TWINO enters Spanish loans market
EUROPEAN peer-to-peer unsecured finance provider TWINO has begun listing Spanish loans on its platform as it seeks to expand its reach across the continent.
Latvia-based TWINO, which funds unsecured loans across continental Europe, is offering short-term loans in Spain for a maximum duration of one month, offering investors a return rate of eight per cent.
Jevgenijs Kazanins, managing director at TWINO, said the platform was planning to double its funding volumes this year, having funded €100m (£84m) of loans since launching in 2015.
“In volatile times investors are increasingly looking to diversify their portfolios,” he said. “The increasing strength of the Spanish economy, combined with the wider group’s established operations in the region, has meant that we are now able to list Spanish loans on our platform and help our investors gain access to yet more European markets.
“We plan to double our platform funding volumes to €200m this year and expanding internationally is an important growth driver.”
The platform has 6,300 active investors from more than 30 different countries and investors can also fund loans in Georgia, Latvia, Denmark and Poland.
TWINO also offers a buyback guarantee to purchase a loan from the investor if a borrower is more than 30 days late with their repayment.
The move into Spain comes as other P2P lenders are backing away from the country. Funding Circle’s Spanish division paused new lending in June last year and in January the platform decided to focus on Germany and the Netherlands.