The consolidated net profit of the international finance technology (FinTech) group TWINO, which provides lending and investment brokerage services, has reached EUR 7.4 million, which is an increase of 28% compared to the previous year, as revealed by the company’s audited consolidated financial statements for the year 2020.
In 2020, the company continued its preparations for becoming a licensed investment broker, to transform TWINO Investment Platform into a regulated company this year. “All of the main preparatory work for the receipt of an investment brokerage license in Latvia has already been completed, and favorable feedback has been received from the regulator. We are hoping to officially receive the license in the coming days”, emphasizes TWINO Group’s CEO Anastasija Oļeiņika. In parallel, the Group’s management team is also working actively on the licensing process for the Polish operations, which has also successfully entered the homestretch, she added.
In 2020, Group income reached EUR 61.6 million, which is an increase of 30.2% compared to 2019, and issued loans totaled EUR 158 million. Since its foundation in 2009, TWINO Group has already issued loans with a total value of EUR 1.4 billion.
“We continued to demonstrate strong and stable financial performance despite various external market challenges, as well as regulatory changes in countries where TWINO Group is operating,” explains Anastasija Oļeiņika, CEO of the TWINO Group.
“TWINO’s overall financial indicators for 2020 were equivalent to its 2019 results, which is an impressive achievement, bearing in mind the global economic challenges created by the pandemic, which spared no one”, as pointed out by TWINO Group CEO Anastasija Oļeiņika.
Over the past year, TWINO Investment Platform (twino.eu) continued to successfully attract new investors. By the end of the year, the number of identified platform investors had increased to 23,729, which is 20% more than the previous year.
Investors funded EUR 138 million worth of loans in the year 2020, with the total amount now having reached 843 million euros since the inception of the platform in 2015. In March 2020, a new way of investing – TWINO Ventures was introduced – investments in loans secured by real estate. In 2020, loans of more than EUR 1.3 million were funded through TWINO Ventures.
“In 2020, TWINO’s capacity to adapt within a very short time to the challenges created by the pandemic was at the core of the sound financial results. Our main priority was to preserve the company’s profitability, in this way guaranteeing security for investors’ funds, as well as the well-being of our employees. At the same time, we continued to introduce new investment and lending products into the market. Currently, we can safely say that we are one of the most profitable investment platforms in the Baltic region”, explains A.Oļeiņika.
Overall, TWINO continued to show stable operational growth in 2020, concentrating on a commensurate increase in the number of investors, as well as the development and broadening of lending and investment products, improvement in the quality of its loan portfolios, while increasing its profits and analyzing and improving the experience of its customers.
A restructuring of the Group’s legal entities and fixed assets took place as part of the process, among other things, creating a new legal entity, which will be taking over the work of the Investment Platform after the receipt of the license. Changes were also made in the historical structure of the mutual transactions between the Group’s companies, adapting the cooperation model used by the Group’s companies up till now, to the requirements of a licensed company.