Twino is preparing to introduce suitability and appropriateness assessments for investors from next week as it moves closer to gaining an investment brokerage license.
The European peer-to-peer lender applied last year for an investment brokerage licence from Latvia’s Financial and Capital Market Commission (FCMC) which would give its investors greater protection and enable the platform to launch new products.
Roberts Lasovskis, Twino’s investment platform lead, said the license was “an arm’s reach away.”
“Almost all of the documents we submitted to the regulator have been confirmed which means that we are entering a more active phase in terms of changes on the Twino platform itself,” Lasovskis said in a blog post on the Twino website.
“There are a couple of makeovers of the investing process in store as well as processes that will require your input like the suitability and appropriateness assessment that will be available to all as of next week.”
As part of the application, AS Twino Investments, which was set up last year to apply for the investment brokerage licence, will take over the Twino investment platform operations.
The platform also revealed that it has hit pre-pandemic lending volumes for the second month, with €15m (£12.8m) worth of loans funded in June.