supervision Authority (KNF) under number IP62/2024, offering revolving credit-card lines of up to PLN 20,000. The NetCredit brand has lent in Poland since 2011; Twino reports €383 million originated and €58 million outstanding.

On its own numbers, Fincard is growing and profitable. Twino's June 2026 post on the 2025 accounts reports net sales of PLN 228.3 million (up 18.6%), net profit of PLN 43.7 million and equity of PLN 115.6 million. That is a real cushion.

The risk is regulatory. Poland caps the interest and non-interest costs of consumer credit. On 15 June 2026, Poland's competition and consumer protection authority, UOKiK, announced charges against Fincard, alleging that fees charged on the used credit limit of its cards work like interest and circumvent the statutory caps. The possible penalty is up to 10% of annual turnover. Fincard disputes the charges. Twino's August 2026 update reported no material developments in the proceedings.

A second change is coming: the EU's revised Consumer Credit Directive (2023/2225) applies from November 2026. Twino's CEO has said that caps and other limits "could make it more complex to reach same level of profitability".

Neither event means Fincard will fail. Both go to the heart of how the product earns its margin, and a single-lender platform has nowhere else to turn if that margin shrinks.

Twino's financials page is one of the longest in this market: standalone statements for SIA TWINO from 2015–2016, TWINO Group consolidated statements for 2016–2020, a FINNO Group consolidated statement for 2021, and annual reports for AS TWINO Investments for every year from 2021 to 2025. The 2025 report was published on 31 March 2026. The most recent group-level statement listed is for 2021; since then, the platform company and SIA TWINO Finance publish separately.

We could not open the 2025 report directly. As summarised by IncomePlatforms, AS TWINO Investments reported 2025 revenue of about €2.56 million (down 14%), net profit of €92,309 (2024: €362,385) and equity of about €2.41 million, audited by BDO.

The platform is small and only just profitable, and much of the economic value in the group sits in Fincard. Investors' cash and securities are segregated, so a Twino failure should not swallow them, but a thin operating company has limited capacity to fund recoveries or support a troubled product. Twino reports more than €1.3 billion of loans issued since it began and says it has served more than 60,000 investors; the CEO put active investors at over 7,000 in May 2025.

Russia (Moneza), 2022–2026

In March 2022, Twino suspended principal repayments on Russian loans, then 19% of all loans on the platform, after Russian capital controls blocked transfers. Recovery was slow: in May 2025 the CEO said Twino could receive at most about €100,000 a month and had recovered more than 54% of the war-affected portfolio. In early 2026 Twino offered an early exit at 80% of principal plus accrued interest, within a limited budget. On 5 August 2026, Twino announced that "all principal and interest due to investors has been recovered and paid" and the outstanding balance was zero.

That is a better outcome than most platforms achieved with Russian exposure. It also took four years, and investors who took the early exit locked in a 20% loss of principal.

Vietnam, 2024

Twino's joint-venture lender in Vietnam stopped lending in March 2024 during a regulatory clampdown. In May 2025 the CEO said about €1.7 million of exposure was not covered by a guarantee and was likely to default; independent coverage in March 2026 reported a loss of about €1.6 million and quoted Twino saying recovery prospects "remain very limited". Legal proceedings are continuing.

Philippines, 2024–2026

The Philippine joint venture was also closed in 2024. Repayments stopped until Twino sold the portfolio. On 14 January 2026, Twino announced that the Philippine investments were fully repaid, through sale proceeds "complemented by TWINO's own funds"; independent coverage puts the portfolio at about €855,000 and Twino's contribution at about €70,000.

The pattern: Twino has closed markets rather than let them run, and in two of three cases investors were eventually made whole. The Vietnam loss is real, and in every case repayment took far longer than the loan terms.

1. 1Single-lender concentration. All current products depend on Fincard. There is no diversification across lenders or countries.
2. 2Related-party structure. The platform, the issuer and the lender share an owner. Conflicts of interest are hard to see from outside, and trouble in one would likely reach the others.
3. 3Polish regulatory risk. UOKiK's charges against Fincard's fee structure and the new Consumer Credit Directive both target how the product earns its margin.
4. 4No buyback. Payments come only from what Fincard pays; the pledge is the fallback.
5. 5Liquidity. The secondary market allows discounts of up to 29.9%, and FLEXI's liquidity has not been tested under stress.
6. 6Platform size. AS TWINO Investments is small, with 2025 net profit of about €92,000 as reported from its annual report.
7. 7Currency. Borrowers repay in Polish złoty and you are paid in euros; Twino's risk disclosures name currency and macroeconomic risk.
8. 8Inactivity fee. €10 a month can erode idle cash.

These are not bank deposits. Size a Twino position so that losing it would hurt rather than damage your finances. For a platform with more lenders to spread across, see Mintos vs Twino and our Mintos review.

This is general information, not tax advice. How Twino income is taxed depends on your country of tax residence.

Twino withholds Latvian tax on interest paid to private investors:

• EEA tax residents: 5%. EEA citizens get this automatically; residents who are not citizens must upload proof of tax residence.
• Other private individuals: 25.5% standard rate, which can be reduced under a double taxation treaty by uploading a valid tax residence certificate in the "My Profile" section.

Twino's risk disclosure notes that tax rates may change and that it does not compensate investors for such changes. In most countries you must still declare the interest at home, and you may be able to credit the Latvian tax withheld. The treatment of losses on securities, secondary-market discounts and the inactivity fee differs between countries. Speak to a tax adviser in your country of residence before you file.