European peer-to-peer lender Twino has launched a new social investment product.
It allows Twino investors to donate to causes rather than earn interest and the platform will match the amount raised.
The first social fundraising project is for Latvia’s Children’s Clinical University Hospital, allowing young patients to be provided with convenient and safe remote consultations.
It is looking to raise €10,000 (£8,700) through the Twino Ventures platform, which sits alongside its business and consumer lending offering that backs loans in Latvia, Poland, Kazakhstan and Russia.
“Twino has been one of the pioneers of the financial technology field, and one of our key goals remain to provide the community with digital and safe financial services,” Armands Broks, founder of Twino, said.
“The Covid-19 crisis encouraged us to take the next step by creating a social investment tool with the goal of raising donations to create a digital solution in the interests of society.
“Covid-19 has changed the world, among other things, opening the door to innumerable digital initiatives, which have not, for various reasons, seen the light of day up till now.
“We are conscious of how important it is for any digital solution to be introduced as quickly as possible, which is why Twino has undertaken to double the donated sum so that the Children’s Hospital’s digitisation project can be implemented as quickly as possible.”