PeerBerry vs Swaper — Which Is Better in 2026?

PeerBerry and Swaper are the two platforms I get asked about most often by investors who want simplicity. Both are unregulated. Both focus on short-term consumer loans. Both offer loyalty programs that reward larger portfolios. Both have buyback guarantees.

They’re closer in DNA than almost any other pair of European P2P platforms. So the differences that do exist matter a lot.

I’ve invested on both since they launched, and they serve a similar role in my portfolio: hands-off P2P allocations that generate double-digit returns without requiring constant attention. But the details — originator quality, loyalty program structure, track record, and risk concentration — point to meaningfully different risk/reward profiles.

The short version: PeerBerry is the larger, more established platform with a better track record and multiple originators. Swaper offers higher returns and a more generous loyalty program but concentrates everything on a single originator. For a “pick one” decision, PeerBerry is the safer bet. For maximum yield, Swaper wins.

Quick Comparison: PeerBerry vs Swaper

Returns: The Headline Difference

The gap in returns is the first thing anyone notices. PeerBerry offers ~11% base returns. Swaper offers 14%. With loyalty bonuses maxed out, PeerBerry reaches ~12% while Swaper hits 16%.

That 4 percentage point spread (at the loyalty tier most investors reach) is significant. On a EUR 25,000 portfolio over 5 years:

• PeerBerry at 11.75% (Gold tier): ~EUR 43,850 (EUR 18,850 in returns)
• Swaper at 16%: ~EUR 52,450 (EUR 27,450 in returns)

That’s roughly EUR 8,600 more in Swaper’s favor. Over a decade, the compounding gap becomes massive.

But returns never exist in isolation. Swaper’s higher yield comes from Wandoo Finance charging borrowers over 200% annualized interest on short-term consumer loans. The margins are enormous, which is how they can afford to pay investors 14-16%. It works — until it doesn’t. PeerBerry’s lower returns reflect a more diversified lending base and, arguably, a more sustainable model.

Both platforms charge zero fees, which is nice. Your return is your return — nothing gets skimmed off.

Loyalty Programs: Head-to-Head

This is one of the most interesting direct comparisons in European P2P. Both platforms reward larger investors, but the structures are very different.

PeerBerry’s loyalty program:

• Silver: EUR 10,000+ invested = +0.5% extra return
• Gold: EUR 25,000+ invested = +0.75% extra return
• Platinum: EUR 40,000+ invested = +1% extra return

You must be a member for 90+ days to qualify. The bonus is tiered, and reaching the top tier requires a substantial EUR 40,000 commitment.

Swaper’s loyalty program:

• EUR 5,000+ invested = +2% extra return

One tier. One threshold. Considerably more generous.

To match Swaper’s +2% bonus on PeerBerry, you’d need… well, you can’t. PeerBerry’s maximum bonus is +1%, and that requires EUR 40,000. Swaper gives you double the bonus at one-eighth the portfolio size.

For smaller investors (EUR 5,000-20,000), Swaper’s loyalty program is dramatically more valuable. Even for larger investors, Swaper’s flat +2% beats PeerBerry’s best tier. If loyalty bonuses are a priority, Swaper wins this comparison hands down.

Loan Originators: Diversified vs Concentrated

PeerBerry works with 12 loan originators across 8 countries. The platform started with Aventus Group, which still accounts for approximately 80% of all loans. Gofingo handles another ~15%. The remaining originators fill smaller niches.

That 80% Aventus concentration is PeerBerry’s biggest structural risk — but Aventus Group is a profitable, audited company with a strong track record. They’ve published financial statements, maintained profitability through COVID, and signed an additional guarantee agreement with PeerBerry covering originator default scenarios. Gofingo has similarly demonstrated consistent growth and profitability.

Swaper operates with a single loan originator: Wandoo Finance. Every loan on the platform comes from Wandoo. The company started in Latvia in 2016 and expanded to Poland and Spain. Wandoo issues unsecured consumer loans of EUR 50 to EUR 1,500 with up to 30-day terms.

In terms of concentration risk, both platforms are more concentrated than I’d ideally like. PeerBerry’s 80% Aventus dependency is high but not absolute — you still have 11 other originators providing some buffer. Swaper’s 100% Wandoo dependency means there’s no buffer at all.

On the other hand, Swaper’s geographic spread across three distinct markets (Latvia, Poland, Spain) provides some diversification within that single originator. Different regulatory environments, different borrower populations, different economic cycles. It’s not nothing.

Track Record and Scale

Scale matters in P2P because it signals investor confidence and operational maturity.

PeerBerry has funded over EUR 3.24 billion since launching in 2017, with 110,000+ registered investors. Those are serious numbers for a European P2P platform. The platform weathered the COVID crisis and geopolitical disruptions (several of its originator countries were affected by the Russia-Ukraine situation) without major investor losses.

Swaper has funded around EUR 160 million with 4,000+ active investors. Smaller by a factor of 20. The platform has also operated smoothly since 2016, and notably communicated well during the COVID crisis (eight official updates through the Swaper blog — better than most platforms).

The scale difference doesn’t necessarily mean PeerBerry is better. Swaper is intentionally smaller because it runs on one originator and keeps things focused. But larger platforms generally have more resilient business models — more investor capital creates more lending capacity, which attracts more originators, which enables more diversification. It’s a flywheel that smaller platforms can’t easily replicate.

For an overview of how both fit into the broader European P2P landscape, see my ranking of the best European P2P lending platforms.

Features and Usability

Both platforms are built for simplicity, and both do it well.

PeerBerry’s interface is clean, fast, and easy to navigate. Set up auto-invest, deposit money, and you’re earning within minutes. The platform supports three languages (English, German, Spanish) and accepts SEPA transfers in EUR only. One notable quirk: PeerBerry only requires identity verification at the withdrawal stage, not at registration, which is unusual compared to other platforms.

Swaper’s design is equally polished — possibly the best-looking P2P platform I’ve used. The interface feels like a modern fintech product rather than a finance website from 2015. Auto-invest is straightforward, and since every loan pays the same rate, there’s virtually nothing to configure. You can invest in EUR or GBP.

The key feature difference: Swaper has a secondary market (with zero fees), and PeerBerry does not. If you need to exit early, Swaper gives you an option. On PeerBerry, you wait until maturity. Since PeerBerry’s loans are mostly 30-day terms, the lack of a secondary market isn’t critical — but for larger portfolios, having an exit option provides valuable peace of mind.

Swaper’s buyback triggers faster (30 days vs PeerBerry’s 60 days), which means defaulting loans resolve sooner. Another small but meaningful advantage.

Both platforms have responsive customer support. I’ve found Swaper’s live chat particularly excellent — quick, helpful, and surprisingly cheerful.

The Elephant in the Room: No Regulation

Neither PeerBerry nor Swaper is regulated under MiFID II or ECSP. Both operate under domestic corporate law rather than financial supervisory frameworks. This is the single biggest risk factor for both platforms.

What does that mean in practice? No investor compensation scheme. No mandatory capital adequacy requirements. No regulatory oversight of how your money is handled. If either platform or its originators face serious financial problems, you’re relying on the company’s goodwill and contractual obligations — not a regulatory backstop.

PeerBerry has mentioned pursuing Lithuanian licensing, but as of 2026, it’s not in place. Swaper has made no public moves toward regulation.

If regulatory protection is important to you, neither of these platforms will satisfy that requirement. Look at Mintos or ViaInvest instead — both are MiFID II regulated. For a comparison of the regulated options, see Mintos vs ViaInvest.

If you accept the unregulated risk and want the best returns in P2P, that’s where Swaper and PeerBerry compete.

Who Should Choose Which?

Choose PeerBerry if you:

• Want a larger, more established platform (EUR 3.24B funded, 110,000+ investors)
• Prefer some originator diversification (12 originators vs 1)
• Are building a bigger P2P allocation where concentration risk matters
• Value a longer track record through multiple economic cycles
• Are OK with ~11-12% returns in exchange for lower concentration risk

Choose Swaper if you:

• Want the highest returns available in European P2P (14-16%)
• Prioritize the loyalty program (+2% at just EUR 5,000)
• Need a secondary market for potential early exit
• Are comfortable concentrating on a single originator (Wandoo Finance)
• Are keeping the allocation relatively small as part of a broader P2P portfolio

Use both if: You want platform-level diversification across unregulated platforms. PeerBerry gives you more originator spread and a proven track record; Swaper gives you higher yield and a secondary market. Using both also hedges against platform-specific risk — if either platform has issues, the other is unaffected. Pair them with a regulated platform like Mintos for a balanced approach. See the P2P lending guide for more on building a diversified P2P portfolio.

Verdict

If I had to choose one of these two, I’d pick PeerBerry. The scale advantage (EUR 3.24B vs EUR 160M), the originator diversification (12 vs 1), and the longer, more tested track record give me more confidence with a meaningful investment. The lower returns are the price of that relative safety.

But Swaper’s returns are genuinely compelling. A fixed 14% plus the +2% loyalty bonus at just EUR 5,000 is the best yield in European P2P — and the zero-fee, zero-hassle approach is hard to argue with. For a smaller allocation (EUR 5,000-15,000) within a diversified P2P portfolio, Swaper adds real value.

The honest recommendation: use PeerBerry for size and stability, Swaper for yield, and pair both with a regulated platform for your core allocation.

Read my full PeerBerry review and Swaper review for deeper analysis.

Frequently Asked Questions

Which has better returns — PeerBerry or Swaper?

Swaper offers significantly higher returns. Base rates are 14% (Swaper) vs ~11% (PeerBerry). With loyalty bonuses maxed out, Swaper pays 16% vs PeerBerry’s 12%. However, Swaper’s higher returns come with higher concentration risk, as all loans are from a single originator (Wandoo Finance).

Are PeerBerry and Swaper regulated?

No. Neither platform is regulated under MiFID II or ECSP. PeerBerry operates under Lithuanian licensing, and Swaper under Estonian corporate law. Neither offers an investor compensation scheme. For regulated P2P platforms, consider Mintos or ViaInvest, both of which are MiFID II licensed.

Which loyalty program is better — PeerBerry or Swaper?

Swaper’s is more generous by a significant margin. Swaper gives +2% for EUR 5,000+ invested. PeerBerry’s best tier (Platinum) gives +1% but requires EUR 40,000+. For most investors, Swaper’s loyalty program provides double the bonus at a fraction of the capital requirement.

Does PeerBerry have a secondary market?

No. PeerBerry does not offer a secondary market, so you can’t sell loans before maturity. Swaper does have a secondary market with zero fees. Since PeerBerry’s loans are mostly 30-day terms, the lack of a secondary market is less problematic than on platforms with longer loan durations.

Which platform is larger?

PeerBerry is substantially larger, with EUR 3.24 billion+ funded and 110,000+ registered investors. Swaper has funded around EUR 160 million with 4,000+ active investors. PeerBerry also has more loan originators (12 vs Swaper’s 1) and covers more countries (8 vs 3).

Can I use both PeerBerry and Swaper?

Yes. Using both provides platform-level diversification and lets you benefit from PeerBerry’s stability and Swaper’s higher returns. Many experienced P2P investors combine multiple platforms to spread risk. Consider pairing both with a regulated platform like Mintos for a more balanced portfolio.

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