|
Post by nellerdk on Jan 1, 2018 13:38:40 GMT
This issue deserves its own thread.
Twino, what is your financial results for year 2016?
I am not investing on your platform before I have this information (if Twino is making profits or not)
|
|
|
Post by amoult on Jan 2, 2018 7:12:00 GMT
According to Roberts Lasovskis (the new platform lead after Jevgenjis stepdown) they should be available by the end of March, 2018. " ... Regarding our financials, we really cannot wait to share our audited numbers and we understand that this has taken way too long. Regarding the upcoming statements, TWINO Group has never had IFRS audit before. First IFRS audits are always time consuming, which is also our case. But at the end of it, we as the financial group will be in a better position in terms of internal processes and transparency. I can say that finishing the audit is a top priority in the TWINO Group and that we are devoting as much resources as necessary to finalise it. As mentioned above our estimate is to have Consolidated Financial Statements by the end of March, 2018." I can't understand how it can take this long. Either there's something fishy or they are highly incompetent. Source: "Twino fellows" facebook group www.facebook.com/groups/403263313206391/
|
|
p2pmaster
investment is life.
Posts: 128
Likes: 54
|
Post by p2pmaster on Jan 2, 2018 8:02:06 GMT
That is alarming. Financial companies usually have their accounts ready in the first few months after year's close, as they opperate with numbers and that's their power (i.e. scoring, big data, proprietary models, etc...).
Previously I have included TWINO in clients' portfolio, but have removed it since no financial statements were presented. Overdue levels are too high and PG model is only useful to TWINO.
|
|
|
Post by kilozulu on Jan 2, 2018 17:57:13 GMT
That is alarming. Financial companies usually have their accounts ready in the first few months after year's close, as they opperate with numbers and that's their power (i.e. scoring, big data, proprietary models, etc...). Previously I have included TWINO in clients' portfolio, but have removed it since no financial statements were presented. Overdue levels are too high and PG model is only useful to TWINO. My hypothesis is Twino simply doesn't care at this moment about a few investors who are sensitive about the availability or not of financial statements. It is clear they currently have more investors than they have loans available, thus Twino is able to get away with sub-par 10% average rate and still get as much funding as they need. Which shows the dominant proportion of investors don't care. Possibly Twino can save a few 10ks by packaging work for auditors for 2016 and 2017, but more likely the 2016 doesn't look too good as well. Still, in recent interviews Twino CEO, Mr.Broks was quite a bullish about performance in general, so 2016 could have been hit by one-off costs or write downs. He said failed Mexico expansion cost 1m capital loss. In any case, December gave a great opportunity to dump 12-13% Twino loans and move into 16% effective rate Mogo's overnight
|
|
p2pmaster
investment is life.
Posts: 128
Likes: 54
|
Post by p2pmaster on Jan 21, 2018 9:50:12 GMT
I have received more information regarding the delay in TWINO financial results. The information/rumors came from rather "close circle", but not TWINO itself. - Money supply outweights high-quality loan demand. - Loan performance in certain countries is worse than expected. - Financial standing of the group is not the best at the moment and thus delays in posting results. - Expansion to Mexico resulted in huge financial loss. - Denmark operations were closed too, no new loans are issued in this country. - Spain lending operations are also struggling.
TWINO team, could you confirm or deny these statements?
|
|
|
Post by Deleted on Mar 4, 2018 10:11:25 GMT
I’ve been one of the most loyal investor in Twino since inception, investing almost a third of my P2P investments with them. I’ve been bugging them for reports and was repeatedly told that it will be published interim report “end of the month” in February. Full independent report in March. They’ve promised to even publish 2017 reports by summer. After having missed the self assured deadline of February, I decided to liquidate all my loans (well those not in default in payment guarantee), due credit to Twino here, my significant amount was liquidated in less than 10 hours (I suppose thanks to auto invest of others)
will update the post, when I actually get money in my account from withdrawal completion.
Thanks Twino for all your returns and I hope to return to you one day, when you’re more honest and transparent.
|
|
|
Post by amoult on Mar 7, 2018 7:36:24 GMT
Yeah, I came to the same conclusion as nancelot and I am now almost finished with liquidation of my portfolio. Unfortunately some "payment guaranteed" will remain for many months, but luckily I only have a few of those.
Poor interest rates combined with no trust to the company made it an easy decision.
I'll gladly come back if things improve, but we'll see.
|
|
fric
Member of DD Central
Posts: 199
Likes: 79
|
Post by fric on Mar 8, 2018 10:00:31 GMT
Disclaimer: this post is going to be purely conspiracy stuff and I haven't done any in-depth research with proof, so please don't take it too seriously, or at least with a grain of salt.
I'm not an investor in Twino, but I do invest quite a bit in Mintos. Both are local Latvian companies and since I live in Latvia as well, I'm just interested and I have kept my eye on both of them. I noticed Mintos very early in its roots when it started. I heard about a p2p lending from a friend over a glass of beer, I think he was writing his masters thesis about the subject and he also knew somebody from Mintos (like somebody from the founders or upper management). Anyway, so I started following the subject but did not invest right away.
Some time later on Twino appeared on my radar (I think somebody mentioned in a blog or somewhere) - it felt like out of nowhere, without any media coverage or anything really. What I thought to myself back than (I think it was 2015) - thats interesting, their website looks like REALLY similar to Mintos, not an exact copy, but surely they couldn't have made the website and everything from scratch all by themselves, did they? Okey, I have to admit, the inside when you actually invest looks different, but I'm just sharing my first impressions back than.
So fast forward to like 2016-17 Twino is up and running and expanding (so is Mintos), Armands Broks regularly appears in Forbes magazine etc (btw interesting read about HR processes etc). Than I think it was in 2017 when somebody in this forum in Mintos subforum posted an in-depth research about how Mintos owners are actually related (or was related before) with many of the loan originators and the loan originators themselves have the same owners, thus creating an illusion of a strong competition.
Regarding non-banking crediting we have heard lots of things on local news about who are they and there are quite a few influential politicians involved as well and as well that only a small hand of people are dominating the market with many similar brands.
So what this has to do with Twino? Who knows, maybe Twino is somewhat related to non-bank lenders as well and the same small group of people? What if Mintos is the winner and its been decided that Mintos should be the platform in the future and Twino is not relevant anymore? Ofc, I could be totally wrong and its just how the market works, there isn't a place for everybody.
|
|
|
Post by southseacompany on Mar 8, 2018 15:06:32 GMT
thats interesting, their website looks like REALLY similar to Mintos, not an exact copy, but surely they couldn't have made the website and everything from scratch all by themselves, did they? Having written little scanning scripts for both sites, I can say that their web app implementations seem to be completely different, so it seems Twino did make everything from scratch. While your theory is possible, there doesn't seem to be much evidence to support it.
|
|
|
Post by Deleted on Mar 9, 2018 7:31:50 GMT
Update: withdrawal funds got deposited in my UK bank account. Been told interim unaudited report will be published this week, given it’s Friday already, I won’t hold my breath.
|
|
|
Post by jor1971 on Mar 9, 2018 14:30:20 GMT
|
|
|
Post by Deleted on Mar 9, 2018 22:11:40 GMT
Interesting read, especially Net Turnover of €33.5M and "Other Operating Expense" Note 7 of €30.5M leading to a loss of €2M (almost)
Well it's a startup, so I hope things turnaround for them and they become profitable.
|
|
|
Post by mopcku on Mar 9, 2018 23:02:48 GMT
thats interesting, their website looks like REALLY similar to Mintos, not an exact copy, but surely they couldn't have made the website and everything from scratch all by themselves, did they? Having written little scanning scripts for both sites, I can say that their web app implementations seem to be completely different, so it seems Twino did make everything from scratch. While your theory is possible, there doesn't seem to be much evidence to support it. I can also confirm their websites are from implementation point of view completely different!
|
|
|
Post by southseacompany on Mar 10, 2018 3:56:51 GMT
I hope they stop using the "our audit is so complex" excuse for their tardiness. Multi-billion dollar companies that consolidate hundreds of subsidiaries regularly finish their accounts and audit in less than a third of the time this has taken Twino.
As for the numbers, 69% of turnover (57% of loan portfolio) is from Georgia, and the company does not use any hedging instruments for currency risk. Let's hope the Georgian lari doesn't fall off a cliff, because it might take Twino with it.
|
|
|
Post by nellerdk on Mar 13, 2018 15:45:01 GMT
Who is financing Twino? Are there external partners or venture capital backing them?
|
|