Robo.cash hits 1m loans milestone
EUROPEAN short-term peer-to-peer lender Robo.cash has now financed one million loans.
The Croatia-based P2P lending platform said on Friday that its cumulative loanbook has a total value of €89m (£79m).
It has funded 284,400 loans in the first five months of the year alone, up 26 per cent annually.
There has also been a 54 per cent boost in registered users, with 6,700 investors funding short-term consumer loans in Spain, Russia, Kazakhstan and the Philippines, Robo.cash said.
Read more: Robo.cash welcomes new loan originator
“Interest from investors in alternative lending has increased,” Sergey Sedov, chief executive of Robocash Group, said.
“We can expect a similar trend in the future, as the market is still far from being saturated.
“The dynamic development of the alternative lending industry attracts investors with its novelty, prospects and relatively high interest rates compared with bank deposits.”
It revealed in March that the Philippines had become its biggest market, having backed €2.4m (£2m) of loans since December 2018.
The Latvia-based P2P platform began providing short-term loans in the Philippines in December 2018 and the market now represents the highest volume of lending so far this year.
It has also found that more than half of its lenders are millennials, with data showing the younger demographic is steadily taking the leading position from the older generation of investors.
