In their recent audit opinion, auditor BDO stated that:. These conditions indicate that a material uncertainty exists that may cast significant doubt on the ability of the company to continue as a going concern.

Since raising our concerns in we have not provided much coverage of Twino, even though it is one of the larger and more prominent European P2P sites.

This is because the financial information available was very old, and the statistics published on their website were not very useful. We felt it best to wait until more information was made available.

Now the new financial reports are available, we encourage any existing Twino investors to read them carefully, and consider the points raised above.

Yes, Twino has a strong brand, is well perceived by many investors, and has been taking actions to address its issues. It is more than possible that Twino will turn the corner and find a way to get back on track.

However, there are also reasons for concern, as outlined by its auditors BDO. The solvency of Twino is important because the loans they are selling to investors are unsecured and in many cases will need to be bought back by Twino under their buyback guarantee following a borrower default.

We will have a better understanding of the situation once the consolidated results for are released. Hopefully these will not be significantly delayed, as the ones were.

It seems that many of the issues that Twino has run into relate to starting many new lending businesses in different markets which they may have lacked sufficient experience or local knowledge.

The number of investors on the platform is increasing, and in February , there were more than 20, investors on the platform.

They have a great track record and shown very positive development. It offers loan services that you can invest in in Poland and the Czech Republic since , and in Russia, they launched in The operations in Georgia and Mexico were initiated in , and in Denmark, the services were set up in , while Twino was simultaneously launched in Spain and Kazakhstan in Recently in early , they successfully launched their consumer lending operations in Vietnam with the brand VAMO.

They want to find common ground, share know-how and enter the Asia-Pacific region. Moreover, the success of the Twino platform has been often mentioned in the media in Europe.

Also, Twino has received numerous rewards. Becoming a Twino investor is quite a straightforward process , and you can choose to register as an individual or as a company.

During the registration as an individual account, you just need to fill the form with the relevant information such as name, address, country and agree to the stated terms and conditions.

Your first transaction must be from your personal bank account SEPA transfer. Then you have validated this and you can also use other services such as PaySera and TransferWise.

This means that you should pay attention to the exchange rate if your national currency is not one of these two. The currency of your initial deposit will be set as the currency for your account and this will be the currency for your activities.

Also remember that although you can transfer money to your account in different currencies, all currencies other than GBP will be converted to euro and you will execute your operations in euro.

Twino performs an evaluation of loan demand through the platform. Consequently, different types of loans are available for investing at the platform, and they are primarily categorized as follows:.

The loans can be listed in different currencies because Twino originates loans from multiple countries, which means that the exchange rate should be taken into account.

The good thing though, is that the platform will automatically convert the loan funds into your account currency GBP or EUR.

The latest on the company is good with equity of 15m EUR and cash of 8. To the investor, Twino operates in much the same way as the other platforms.

Loans are originated, divided up by risk and funded by lenders. Both have their own advantages and disadvantages. The important point is that you cannot change the currency of the account.

Loans are simply displayed in your chosen currency there is no way to hold multiple wallets of currency like there is in Mintos.

Much like other platforms, you can set-up auto-invest portfolios. This will automatically place your money with loans with the parameters you supply.

This is actually quite simple because information on loans is scant. We get country, loan duration, interest rate, risk grade and amount, and that is it.

There is no information on the final borrower themselves, nor what the purpose of the loan is for. The risk grades are relevant.

There are only three standard grades A, B and C and two additional grades which are covered by buy-backs. In the case of the latter two, investors get reimbursed if the loan is late or defaults.

For the first three grades you are not. In this blog I will be documenting my journey towards financial freedom.

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You cannot know about new loans on the platform, and it seems that the same loans are changing hands between old and new investors.

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