Swaper

Swaper is an Estonian investment platform offering exposure to short-term consumer loans and vehicle leasing, sourced from affiliated loan originators operating in Spain, North Macedonia, Peru, and Estonia. The platform focuses on simple auto-investing and uses a buyback structure provided by its lending companies. Investors from the EU, EEA, Switzerland, and the UK can join if they hold a local bank account, while private individuals from Estonia and all investors from Poland remain restricted. Swaper has grown to more than 10,000 investors and has passed €1.0bn in total funded volume. Over the past 12 months, it has facilitated around €294m, averaging roughly €24.5m per month.^[1]

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 17% for all loan categories, with One Leasing MK having the highest and SW Finance the lowest delay rates.
• Swaper reports an average annual investment return of 13.80% with €956 invested on average per user.

Swaper operates as a marketplace where investors buy claim rights to loans that have already been originated by partner lending companies. In practice, you lend money by purchasing these claim rights, while the underlying credit risk remains with the loan originators. Swaper itself is registered in Estonia, and its wholly owned subsidiary SW Finance OÜ holds a license from the Estonian Financial Intelligence Unit, whereas Swaper Platform OÜ is not regulated under a specific financial services license.

The current product range covers several loan types provided by different originators:

• Short term consumer loans from Wandoo Finance in Spain and Peru, typically around 30 to 35 days in length
• Short term business loans funded through SW Finance
• Long term business loans with indicative terms of 12 or 24 months
• Vehicle leasing contracts from One Leasing MK in North Macedonia

Investors can build portfolios across these products using Swaper’s auto invest feature. The minimum investment per loan is €10, which makes diversification across many small loans straightforward. Interest rates are set at product level. As of late 2025, Swaper lists base annual rates of around 10 percent to 14 percent, with a higher tier (up to 16 percent) for loyal investors who meet the platform’s balance requirement.^[2]

Most loans on Swaper come with a buyback guarantee from the loan originator. If a borrower is more than 60 days late, the originator is expected to repurchase the claim and compensate the investor for principal plus accrued interest, although exact terms depend on the specific originator and product.^[3]

For liquidity, Swaper offers a secondary market where investors can sell claim rights before maturity, alongside a prepared auto invest portfolio setup and mobile apps for both iOS and Android to monitor and adjust investments on the go.

Swaper advertises annual returns of up to 16%, depending on loan type and investor status. Standard rates on short term consumer and business loans generally fall between 10% and 14%, while investors who qualify for the loyalty tier can earn up to 16%. Vehicle leasing contracts usually offer lower rates in the 8% to 12% range. These figures reflect the nominal annual interest rates set by the loan originators.

On its statistics page, Swaper reports an average annual investment return of 13.80% percent and total interest paid to investors of more than €7.3m. The platform has surpassed €1.0bn in total funded volume. Swaper does not publish detailed historic default data but states that most loans are covered by a buyback commitment if payments are more than 60 days late. No realised loss figures or net annualised returns after buyback claims are provided.^[4]

Investors are not charged any fees. There are no fees for deposits, withdrawals, investing, auto invest, or using the secondary market.^[5] Swaper earns revenue from its loan originators through service and brokerage fees, but the exact fee structure for loan originators to the borrowers are not publicly detailed. Swaper does not withhold taxes on interest payments. Investors must report and pay taxes according to the rules in their own country.^[6]

Swaper was founded by Iveta Bruvele, who also founded the Wandoo Finance Group, one of the platform’s key loan originators.^[7] The company is led by CEO Indrek Puolokainen, who has more than 15 years of experience across fintech, crypto and digital products. He oversees strategy, product development and overall platform growth. 

Daily operations are managed by COO Marina Tjulinova, who has over 20 years of experience in finance and accounting. She is responsible for operational processes, investor support and coordination with loan originators. Legal and compliance matters are handled by Zane Ziedone, an experienced legal counsel with previous roles at Mintos and TWINO.

Swaper Platform OÜ is incorporated in Tallinn, Estonia. According to Inforegister, the sole shareholder of the company is Marina Tjulinova, who owns 100 percent of the company’s shares.^[8]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[9]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December 2024 through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[10]

1. P2PMarketData: “Swaper Statistics”
2. Swaper: “Updates about Short term loan rate and Loyalty membership”
3. Swaper: “What is Buyback and What Does It Mean For P2P Investors?”
4. Swaper: “Statistics”
5. Swaper: “Fees”
6. Swaper: “FAQ: Do I have to pay taxes on the returns I receive?”
7. Paris Fintech Forum: “Speakers - Iveta Bruvele”
8. Info Register: “SWAPER PLATFORM OÜ”
9. Swaper: “Our Awards”
10. Weath & Finance: “FinTech Awards 2021 Swaper Platform OU”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform offering exposure to short-term consumer loans and vehicle leasing, sourced from affiliated loan originators operating in Spain, North Macedonia, Peru, and Estonia. The platform focuses on simple auto-investing and uses a buyback structure provided by its lending companies. Investors from the EU, EEA, Switzerland, and the UK can join if they hold a local bank account, while private individuals from Estonia and all investors from Poland remain restricted. Swaper has grown to more than 10,000 investors and has passed €1.0bn in total funded volume. Over the past 12 months, it has facilitated around €294m, averaging roughly €24.5m per month.^[1]

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 17% for all loan categories, with One Leasing MK having the highest and SW Finance the lowest delay rates.
• Swaper reports an average annual investment return of 13.80% with €956 invested on average per user.

Swaper operates as a marketplace where investors buy claim rights to loans that have already been originated by partner lending companies. In practice, you lend money by purchasing these claim rights, while the underlying credit risk remains with the loan originators. Swaper itself is registered in Estonia, and its wholly owned subsidiary SW Finance OÜ holds a license from the Estonian Financial Intelligence Unit, whereas Swaper Platform OÜ is not regulated under a specific financial services license.

The current product range covers several loan types provided by different originators:

• Short term consumer loans from Wandoo Finance in Spain and Peru, typically around 30 to 35 days in length
• Short term business loans funded through SW Finance
• Long term business loans with indicative terms of 12 or 24 months
• Vehicle leasing contracts from One Leasing MK in North Macedonia

Investors can build portfolios across these products using Swaper’s auto invest feature. The minimum investment per loan is €10, which makes diversification across many small loans straightforward. Interest rates are set at product level. As of late 2025, Swaper lists base annual rates of around 10 percent to 14 percent, with a higher tier (up to 16 percent) for loyal investors who meet the platform’s balance requirement.^[2]

Most loans on Swaper come with a buyback guarantee from the loan originator. If a borrower is more than 60 days late, the originator is expected to repurchase the claim and compensate the investor for principal plus accrued interest, although exact terms depend on the specific originator and product.^[3]

For liquidity, Swaper offers a secondary market where investors can sell claim rights before maturity, alongside a prepared auto invest portfolio setup and mobile apps for both iOS and Android to monitor and adjust investments on the go.

Swaper advertises annual returns of up to 16%, depending on loan type and investor status. Standard rates on short term consumer and business loans generally fall between 10% and 14%, while investors who qualify for the loyalty tier can earn up to 16%. Vehicle leasing contracts usually offer lower rates in the 8% to 12% range. These figures reflect the nominal annual interest rates set by the loan originators.

On its statistics page, Swaper reports an average annual investment return of 13.80% percent and total interest paid to investors of more than €7.3m. The platform has surpassed €1.0bn in total funded volume. Swaper does not publish detailed historic default data but states that most loans are covered by a buyback commitment if payments are more than 60 days late. No realised loss figures or net annualised returns after buyback claims are provided.^[4]

Investors are not charged any fees. There are no fees for deposits, withdrawals, investing, auto invest, or using the secondary market.^[5] Swaper earns revenue from its loan originators through service and brokerage fees, but the exact fee structure for loan originators to the borrowers are not publicly detailed. Swaper does not withhold taxes on interest payments. Investors must report and pay taxes according to the rules in their own country.^[6]

Swaper was founded by Iveta Bruvele, who also founded the Wandoo Finance Group, one of the platform’s key loan originators.^[7] The company is led by CEO Indrek Puolokainen, who has more than 15 years of experience across fintech, crypto and digital products. He oversees strategy, product development and overall platform growth. 

Daily operations are managed by COO Marina Tjulinova, who has over 20 years of experience in finance and accounting. She is responsible for operational processes, investor support and coordination with loan originators. Legal and compliance matters are handled by Zane Ziedone, an experienced legal counsel with previous roles at Mintos and TWINO.

Swaper Platform OÜ is incorporated in Tallinn, Estonia. According to Inforegister, the sole shareholder of the company is Marina Tjulinova, who owns 100 percent of the company’s shares.^[8]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[9]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December 2024 through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[10]

1. P2PMarketData: “Swaper Statistics”
2. Swaper: “Updates about Short term loan rate and Loyalty membership”
3. Swaper: “What is Buyback and What Does It Mean For P2P Investors?”
4. Swaper: “Statistics”
5. Swaper: “Fees”
6. Swaper: “FAQ: Do I have to pay taxes on the returns I receive?”
7. Paris Fintech Forum: “Speakers - Iveta Bruvele”
8. Info Register: “SWAPER PLATFORM OÜ”
9. Swaper: “Our Awards”
10. Weath & Finance: “FinTech Awards 2021 Swaper Platform OU”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform offering exposure to short-term consumer loans and vehicle leasing, sourced from affiliated loan originators operating in Spain, North Macedonia, Peru, and Estonia. The platform focuses on simple auto-investing and uses a buyback structure provided by its lending companies. Investors from the EU, EEA, Switzerland, and the UK can join if they hold a local bank account, while private individuals from Estonia and all investors from Poland remain restricted. Swaper has grown to more than 10,000 investors and has passed €1.0bn in total funded volume. Over the past 12 months, it has facilitated around €294m, averaging roughly €24.5m per month.^[1]

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 17% for all loan categories, with One Leasing MK having the highest and SW Finance the lowest delay rates.
• Swaper reports an average annual investment return of 13.80% with €956 invested on average per user.

Swaper operates as a marketplace where investors buy claim rights to loans that have already been originated by partner lending companies. In practice, you lend money by purchasing these claim rights, while the underlying credit risk remains with the loan originators. Swaper itself is registered in Estonia, and its wholly owned subsidiary SW Finance OÜ holds a license from the Estonian Financial Intelligence Unit, whereas Swaper Platform OÜ is not regulated under a specific financial services license.

The current product range covers several loan types provided by different originators:

• Short term consumer loans from Wandoo Finance in Spain and Peru, typically around 30 to 35 days in length
• Short term business loans funded through SW Finance
• Long term business loans with indicative terms of 12 or 24 months
• Vehicle leasing contracts from One Leasing MK in North Macedonia

Investors can build portfolios across these products using Swaper’s auto invest feature. The minimum investment per loan is €10, which makes diversification across many small loans straightforward. Interest rates are set at product level. As of late 2025, Swaper lists base annual rates of around 10 percent to 14 percent, with a higher tier (up to 16 percent) for loyal investors who meet the platform’s balance requirement.^[2]

Most loans on Swaper come with a buyback guarantee from the loan originator. If a borrower is more than 60 days late, the originator is expected to repurchase the claim and compensate the investor for principal plus accrued interest, although exact terms depend on the specific originator and product.^[3]

For liquidity, Swaper offers a secondary market where investors can sell claim rights before maturity, alongside a prepared auto invest portfolio setup and mobile apps for both iOS and Android to monitor and adjust investments on the go.

Swaper advertises annual returns of up to 16%, depending on loan type and investor status. Standard rates on short term consumer and business loans generally fall between 10% and 14%, while investors who qualify for the loyalty tier can earn up to 16%. Vehicle leasing contracts usually offer lower rates in the 8% to 12% range. These figures reflect the nominal annual interest rates set by the loan originators.

On its statistics page, Swaper reports an average annual investment return of 13.80% percent and total interest paid to investors of more than €7.3m. The platform has surpassed €1.0bn in total funded volume. Swaper does not publish detailed historic default data but states that most loans are covered by a buyback commitment if payments are more than 60 days late. No realised loss figures or net annualised returns after buyback claims are provided.^[4]

Investors are not charged any fees. There are no fees for deposits, withdrawals, investing, auto invest, or using the secondary market.^[5] Swaper earns revenue from its loan originators through service and brokerage fees, but the exact fee structure for loan originators to the borrowers are not publicly detailed. Swaper does not withhold taxes on interest payments. Investors must report and pay taxes according to the rules in their own country.^[6]

Swaper was founded by Iveta Bruvele, who also founded the Wandoo Finance Group, one of the platform’s key loan originators.^[7] The company is led by CEO Indrek Puolokainen, who has more than 15 years of experience across fintech, crypto and digital products. He oversees strategy, product development and overall platform growth. 

Daily operations are managed by COO Marina Tjulinova, who has over 20 years of experience in finance and accounting. She is responsible for operational processes, investor support and coordination with loan originators. Legal and compliance matters are handled by Zane Ziedone, an experienced legal counsel with previous roles at Mintos and TWINO.

Swaper Platform OÜ is incorporated in Tallinn, Estonia. According to Inforegister, the sole shareholder of the company is Marina Tjulinova, who owns 100 percent of the company’s shares.^[8]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[9]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December 2024 through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[10]

1. P2PMarketData: “Swaper Statistics”
2. Swaper: “Updates about Short term loan rate and Loyalty membership”
3. Swaper: “What is Buyback and What Does It Mean For P2P Investors?”
4. Swaper: “Statistics”
5. Swaper: “Fees”
6. Swaper: “FAQ: Do I have to pay taxes on the returns I receive?”
7. Paris Fintech Forum: “Speakers - Iveta Bruvele”
8. Info Register: “SWAPER PLATFORM OÜ”
9. Swaper: “Our Awards”
10. Weath & Finance: “FinTech Awards 2021 Swaper Platform OU”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform offering exposure to short-term consumer loans and vehicle leasing, sourced from affiliated loan originators operating in Spain, North Macedonia, Peru, and Estonia. The platform focuses on simple auto-investing and uses a buyback structure provided by its lending companies. Investors from the EU, EEA, Switzerland, and the UK can join if they hold a local bank account, while private individuals from Estonia and all investors from Poland remain restricted. Swaper has grown to more than 10,000 investors and has passed €1.0bn in total funded volume. Over the past 12 months, it has facilitated around €294m, averaging roughly €24.5m per month.^[1]

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 17% for all loan categories, with One Leasing MK having the highest and SW Finance the lowest delay rates.
• Swaper reports an average annual investment return of 13.80% with €956 invested on average per user.

Swaper operates as a marketplace where investors buy claim rights to loans that have already been originated by partner lending companies. In practice, you lend money by purchasing these claim rights, while the underlying credit risk remains with the loan originators. Swaper itself is registered in Estonia, and its wholly owned subsidiary SW Finance OÜ holds a license from the Estonian Financial Intelligence Unit, whereas Swaper Platform OÜ is not regulated under a specific financial services license.

The current product range covers several loan types provided by different originators:

• Short term consumer loans from Wandoo Finance in Spain and Peru, typically around 30 to 35 days in length
• Short term business loans funded through SW Finance
• Long term business loans with indicative terms of 12 or 24 months
• Vehicle leasing contracts from One Leasing MK in North Macedonia

Investors can build portfolios across these products using Swaper’s auto invest feature. The minimum investment per loan is €10, which makes diversification across many small loans straightforward. Interest rates are set at product level. As of late 2025, Swaper lists base annual rates of around 10 percent to 14 percent, with a higher tier (up to 16 percent) for loyal investors who meet the platform’s balance requirement.^[2]

Most loans on Swaper come with a buyback guarantee from the loan originator. If a borrower is more than 60 days late, the originator is expected to repurchase the claim and compensate the investor for principal plus accrued interest, although exact terms depend on the specific originator and product.^[3]

For liquidity, Swaper offers a secondary market where investors can sell claim rights before maturity, alongside a prepared auto invest portfolio setup and mobile apps for both iOS and Android to monitor and adjust investments on the go.

Swaper advertises annual returns of up to 16%, depending on loan type and investor status. Standard rates on short term consumer and business loans generally fall between 10% and 14%, while investors who qualify for the loyalty tier can earn up to 16%. Vehicle leasing contracts usually offer lower rates in the 8% to 12% range. These figures reflect the nominal annual interest rates set by the loan originators.

On its statistics page, Swaper reports an average annual investment return of 13.80% percent and total interest paid to investors of more than €7.3m. The platform has surpassed €1.0bn in total funded volume. Swaper does not publish detailed historic default data but states that most loans are covered by a buyback commitment if payments are more than 60 days late. No realised loss figures or net annualised returns after buyback claims are provided.^[4]

Investors are not charged any fees. There are no fees for deposits, withdrawals, investing, auto invest, or using the secondary market.^[5] Swaper earns revenue from its loan originators through service and brokerage fees, but the exact fee structure for loan originators to the borrowers are not publicly detailed. Swaper does not withhold taxes on interest payments. Investors must report and pay taxes according to the rules in their own country.^[6]

Swaper was founded by Iveta Bruvele, who also founded the Wandoo Finance Group, one of the platform’s key loan originators.^[7] The company is led by CEO Indrek Puolokainen, who has more than 15 years of experience across fintech, crypto and digital products. He oversees strategy, product development and overall platform growth. 

Daily operations are managed by COO Marina Tjulinova, who has over 20 years of experience in finance and accounting. She is responsible for operational processes, investor support and coordination with loan originators. Legal and compliance matters are handled by Zane Ziedone, an experienced legal counsel with previous roles at Mintos and TWINO.

Swaper Platform OÜ is incorporated in Tallinn, Estonia. According to Inforegister, the sole shareholder of the company is Marina Tjulinova, who owns 100 percent of the company’s shares.^[8]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[9]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December 2024 through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[10]

1. P2PMarketData: “Swaper Statistics”
2. Swaper: “Updates about Short term loan rate and Loyalty membership”
3. Swaper: “What is Buyback and What Does It Mean For P2P Investors?”
4. Swaper: “Statistics”
5. Swaper: “Fees”
6. Swaper: “FAQ: Do I have to pay taxes on the returns I receive?”
7. Paris Fintech Forum: “Speakers - Iveta Bruvele”
8. Info Register: “SWAPER PLATFORM OÜ”
9. Swaper: “Our Awards”
10. Weath & Finance: “FinTech Awards 2021 Swaper Platform OU”
11. Swaper: “Annual Report 2023”

Swaper is an Estonian investment platform offering exposure to short-term consumer loans and vehicle leasing, sourced from affiliated loan originators operating in Spain, North Macedonia, Peru, and Estonia. The platform focuses on simple auto-investing and uses a buyback structure provided by its lending companies. Investors from the EU, EEA, Switzerland, and the UK can join if they hold a local bank account, while private individuals from Estonia and all investors from Poland remain restricted. Swaper has grown to more than 10,000 investors and has passed €1.0bn in total funded volume. Over the past 12 months, it has facilitated around €294m, averaging roughly €24.5m per month.^[1]

• Swaper offers investments in consumer and business loans, along with vehicle leasing contracts.
• Investments start with a minimum of €10, while the maximum investment per loan is €100.
• Swaper currently claims to offer effective annual interest rates ranging from 8% to 16%.
• The platform reports a delay rate of about 17% for all loan categories, with One Leasing MK having the highest and SW Finance the lowest delay rates.
• Swaper reports an average annual investment return of 13.80% with €956 invested on average per user.

Swaper operates as a marketplace where investors buy claim rights to loans that have already been originated by partner lending companies. In practice, you lend money by purchasing these claim rights, while the underlying credit risk remains with the loan originators. Swaper itself is registered in Estonia, and its wholly owned subsidiary SW Finance OÜ holds a license from the Estonian Financial Intelligence Unit, whereas Swaper Platform OÜ is not regulated under a specific financial services license.

The current product range covers several loan types provided by different originators:

• Short term consumer loans from Wandoo Finance in Spain and Peru, typically around 30 to 35 days in length
• Short term business loans funded through SW Finance
• Long term business loans with indicative terms of 12 or 24 months
• Vehicle leasing contracts from One Leasing MK in North Macedonia

Investors can build portfolios across these products using Swaper’s auto invest feature. The minimum investment per loan is €10, which makes diversification across many small loans straightforward. Interest rates are set at product level. As of late 2025, Swaper lists base annual rates of around 10 percent to 14 percent, with a higher tier (up to 16 percent) for loyal investors who meet the platform’s balance requirement.^[2]

Most loans on Swaper come with a buyback guarantee from the loan originator. If a borrower is more than 60 days late, the originator is expected to repurchase the claim and compensate the investor for principal plus accrued interest, although exact terms depend on the specific originator and product.^[3]

For liquidity, Swaper offers a secondary market where investors can sell claim rights before maturity, alongside a prepared auto invest portfolio setup and mobile apps for both iOS and Android to monitor and adjust investments on the go.

Swaper advertises annual returns of up to 16%, depending on loan type and investor status. Standard rates on short term consumer and business loans generally fall between 10% and 14%, while investors who qualify for the loyalty tier can earn up to 16%. Vehicle leasing contracts usually offer lower rates in the 8% to 12% range. These figures reflect the nominal annual interest rates set by the loan originators.

On its statistics page, Swaper reports an average annual investment return of 13.80% percent and total interest paid to investors of more than €7.3m. The platform has surpassed €1.0bn in total funded volume. Swaper does not publish detailed historic default data but states that most loans are covered by a buyback commitment if payments are more than 60 days late. No realised loss figures or net annualised returns after buyback claims are provided.^[4]

Investors are not charged any fees. There are no fees for deposits, withdrawals, investing, auto invest, or using the secondary market.^[5] Swaper earns revenue from its loan originators through service and brokerage fees, but the exact fee structure for loan originators to the borrowers are not publicly detailed. Swaper does not withhold taxes on interest payments. Investors must report and pay taxes according to the rules in their own country.^[6]

Swaper was founded by Iveta Bruvele, who also founded the Wandoo Finance Group, one of the platform’s key loan originators.^[7] The company is led by CEO Indrek Puolokainen, who has more than 15 years of experience across fintech, crypto and digital products. He oversees strategy, product development and overall platform growth. 

Daily operations are managed by COO Marina Tjulinova, who has over 20 years of experience in finance and accounting. She is responsible for operational processes, investor support and coordination with loan originators. Legal and compliance matters are handled by Zane Ziedone, an experienced legal counsel with previous roles at Mintos and TWINO.

Swaper Platform OÜ is incorporated in Tallinn, Estonia. According to Inforegister, the sole shareholder of the company is Marina Tjulinova, who owns 100 percent of the company’s shares.^[8]

Swaper received three awards between 2019 and 2020. In 2019, the platform was recognized by BankingCheck as the Best Crowdlending Platform and received the award for Best European P2P Loan Platform from the Wealth & Finance Fintech Awards. In 2020, Swaper received another accolade from the Wealth & Finance Fintech Awards for the Best Loan Marketplace Platform.^[9]

In FY23, Swaper reported revenue growth to €3 million, up from €2.35 million in FY22, though the platform’s gross profit margin declined to 26% from 29%. EBITDA fell to €24,000, resulting in a net loss of €100,000 compared to a net profit of €130,000 the previous year. Total funds provided by Swaper users rose to €17.38 million, driven by business growth and active collaboration with loan originators.

The Company launched a new business model in December 2024 through its subsidiary SW Finance OÜ, acquiring a license to issue business loans. Despite challenges in onboarding new loan originators, cumulative loans funded increased by 42% to €507.2 million, with new loan placements up 64% and yearly interest payments rising by 43%, culminating in a cumulative interest of €7.57 million.

In FY23, Swaper indicated that its current liabilities exceed current assets by over €3.9 million, up €969,000 from FY22, raising concerns about its ongoing viability. This shortfall arises from the business model, where current liabilities include user funds for short-term loans due within 35 days. A BuyBack clause allows repurchasing of delayed loans, ensuring users maintain their claim rights. This structure results in most payments to users being classified as short-term liabilities, despite many receivables being long-term, creating an initial working capital gap. However, the platform expects this gap to narrow over time due to long-term agreements with loan originators supporting liquidity.^[10]

1. P2PMarketData: “Swaper Statistics”
2. Swaper: “Updates about Short term loan rate and Loyalty membership”
3. Swaper: “What is Buyback and What Does It Mean For P2P Investors?”
4. Swaper: “Statistics”
5. Swaper: “Fees”
6. Swaper: “FAQ: Do I have to pay taxes on the returns I receive?”
7. Paris Fintech Forum: “Speakers - Iveta Bruvele”
8. Info Register: “SWAPER PLATFORM OÜ”
9. Swaper: “Our Awards”
10. Weath & Finance: “FinTech Awards 2021 Swaper Platform OU”
11. Swaper: “Annual Report 2023”