Dear Investor,
I hope your summer has been filled with sunshine, family time, and a chance to recharge. That summer calm is an important reminder that stepping away from the desk can sharpen our focus, spark new ideas, and boost productivity for the rest of the year. Even though this Latvian summer hasn’t been as warm and pleasant as we’ve grown used to, I still managed to enjoy some family time, deep thinking, and a bit of relaxation to reflect on my journey this year.
One thing I’ve been thinking about is how Latvia has emerged as one of Europe’s most influential countries in the peer-to-peer (P2P) investment market. Latvian investment platforms have reached a total cumulative funding volume of around €13.3 billion out of Europe’s €55 billion. That’s almost a quarter of the continent’s total—for a nation with fewer than two million people. A truly remarkable achievement.
At the forefront is Mintos, Europe’s largest retail loan marketplace, in a league of its own with a portfolio exceeding €630 million, supported by strong Latvian peers such as VIAINVEST, Debitum, and of course us –TWINO.
In my opinion, Latvia’s success in the P2P sector comes down to a combination of timing, market reach, and technological strength. Local platforms entered the market in the mid-2010s, well ahead of many European competitors, building strong brands and loyal investor communities—an advantage proved critical during the shift from unregulated to regulated operations. They also developed an exportable loan supply, creating global lending networks that now attract investors from more than 100 countries while supporting steady demand from robust local lending businesses. Underpinning it all is Latvia’s deep pool of fintech talent, which has driven rapid innovation—from automated investing and seamless user experiences to sophisticated risk analytics—ensuring these platforms remain competitive globally.
Latvian platform founders started at precisely the right time, when the industry was still taking shape, and they helped define it. It hasn’t been easy, and the road ahead won’t be either. The alternative investment space is gaining momentum, and while Latvian platforms are firmly part of it, new opportunities are emerging. Adapting will be crucial.
At TWINO, we see this as an exciting moment. We are exploring how to diversify our offering, build momentum, and establish ourselves as a key player in the broader alternative investment landscape. Since stepping into the CEO role, this has been my focus for the past three months, and the opportunities are both appealing and within reach. More on that in one of the upcoming newsletters.
Latest on TWINO
We are happy to welcome back TWINO’s former CEO, Helvijs Henšelis, in a new role—as a member of the Supervisory Board. This move perfectly aligns Helvijs’s expertise, experience, and deep knowledge with TWINO’s need for valuable strategic oversight. Together with TWINO founder Armands Broks and long-standing Supervisory Board member Mārtiņš Mellens, we have a knowledgeable and well-rounded board to guide the company’s next stage of growth.
Latest on Russia, Vietnam & Philippines recoveries
As discussed in our latest Telegram AMA session last Friday, there are no significant updates from last newsletter regarding investments in recovery from these markets. We continue to work actively on all recoveries to achieve the best possible outcomes for our investors. You can join our Telegram chat to review last Friday’s discussion here.
Latest on Poland:
Fincard has completed its 2024 annual audit, reporting another strong year of growth, development, and profitability. Sales revenue reached €45.05 million, with net profit at €7.91 million—up from €7.45 million in 2023. The company achieved a solid return on equity of 47.1% and maintained a healthy liquidity ratio of 1.61.
Key milestones included securing authorization from the Polish Financial Supervision Authority to operate as a Domestic Payment Institution, expanding the product portfolio with physical credit cards, medical service packages, and personal data protection services, and implementing a new pricing structure to align with market conditions. These achievements have strengthened Fincard’s market position and laid the groundwork for further growth in the Polish consumer finance sector.
You can find detailed information here by entering KRS number 0000803716 or on our Telegram chat.
As we move into the final stretch of the year, our focus remains on creating value—both through disciplined execution in our core market and by exploring new opportunities in the evolving alternative investment landscape.
The months ahead will bring challenges and the chance to shape the next chapter of TWINO’s growth. I look forward to sharing more of our progress with you and, as always, welcome your thoughts, questions, and ideas along the way.
Thank you for being part of TWINO’s journey. Your trust and support mean the world to us.
Warm regards,
Nauris Bloks
