Consolidated comprehensive income of the international finance technology (FinTech) company TWINO Group, which provides lending and investment services, has reached EUR 8.3 million, as the audited consolidated financial statements for the year 2019 of the company show.
The majority of the Group’s comprehensive income or EUR 5.8 million is attributed to net profit whereas additional EUR 2.5 million resulted from other comprehensive income, primarily currency revaluation of the assets.
“Despite various external market challenges, as well as regulatory changes in countries where TWINO Group is operating, we continued to demonstrate strong and stable financial performance,” Anastasija Oļeiņika, CEO of the TWINO Group explains.
In 2019, the Group issued loans totalled EUR 224 million, which is an increase of 18% compared to the previous period. Since it was founded in 2009, TWINO Group has issued loans with the total value of EUR 1.3 billion already. The net cash of the Group amounted to EUR 8.1 million at the end of the reporting period.
During the reporting period the peer-to-peer (P2P) Investment platform continued to show stable growth consolidating its position as one of the leading peer-to-peer lending platforms in the continental Europe. In the reporting period TWINO platform’s investors funded loans worth of EUR 194 million, with the overall amount reaching EUR 762 million since its launch in 2015. TWINO platform attracted 3,375 new active investors, and the overall number of investors reached 20,000 investors at the end of the 2019, which is 18% more than a year before.
“Twino Group continues to focus on new business development initiatives. We are exploring possibilities to diversify the operations of the Group by expanding geographical presence in the new markets with high return potential. Besides geographical expansion plans, we are also considering expanding the range of investment products available on the platform. In addition, Twino Latvian and Polish teams are actively collaborating with local regulators within the process of licensing their operations,” discloses A. Oļeiņika.