Twino Loan Originators' scores suspended from Welfio


Let us explain to you our reasoning behind this decision in greater detail.

As we all know, after Russian forces entered Ukraine in February, the EU and many other countries imposed strict sanctions against Russia and businesses related to it. Consequently, all the lending companies operating in the territory of Russia have been severely affected.

Twino Group lending companies have not been shielded from this situation either. While the Russian loan originator can continue their local operation, given no possibility of ensuring proper financial transfers from Russia, a question arises on how dependent on cash inflows its Russian lender Twino Group is? To answer this, let’s look at basic financial data.

While we do not find a revenue distribution by countries in Twino’s latest annual statement (year 2021), the the 2020 statement shows that the Russian lending company contributed to a staggering 85% of all the Group’s income (interest income + fee and commission income). Although the numbers might have changed overtime, this still indicates that Twino Group might have a significant dependance on income and operations in Russia.

Furthermore, on March 8, 2022, the placement of loans by the Russian loan originator on the Twino platform was stopped. According to the data retrieved from, the overall funding volume on the Twino platform plummeted right after the war started. The funding volume of Twino in July 2022 was only €2.41m, an astonishing decrease of -85.68% compared to the same month last year.

Finally, the uncertainty is further increased by the fact that Twino has indefinitely postponed their trading product development and expansion plans. In addition, we have observed a rather large turnover on the C-level management that has, mostly, been unchanged for years prior to war..

All in all, while we do not imply that Twino Group might default on its obligations to us investors or that it might be facing some actual financial difficulties, the uncertainty surrounding it has become very high. In addition, there is very little to no information shared on the current shape of the Group and its plans for addressing the challenging situation. As a result, we at Welfio cannot undertake proper due diligence and data-driven assessment of the risks of investing in Twino group. Therefore, we have made a decision to suspend scores for all loan originators on Twino platform until more light is shed on Twino’s current situation and its short and medium term plans.

We will be happy to hear your thoughts on the matter too!


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