Twino launches cashback deal on Polish loans

Twino has launched a cashback campaign on Polish loan securities to celebrate one year of operations in the country.

All investments made between 15 May and 21 May 2023 will earn a two per cent cashback bonus, which will be paid out within 10 working days after the end of the campaign, on 2 June 2023.

Twino began working with Polish originator Fincard in May 2022, which specialises in consumer lending. Fincard issued its first digital credit card last year, and since then it has seen growing demand from both investors and borrowers.

“There has been a growing demand from our local consumers since the start of our operations,” said Izabela Sienkiewicz, managing director of Fincard.

“As of now, Fincard has issued over 62,000 cards to the Polish clients, and the total issuance in credit lines has grown by on average 10 per cent each month during 2023.

Read more: Opportunities in mainland Europe for UK investors

“As of end of April our gross portfolio was €17.5m (£15.21m), yet we expect it to grow to €20m by the end of the quarter.

“With the current pace of the growth it is estimated that the net profit of the company should reach around €4m by the end of the year.”

Earlier this year, Twino introduced a new range of loan terms and rates on its Polish loan securities having received permission from the regulator.

The Latvia-based investment platform’s loan terms range from three to 12 months, with corresponding rates now offered at between eight and 14 per cent.

The cashback deal is available to all investors who add money either to their manual investing or auto invest accounts within the next week.

Read more: Twino investors earned 10.4pc in April