Twino receives passporting approval in 11 countries

Twino has secured EU passporting approval to operate in Austria, Belgium, the Czech Republic, Germany, Estonia, Spain, France, Italy, Lithuania, the Netherlands and Portugal.

The European peer-to-peer lending platform said other EU countries are in the pipeline.

The European Crowdfunding Service Providers Regulation (ECSPR) was introduced in November 2021, aiming to harmonise the industry across the bloc. All nationally licensed crowdfunding and P2P lending platforms must attain an ECSPR licence by November 2023.

Read more: Twino changes Polish loan terms and rates

“This enables us to seamlessly operate across these EU countries, unlocking new cross-border possibilities for TWINO and growing our investor community,” Twino said.

The platform, which recently expanded its joint venture with VIA SMS Group into the Philippines, also revealed that cumulative investments to date have now exceeded €1bn (£860m).

Twino’s August update showed that the platform offered investors an average interest rate of 10.53 per cent last month.

The firm has 22,179 registered investors.

The total value of loan securities issued last month was €1.5m, with €199,339 paid out in interest.

Read more: Twino removes cap on manual lending

The total outstanding portfolio stood at €34,737,059 as of 1 September.

Twino also announced that its first project under its new real estate securities product – RE Securities – is fully funded.

The project enables investors to diversify their portfolios by funding short-term rental properties, earning rental income and benefitting from capital appreciation in the longer term.