Peer-to-peer lending platform Twino has stopped accepting new clients from the UK, with no date set on when it will restart allowing registrations from Britons.
The group, which received an investment brokerage licence in Latvia last September, confirmed to Peer2Peer Finance News that it currently cannot accept new UK registrations, although existing customers can continue to invest on the platform.
A spokesperson said the firm is seeking the best possible options to provide its services to UK residents again in the near future, but was unable to provide a timeline. The group did not say when the change took place.
It is understood that Twino stopped serving new UK-based customers due to regulatory reasons, including an attempt to manage anti-money laundering risks.
Currently, citizens and residents of a European Economic Area country are allowed to invest on Twino, according to the group’s website.
A letter sent to investors from Twino, posted on the P2P Independent Forum website, read: “Unfortunately, we must inform you that due to regulatory reasons we can no longer accept new payments from investors that are citizens and residents of the UK. This means that as of now you are no longer able to add funds to your Twino profile.
“However, the restrictions apply to new payments only, thus your current investments remain active, you can still invest funds currently held on your Twino account, sell your investments on the secondary market, withdraw funds, as well as perform other activities on your investor’s account.”
Twino is not the only Latvian platform to stop accepting UK investors. In 2019, Mintos also halted new investments from UK residents.
Twino, which launched in 2009 in Latvia, has issued more than €1bn (£830m) in loans and has 24,000 active investors, according to its website. The investment platform was launched in 2015.