TWINO Investments - 6th LV MiCA CASP 2026

On 4 June 2026, Latvijas Banka granted MiCA CASP authorisation to AS TWINO Investments - making it the sixth Latvian MiCA CASP licence and the first in the Baltics with a unique combination: MiCA CASP plus an investment firm licence. That opens the door to integrated management of traditional securities and crypto-assets on a single regulated platform. In this deep dive we look at Twino Group's history, ownership, financials, services and place in the regional context.

Company profile

History and ownership

Twino Group was founded by Armands Broks in 2009 as SIA FINNO (later renamed SIA TWINO) - one of the earliest Latvian consumer credit companies. Broks still owns 100% of the parent shares and is the strategic driver behind the group.

2015: TWINO launched a P2P investment platform that lets retail investors take part in the Twino Group consumer loan book - a combination of credit operator + investment platform that was unique in the Baltics at the time.

September 2021: AS TWINO Investments obtained an investment firm licence from Latvijas Banka, becoming MiFID II compliant. That allows it to offer securities services in a regulated framework - not just P2P loan packages, but also traditional financial instruments.

April 2025: Nauris Bloks became TWINO's CEO. Bloks was previously TWINO's IT Director (2018-2022), so his return signals a tech-driven push for the next phase.

4 June 2026: Latvijas Banka grants MiCA CASP authorisation on top of the existing investment firm licence - the "existing financial market participants" path, a fast-track procedure for already-licensed financial market participants.

Financials

Versus the large regional crypto exchanges (Bitvavo at $1-10bn/month, Backpack Group ~$200m/day), Twino Investments is a relatively small operator. But the stability factor - the parent's 16+ year operating history and proven profitability - gives it a trust advantage with institutional clients and the Latvian retail market.

What the MiCA CASP licence allows

The AS TWINO Investments MiCA CASP authorisation covers four services:

1. Custody and administration - safe custody of crypto-assets on behalf of clients
2. Crypto for fiat - exchange of crypto-assets against euro
3. Crypto for crypto - trading pairs between digital assets
4. Order execution - routing and execution on behalf of clients

Unlike Paybis Europe (CASP + PSD2 EMI) or Backpack EU (CASP + PSD2 PI), Twino's combination is CASP + Investment Firm licence - the first such combination in the Baltics.

Why the unique combination matters

A practical example: a client could hold both stocks (via the MiFID II framework) and BTC/ETH (via MiCA) in a single account, receive one consolidated portfolio report and tax summary. That's an experience offered today only by a handful of global players (eToro, Robinhood EU) - and by nobody in the Baltics so far.

Expected service set

Although the MiCA CASP licence was just granted, the expected Twino Investments offer is:

• Spot crypto trading: ~30 major assets (BTC, ETH, USDC, USDT, etc.)
• Fees: ~0.5% spot (both maker and taker)
• SEPA deposit/withdrawal: free
• Fiat: EUR primarily, USD possible later
• Custody model: segregated accounts, cold storage
• Mobile app: Android and iOS (expecting an integrated crypto + securities product)
• 2FA: ✓ mandatory on all accounts
• Latvian, Russian and English UI

Comparison with competitors

Strengths

• Unique licence combination - the only Baltic CASP with MiCA + investment firm
• Latvijas Banka supervision - one of the stricter EU regulators
• Latvian-language UI - rare among MiCA CASP exchanges
• 16+ year operating history via the parent Twino Group
• Proven profitability - €362,385 profit in 2024
• 22,000+ existing investors, many of whom could become crypto clients
• LV/RU/EN support - broad regional coverage
• Latvian brand with local trust

Weaknesses

• Small operational scale versus international exchanges
• Higher fees (~0.5%) than Bitvavo (0.15-0.25%) or Backpack EU (0.08-0.10%)
• Smaller coin set (~30) than Bitvavo (400+)
• No derivatives or perpetual futures
• No public Proof of Reserves (yet)
• Q1 2025 funding drop of -44.5% YoY - signals shifting P2P lending dynamics
• New crypto product - operating history still to build
• Centralised dependence on a single founder (Broks 100%) - corporate-governance risk

Who Twino Investments suits

• Latvian residents who want a local brand with full Latvian-language support
• Existing Twino Group clients (22,000+ investors) who want to expand into crypto
• Hybrid investors who want securities + crypto on a single regulated platform
• HNW clients who value a single licensed partner for both asset classes
• Regional trust seekers - 16+ year Latvian brand under Latvijas Banka supervision

Who it doesn't suit

• Active crypto traders - fees higher than Bitvavo, Kraken, Backpack EU
• DeFi and altcoin enthusiasts - limited coin set
• Derivatives users - spot only
• Global clients outside the EEA - only EEA support
• Large institutional clients - scale still small

Top regional alternatives

• Bitvavo - 5x lower fees, 400+ coins, full MiCA
• Paybis Europe - LV-regulated with PSD2 EMI, fiat focus
• Backpack EU - Solana focus + perpetual futures
• Coinmotion - Finnish leader with EUR focus
• Kvarn X - MiCA + MiFID II professional trading

Market context and outlook

Twino Investments' MiCA CASP licence marks an interesting Baltic trend: traditional financial market participants expanding into crypto via the "existing financial market participants" fast-track. This template is likely to show up in other Baltic countries too:

• Latvia: Twino Investments is first. Other investment firms could follow (e.g. LHV Bank Latvia spin-off, Citadele Asset Management)
• Estonia: LHV Pank already got MiCA authorisation on 2026-05-18
• Lithuania: Šiaulių bankas or other local brokers might follow

Twino Investments' strategic directions for 2026-2027:

1. Integrated portfolio product - one unified crypto + securities interface
2. Twino P2P + crypto investment baskets - hybrid DeFi-like products
3. EEA passporting - expansion into Lithuania, Estonia, Finland
4. Institutional client products - asset management on Twino infrastructure

Bottom line

The TWINO Investments MiCA CASP licence is a historic moment in the Baltic regulated crypto market - the first combination of MiCA + investment firm licence, opening the door to integrated management of traditional securities and crypto-assets. Latvian-language support and the 16+ year Twino Group reputation make it an interesting choice for local Latvian users with hybrid investment plans.

That said, active crypto traders will still find better value at Bitvavo or Backpack EU - lower fees and a wider coin selection. Twino Investments' niche will be defined by the quality of the integrated securities + crypto product and Twino P2P + crypto hybrid baskets, which are still pre-launch.

Watch in 2026-2027:

1. Full crypto product launch date
2. Fee structure and price competitiveness
3. Securities + crypto integrated UX
4. EEA passporting and regional expansion
5. Twino Group revenue split between traditional P2P and new crypto lines

Sources

• Latvijas Banka - TWINO Investments MiCA authorisation (2026-06-04)
• TWINO - official site
• TWINO Review 2026 - Rethink P2P
• TWINO Review - P2P Empire (2025)
• TWINO platform analysis - P2P Market Data
• TWINO overview - CrowdSpace
• BeyondP2P - TWINO Review 2025
• Latvijas Banka - financial market participant register