Swaper Financial Analysis
- Written by
- Just P2P
- •
- Updated November 24, 2025
This financial analysis of Swaper covers all the key aspects identified as important for assessing peer-to-peer lending platforms. For that, we follow an approach that balances rigorous quantitative metrics with qualitative interpretation of the trends and context.
Obviously, any feedback from the platform as well comments from other investors are welcome. It is the right of the platforms to answer, complement and/or challenge the results of this financial analysis. And investors may complement with their own views and/or ask questions in the comments.
Table des matières
Swaper financial data
Swaper is the P2P platform of the company Swaper Platform OÜ founded in 2019 (Swaper SIA from 2016 to 2019), which is managed by Indrek Puolokainen. For the purpose of this financial analysis, we rely on the last 5 annual reports : 2019, 2020, 2021, 2022 and 2023. To our knowledge, these reports have been duly audited.
Based on this financial data, we have calculated the most pertinent components and ratios of the balance sheets for peer-to-peer lending platforms, as intermediaries between loan originators and investors. All metrics on which we based our financial analysis are gathered in the following tables and charts.
Annual financial statements
Let’s review Swaper financial statements starting with their yearly balance sheets and an analysis of them. Then we’ll switch to Swaper’s turnover, profit/loss and financial ratios.
Swaper Balance sheets
 | 2019 | 2020 | 2021 | 2022 | 2023 |
Total Assets | 11.7 M€ | 11.5 M€ | 14.1 M€ | 14.3 M€ | 18.7 M€ |
Current assets | 3.7 M€ | 5.2 M€ | 8.3 M€ | 10.6 M€ | 14.1 M€ |
Non-current assets | 8.0 M€ | 6.3 M€ | 5.8 M€ | 3.7 M€ | 4.6 M€ |
Total Equity | 406.7 k€ | 495.7 k€ | 610.2 k€ | 740.7 k€ | 639.9 k€ |
Total Liabilities | 11.3 M€ | 11 M€ | 13.5 M€ | 13.6 M€ | 18 M€ |
Current liabilities | 11.3 M€ | 10 M€ | 12.4 M€ | 13.6 M€ | 18 M€ |
Non-current liabilities | - | 1 M€ | 1.1 M€ | - | - |
From 2022 to 2023, Swaper experienced significant growth in their total assets (by +30% from 14.3M€ to 18.7M€). This growth was primarily driven by an increase in both current assets (from 10.7M€ to 14.1M€) and non-current assets (from 3.7M€ to 4.5M€). This suggests an expansion of their operations and an increase in the volume of loans facilitated through the platform.
The company’s liabilities also increased substantially, rising from 13.6M€ in 2022 to 18.0M€ in 2023, an increase of about +33%. All of these liabilities remained short-term in nature. This growth in liabilities likely reflects an increase in funds received from platform users for investment in loans, which is consistent with the company’s P2P lending business model.
Despite the growth in assets and operations, Swaper’s equity decreased slightly from 740,667€ in 2022 to 639,929€ in 2023. This decline was primarily due to a net loss of 100,739€ reported in 2023, compared to a net profit of 130,477€ in 2022. The company’s management report indicates that while revenues increased from 2.36M€ to 2.99M€, there was also a significant increase in costs, particularly in administrative expenses.
Additionally, the company established a new subsidiary, SW Finance OÜ, in 2023, which obtained a license from the Financial Intelligence Unit to operate as a financial institution. This expansion into new business areas may have contributed to the increased costs and temporary reduction in profitability.
Swaper Turnover & Profit
Swaper Financial Ratios
 | 2019 | 2020 | 2021 | 2022 | 2023 |
Return on Assets | 3.46% | 0.77% | 0.81% | 0.91% | -0.54% |
Return on Equity | 99.39% | 17.95% | 18.76% | 17.62% | -15.74% |
Current Ratio | 0.33 | 0.52 | 0.67 | 0.78 | 0.78 |
Equity to Asset | 3.48% | 4.31% | 4.33% | 5.17% | 3.42% |
Operating Expense | 17.70% | 35.90% | 27.74% | 27.96% | 31.80% |
Revenue Growth | - | 44.03% | 10.68% | 9.87% | 26.73% |
Assets Growth | - | -1.61% | 22.50% | 1.85% | 30.34% |
Liabilities to Equity | 27.72 | 22.18 | 22.07 | 18.36 | 28.20 |
Cost Efficiency | 17.70% | 35.90% | 27.74% | 27.96% | 31.80% |
Financial analysis 2023
In 2023, Swaper experienced a year of contrasting financial outcomes. The company’s profitability declined significantly, with ROA turning negative at -0.54% and ROE at -15.74%, primarily due to increased administrative expenses. Despite this profitability challenge, the company maintained its short-term liquidity, with the current ratio holding steady at 0.78.
The company’s capital structure shifted, with the equity to asset ratio decreasing to 3.42% and the total liabilities to equity ratio rising to 28.20. This indicates a higher reliance on debt financing, potentially to fuel the company’s expansion efforts. Operational efficiency also declined, as evidenced by the increase in the operating expense ratio to 31.80%.
However, Swaper demonstrated remarkable growth in 2023. Revenue increased by 26.73%, accelerating from previous years, while total assets grew by 30.34%. These growth rates suggest strong market demand and successful expansion of the company’s operations and market presence.
The cost to income ratio increased to 31.80%, reflecting the higher expenses that outpaced revenue growth. This metric, along with the negative profitability, highlights the tension between the company’s rapid expansion and its current cost structure.
Overall, 2023 was a year of significant growth for Swaper, but this expansion came at the cost of profitability and operational efficiency. The financial indicators suggest a company prioritizing market share and scale over immediate profitability, a strategy that’s not uncommon in competitive, high-growth sectors like peer-to-peer lending.
Challenges for Swaper
1. Profitability Improvement : The negative profitability ratios to which Swaper was not used to so far suggest a need to enhance profitability while sustaining their solid growth momentum.
2. Cost Optimization : The increased operating expense ratio as well as the cost to income ratio indicate an opportunity for improved cost management and operational efficiency.
3. Capital Structure Management : The decreased equity to asset ratio and increased reliance on debt financing present an area for attention to ensure long-term financial stability.
Opportunities for Swaper
1. Market Expansion : The strong revenue and asset growth rates of Swaper during 2023 suggest potential for further market penetration and scaling of their operations in Europe.
2. Operational Efficiency : As the platform grows, there’s potential to achieve economies of scale and streamline business processes to enhance the cost structure.
3. Technology Enhancement : As a fintech platform, there are certainly opportunities to leverage new technologies to improve user experience, risk management, and operational efficiency.
Long-Term Tendency
Over the 5 past years, Swaper has shown a clear trajectory of growth in terms of revenue and total assets. The platform has consistently increased its market presence and operational scale. However, this growth has come with challenges, particularly in maintaining profitability and managing costs.
The platform has evolved from a smaller operation with high profitability in 2019 to a larger, more complex entity with lower margins but significantly higher volume by 2023. This evolution suggests a strategy focused on market share and growth rather than short-term profitability.
Looking forward, the platform’s future trajectory will likely depend on its ability to balance growth with profitability. The negative result in 2023, despite strong revenue growth, indicates a critical juncture where the company needs to optimize its operations and cost structure to return to profitability while maintaining its growth momentum.
The consistent increase in total assets and revenue suggests that their peer-to-peer lending model remains attractive to both borrowers and lenders. However, the increase in liabilities indicates that the platform may be adjusting its funding model or facing changes in market dynamics.
In conclusion, these trends highlight the challenges of scaling while managing risk and maintaining financial stability. The platform’s future success will likely depend on its ability to leverage technology for better risk assessment and to improve operational efficiency.
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About the Author
Silvère is an economist and IT engineer with numerous years of experience in business management, FinTech investment and digital marketing. He invests mainly in crowdlending especially P2P lending, P2B lending, and real estate crowdfunding.