Twino issues more than €17m of securities
Twino has issued securities with a total value exceeding €17m (£15m), since transitioning its business model last year.
The European lender became a fully-regulated investment brokerage firm in 2022 and launched its first asset-backed security in July 2022.
The securities are backed by business loans issued to loan originators both in Poland and Vietnam.
In Poland the total value of securities is €15.9m, with €484,000 in interest paid, while in Vietnam the value of the securities is €1.3m, with €8,450 in interest paid.
The firm’s look back on the success of 2022 also highlighted several changes to its management structure, including the internal appointment of a new risk director and management board member Māris Čevers, and the appointment of Helvijs Henšelis as chief executive and chairman.
“Despite the uncertain economic outlook, I’m proud to say that in 2022 we were still able to make significant progress,” Henšelis said.
“We remained focused and worked hard to achieve our business objectives. We are now in a strong position to capitalize on new opportunities and help our investors to achieve their investment goals in the coming year.”
Read more: Twino implements EU tax rate reduction for investors
In 2021, Twino underwent a restructuring to become a regulated investment platform. It won its investment brokerage licence from the Latvian Financial and Capital Market Commission (FCMC) in September 2021.
This has allowed Twino to package its loans in the form of regulated financial instruments, which the platform calls ‘securities’.
Twino said that its loan originators had made significant progress in the repayment of loans invested through assignment agreements in its previous operating model.
“We are closely monitoring that the repayments towards the outstanding balances are made in a timely manner,” Twino said in a blog post on its website. “As of now, repayments for loans in Poland and Vietnam have been already received and processed in full.”
The firm said it is complying with rules that limit the transfer of funds from the Russian Federation to European Union member states, due to the Ukraine war, to RUB 10m per month.
“We’re receiving regular transfers from [a] Russian loan originator within this limit which are allocated to investors once per month, on a pro-rata basis,” Twino said.
Read more: Twino has stopped accepting new UK clients