We would like to update you on the regulation adopted in Poland in 2022, which is set to come into force from January 1st, 2024. In response to this, Swaper has taken proactive measures, finalizing various processes to ensure a smooth transition and uninterrupted operation by introducing new loan products.
- For many years, we’ve had a successful partnership with Wandoo Finance Group, a trusted collaborator that has consistently honored obligations and fulfilled promises to investors. Notably, Wandoo Finance Group has demonstrated reliability, delivering on commitments even during turbulent times. Now, we’re expanding our collaboration to introduce more loan products and onboard new markets.
- Swaper Platform has registered a related company – SW Finance – that has successfully obtained the required licensing from The Financial Intelligence Unit Estonia. This subsidiary is now an officially licensed entity, intended to provide financing for the lending operations of the Wandoo Finance Group and pave the way for the addition of new products and also other loan originators.
- In the coming weeks, Swaper Platform will unveil a new product – business loans – provided through cooperation with Wandoo Finance Group. This addition will contribute to the ongoing availability of loan supply on the platform. Simultaneously, the proportion of consumer loans from Poland will gradually decrease as they naturally amortize, making room for this product. Business loans will feature consistent terms, including:
- a 14% interest rate, while our loyal users continue to benefit from a competitive 16%;
- the loan term remains unchanged – 30 days;
- if the borrower is 60 days late in repaying the loan, your funds and interest earned will be repaid as usual.
- Business loans managed by SW Finance have been assessed by external legal and tax advisors in Poland and Estonia and we have made sure that this solution complies with law requirements.
Rest assured, our core principles remain unaltered:
- the interest rate of 14% and loan term stay unchanged;
- loyal users continue to enjoy a competitive interest rate of 16%.
- as usual, in case if borrower delays loan repayment for 60 days, you will get back your funds and earned interest, just as it has always been.
In addition to the new product Swaper Platform is actively collaborating with new loan originators, and we have already initiated work with Wandoo Finance Group to onboard a loan originator from Romania, where they started operations a year ago. Until now, loans from Romania could not be offered on the platform due to legal considerations, which necessitated the establishment of SW Finance as a licensed entity. Obtaining the license for SW Finance was not only essential for starting to offer business loans, and onboarding the Romanian loan originator but also lays the groundwork for the onboarding of new loan originators in the future.
These efforts are geared towards enhancing the loan supply on our platform and minimizing cash drag for the benefit of all our users.