Swaper Review

Last updated on 24 March 2021 by Reza

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P2P Platform Swaper review

The Swaper platform has been around since 2016 and is one of the smaller to medium-sized P2P platforms in Europe, with approximately €189 million in loans brokered.

Swaper offers an annual return of 14% p.a. on all loans. With the loyalty bonus, often called VIP status, even a return of 16% p.a. is possible. For this you have to deposit 5,000 € and invest for at least 3 months.

Introduction of Swaper as a P2P platform

Swaper brokers P2P loans made by the platform's founder, Wandoo Finance Group.

Swaper(Swaper Platform OÜ) is part of Wandoo Finance Group and was launched in October 2016 to enable European investors to invest in unsecured consumer loans in Central and Eastern Europe. Currently, investors can invest in loans from Poland, Spain and Denmark. Poland and Spain are the platform's core markets.

Swaper's CEO is Indrek Puolokainen and the platform is based in Tallinn, Estonia. Swaper is not regulated by any supervisory authority (January 2021).

Swaper Platform OÜ at a glance

  • More than 4,400 registered investors
  • Approx. €189 million in brokered loans
  • Expected return of 14% p.a. per year
  • From an investment amount of € 5,000 for 3 months up to 2 % loyalty bonus
  • Consumer loans from Poland, Spain and Denmark
  • All loans have a buyback guarantee
  • Investments starting from 10 €
  • Investors can invest manually and fully automatically
  • Secondary market available
  • Tax certificate is available

Who can invest on Swaper?

As a private investor, you must be at least 18 years old, a resident of the EU or the European Economic Area (EEA) and have a valid bank account in the EU or EEA to invest on Swaper. Currently, the platform does not accept investors from Poland and private investors from Estonia (as of February 2021).

Companies can invest on Swaper if they provide additional anti-money laundering protection information, such as their registration documents, beneficial owner information, legal representative identification, and other individually required information.

Mediation of P2P loans on Swaper

Infografik P2P Plattform Swaper

P2P loans are offered on the Swaper platform, provided by the founder of the Wandoo Finance Group platform.

Wandoo Finance Group is a fintech company that has been around since 2016. The group offers a variety of financial services. These include unsecured consumer loans in Poland, Spain, Denmark and Russia.

On Swaper, only consumer loans from Denmark, Poland and Spain are currently offered to P2P investors. All loans are issued with a buy-back guarantee (BuyBack Guarantee).

Example: Lending by Wandoo Finance Group

Kreditvergabe durch Wandoo Finance Group Swaper in Polen

You can see how Wandoo Finance Group makes loans on their website. Here is an example from their Polish website.

Swaper Review

Swaper is rather one of the newcomers among P2P platforms and has been brokering loans only since 2016, while Wandoo Finance Group was founded in the same year.

The platform has grown strongly in recent years and has brokered a loan volume of almost €190 million since its inception .

Swaper kumuliertes Kreditvolumen in Euro

In the same period, Swaper has paid out over €2.8 million in interest to investors.

Swaper kumulative Zinsen in Euro

Unfortunately, Swaper does not provide more detailed information on defaults or other statistics on their website. At the beginning of the Corona crisis, they communicated very regularly and sometimes reported weekly on their blog. Currently, they have moved to monthly reporting. This regular and customer-friendly communication was seen as very positive.

According to our research, user experiences have been overwhelmingly positive.

How did Swaper do during the Corona crisis?

Swaper came through the Corona crisis well. Total investments and interest grew less at the beginning of the Corona crisis (March - June), as you can see in the graphs by the slightly flattened line.

According to Swaper's own statements, there were no significant defaults or other dicey situations on the platform. However, it was observed that some loans experienced delays due to payment difficulties.

To the surprise of many investors, Swaper even increased interest rates by 2% p.a. to 14% p.a. to attract more investors.

Swaper reacted very quickly to the crisis by cutting costs and reducing expenses. During the crisis, Swaper was also confronted with new regulatory conditions in Poland and Spain, which Swaper was able to meet.

Advantages and disadvantages of Swaper


  • All loans have a buyback guarantee.
  • Swaper offers fixed annual returns of 14% per annum.
  • You can invest manually or automatically via auto-invest portfolio.
  • Investors pay no fees.
  • Swaper offers a user-friendly app.


  • Only a few loans available at times.
  • If the platform or Wandoo Finance Group goes bankrupt, you could lose some or all of your invested capital - despite buyback guarantee.

Sign up as an investor with Swaper

You can sign up with Swaper in just 4 steps:

1. register

Registrierung auf Swaper

You can register via the menu item "Register". Then enter your email address and phone number, and choose a password.

2. personal information

Registrierung auf Swaper - persönliche Informationen

In the next step you enter your personal information like name, address, date of birth and passport number and choose between EUR and GBP as currency. If you have a promo code, do not forget to enter it.

3. financial data

In the third step you have to answer some questions about your finances. For example, where your invested capital comes from or your annual household income after taxes, living expenses or other obligations.

After that, legal questions are clarified, where you have your tax residence and whether you are a politically exposed person.

Registrierung auf Swaper - Abfrage der Finanzdaten

4. identity verification and account verification

In the last step you have to confirm your identity.

Registrierung auf Swaper - Überprüfung deiner Identität

You can also skip this step if you want to check out the platform first. If you want to invest later, you can simply do the verification later.

To verify your identity, you will need a photo of your ID or passport (both sides) and a bill from a government agency, utility or financial institution showing your name, address and a date. When your documents are approved, you will receive an email confirming that you have been successfully identified.

To verify your account on Swaper, you only need to make a first deposit to your account.

Deposits and withdrawals on Swaper

Deposits and withdrawals on Swaper are managed through a central account. In order to assign the deposits to different users, the purpose of the transfer is used.

Deposit money

To deposit money to your account, click on the button "Deposit money" on the pages "Overview" or "My profile".

Einzahlungen auf Swaper

After that you will be shown which information you have to enter in order to transfer money to your account.

It is important that the purpose of the transfer is correct. If it is wrong, the transfer cannot be assigned to your user account.

Swaper needs up to 2 business days to allocate your deposit to your account. Most of the time the amount will be credited to your account after only one business day.

Withdraw money

To withdraw your money, select "Withdraw money" on the details page or on your profile.

Withdrawals are processed within 10 business days and can be made from an amount of 10 euros.

Invest in P2P loans on Swaper

Swaper offers you the possibility to invest in P2P loans manually or automatically via the Auto-Invest function.

Invest by Auto-Invest

With the Auto Invest feature you can createmultiple Auto-Invest portfolios and invest automatically.

Swaper Auto-Invest Portfolio

You can create a new Auto-Invest portfolio on the overview.

First you specify portfolio size and portfolio duration. Swaper will show you on the right side of the screen what return you can expect.

Swaper Auto-Invest Portfolio erstellen

After that you can choose a name for your portfolio. If you want to create multiple portfolios, it is best to choose something meaningful that describes the strategy of the portfolio, for example "conservative" or "risky".

When you click on "Create Portfolio", your first portfolio is already created.

But you can also make further settings by clicking on "more options".

Swaper Auto-Invest weitere Einstellungen

Then you can make additional settings like:

  • Interest rate
  • Amount per loan
  • Loan term
  • Minimum account balance
  • Countries
  • Whether you want to invest in delayed or extended loans

When you click on "Create portfolio", you will see the new Auto Invest portfolio in your overview. The status will change to "investing". However, it may take a few days until the first investments are made.

Swaper meine Auto-Invest Portfolios

How to create the Auto Invest and set it up correctly is described in detail in this article .

Manual investing

Swaper manuell investieren

You can invest in your own selected loans on Swaper. You can filter the available loans.

However, this is not recommended, as manual selection is very time-consuming. Since you should diversify your investments to reduce your risk, you would have to manually select hundreds of loans on a regular basis.

For example, if you spread an investment of 500 euros over loans of 10 euros each with a maturity of about 30 days, you would have to select 600 loans per year.

In addition, the loans on Swaper seem to be very sought after. New loans are often bought up very quickly by the other Auto Invest portfolios, after which there is nothing left for you.

What returns can be achieved on Swaper?

On Swaper, all loans are offered at an annual rate of 14% p.a..

With the loyalty bonus you can get an additional return of 2% p.a. and reach a total of 16% p.a.. The condition is that you invest more than 5,000 € within 3 months.

What costs and fees do investors have to pay on Swaper?

The Swaper platform is currently free of charge for investors .

Can I select individual loans on Swaper?

Yes, this is possible. You can filter the loans and select individual loans in which you want to invest.

However, we would advise you to invest automatically.

Is there a secondary market on Swaper?

Yes, there is a simple secondary market. Where Swaper buys the loans back from you and then re-issues them on the primary market (initial issuance).

With the secondary market, the platform gives you the opportunity to get your money in the short term. However, you can't sell cheap loans or good performing loans more expensive on the market.

Is there a Swaper app?

Yes. Swaper offers a user-friendly app. The app offers almost all the same features as the website.

Swaper App

You can invest manually or automatically through the app. In the app you can find an overview of your investments and deposits. You can also easily manage your personal details and notifications in the app.

Risk when investing on Swaper

Investing on Swaper comes with risks. The platform arranges short- and long-term consumer loans in Denmark, Poland, and Spain, which may default.

There is also a possibility that the platform or the loan originator, Wandoo Finance Group, could go bankrupt. What risks you have to expect when investing in P2P loans, we explain in our P2P loans guide.

How reputable is Swaper?

Swaper has been on the market since 2016 and has brokered more than €190 million in loans since then. To operate a dubious platform over such a long period of time and to broker almost €200 million in loans is not possible in our opinion. Therefore, we would basically classify Swaper as reputable.

Certainly, the platform, but also the investors, would benefit from a timely regulation by a financial market regulator.

What are the default rates on Swaper?

Swaper does not provide any information on default rates.

Practically, no loans default because of the repurchase guarantees. On comparable platforms, default rates are between 5% - 10%. We assume that default rates on Swaper are similar.

How does the repurchase guarantee work on Swaper?

All loans on Swaper are issued with repurchase guarantees.

If a borrower fails to make payments for more than 30 days, Swaper will pay you back the invested amount and the lost interest.

Of course, the repurchase guarantee is only as secure as the loan provider itself. On Swaper there is in fact only one loan provider, Wandoo Finance Group. If Wandoo itself gets into financial difficulties, the group will certainly not be able to honor its guarantees. In no case should you blindly rely on the repurchase guarantees on Swaper.

Are the loans on Swaper protected by the deposit insurance?

No, the loans on Swaper are not protected by the deposit insurance.

Taxes: Tax on income from P2P loans on Swaper

Swaper assists its investors in taxing their interest income by providing an income certificate.

Prepare tax return on Swaper

Swaper Einkommenssteuerbescheinigung

Under the menu item "My profile" you will find the section "Income certificate".

Here you can download a certificate for the last calendar years but also for individual periods at any time.

Register now as an investor on Swaper

If we could arouse your interest in Swaper, you should register as an investor on the platform. Only through your own experience you can ultimately determine for yourself whether you like the platform.

Maybe you even like Swaper so much that you want to participate in the Swaper loyalty program.