Dear Investor,
I’m both honored and energized to officially step into the role of CEO at TWINO following the approval from the Bank of Latvia. As I (re)embark on this journey alongside our exceptional team and all of you—our investors—I feel a renewed sense of ambition, belief in our people, and excitement about the road ahead.
The alternative investment space is undergoing a major transformation, driven by regulation, technology, and growing investor demand. The introduction of EU-wide regulatory harmonization has opened the door for truly pan-European investing, enabling platforms like TWINO to operate across borders under a single license. This presents unprecedented opportunities for retail investors to diversify their portfolios—whether by lending to a Baltic SME, backing Spanish real estate, or supporting invoice financing in Germany. A more connected and dynamic ecosystem is taking shape.
At the same time, platforms are scaling through consolidation and leveraging technology to drive innovation, access, and efficiency. It’s encouraging to see retail investors responding with increasing trust and engagement, attracted by strong returns and clear investor protections. Alternative lending is no longer niche—it’s becoming a core part of modern retail investing across Europe, and I’m proud that TWINO is actively contributing to this evolution.
That said, I also want to be transparent. Alongside this momentum, we’re addressing a number of complex legacy matters that require our focus. These challenges may temporarily slow new developments, but they are essential to building a solid foundation for sustainable growth. By resolving these issues now, we position ourselves—and our investors—for long-term success.
Latest on: Russia, Vietnam & Philippines
I know many of you are eager for updates on Russia, Vietnam, and the Philippines. To ensure full transparency, here’s the latest on each situation. I want to reaffirm—our commitment to recovering funds for our investors remains as strong as ever:
- Russia: Despite ongoing local restrictions and complex regulations, repayments continue to come in consistently—currently around €100,000 per month. These funds are being distributed proportionally to affected investors. To date, we’ve recovered over 54% of the impacted portfolio, amounting to more than €3.8 million. We remain fully committed to recovering the remaining amount when conditions allow.
- Vietnam: As previously shared, operations in Vietnam were abruptly halted due to unexpected political developments. Since then, we’ve been actively pursuing all possible legal and strategic ways to recover invested funds. However, we must be transparent—the likelihood of successful recovery remains very low at this stage, and there have been no material changes since our last update. We deeply understand the disappointment this brings and truly appreciate your continued patience and trust as we navigate this difficult situation.
- Philippines: At this point, we are not expecting any further repayments from ongoing operations. That said, we are working on an asset deal that has the potential to deliver full recovery. We will provide a detailed update, including financial figures and next steps, as soon as this process reaches a conclusion.
I fully recognize how unexpected and difficult these situations are, and I share your frustration with how events have unfolded. Please know that we are doing everything within our power to maximize recoveries. At the same time, it’s important to remember that all investments carry inherent risk, and not all outcomes can be fully controlled. Your continued support and understanding mean a great deal to us.
Latest on: Poland
While we remain focused on resolving legacy challenges, it’s equally important to highlight the strong progress we’re making in our core markets. Our largest asset-backed securities investment currently stems from the operations of the payment institution in Poland, and I’m pleased to share that the business is showing strong momentum. By the almost end of Q2 2025, the number of active credit cards had reached 51.2k—an impressive 118% increase from 23.5k at the end of Q2 2024. This solid growth is a clear indicator that we are on the right path in offering a compelling and competitive product in the Polish market.
We celebrated TWINO’s 10th birthday!
As we continue building momentum in our key markets, it’s also a fitting moment to reflect on how far we’ve come.
Looking back on a decade of growth and partnership, I’m filled with immense gratitude. It’s been an extraordinary journey, and I’m deeply thankful to each and every one of you—our investors, partners, and of course, my dedicated team. Your trust, support, and commitment have shaped TWINO into what it is today, and I couldn’t be prouder of what we’ve built together.
You can see some moments from our celebration and read more about our journey here.
It’s been a dynamic first month as CEO, and I’m proud of the momentum we’re building—particularly in how we’re sharing our vision and strengthening our connection with the investor community.
I’ve personally taken part in several interviews to communicate our direction, and we’ve launched new channels to engage more directly. I warmly invite you to join our Telegram community: stay updated through our broadcast channel and take part in discussions with fellow investors here.
As we head into the heart of summer, I hope you find time to recharge and enjoy the season with friends and family. We’ll be doing the same—while continuing to push forward with purpose and ambition.
Thank you for being part of TWINO’s journey. Your trust and support mean the world to us.
Warm regards,
Nauris Bloks
