P2P marketplace mobile app launches in EU

A NEW peer-to-peer marketplace mobile app has launched, offering investors across the EU access to consumer loans.

The app, called Swaper, allows people with an EU bank account to invest in consumer loans issued by Wandoo Finance Group’s lending companies in Georgia and Poland.

“Swaper builds on the idea of peer-to-peer lending and combines it with investment opportunities into innovative online fintech products,” said a company spokesperson. “Thus technology efficiently connects people who want to borrow in a quicker and easier way with people who want to invest in more convenient and rewarding assets.”

The spokesperson added that investors can expect returns of 12 per cent, while members of the loyalty programme will earn 14 per cent interest. All loans come with a BuyBack guarantee.

A BuyBack guarantee means that Swaper will pay back the lender’s initial investment and interest, as well as pay the accrued interest in case if borrower is late with the repayment for over 30 days.

Any individual can use the app, as long as they are over the age of 18 and have a bank account that is based in the European Union. Investments can only be made in euros and any deposits will be converted into that.

Swaper is now available on Google Play and will soon be added to the App Store.