Twino cancels crowdfunding campaign

Twino cancels crowdfunding campaign

Investment platform Twino has pulled the plug on its upcoming crowdfunding campaign. By investing, users could become shareholders of the company. The broker says the cancellation is due to ‘the situation in global markets’.

The platform shared the news in an email to its crowdfunding investors. Twino is an online broker from Latvia that offers consumer and business loans, as well as auto-investing. Since launching in 2015, over 1 billion euros has been funded by 58 thousand registered investors from over 30 countries.

Crowdfunding postponed indefinitely

Twino is postponing the crowdfunding project indefinitely, the company writes, pointing to ‘the situation in the global markets’. In the email, the broker says the decision is ‘after careful consideration of our existing and future product portfolio as well as risks for our potential investors associated with crowdfunding’.

The company points to ‘the situation in global markets’.

European expansion and product development

The crowdfunding project was planned to launch before the end of June. By investing in the campaign, users could buy company shares and become a shareholder. The funding was meant for European expansions and continued development of Twino’s product portfolio. In addition, the broker planned to launch a digital app.

The funding was meant for European expansion.

Canceling the crowdfunding campaign solely concerns the trading app, Twino writes, but will not affect the platform’s current and future operations: “We are moving forward with onboarding new partners to expand the investment opportunities available.”

New investment product

Twino has just moved away from peer-to-peer loans to offering securities from both consumers and businesses. According to the broker, these have a fixed annual rate of up to 12 percent.

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