Robocash plans Asian expansion

Robocash, the holding company of peer-to-peer lender Robo.cash, is planning on extending its lending operations in Asia, its latest accounts have revealed.

Its accounts for 2019 shows its plans to launch an online bank project in the Philippines during the fourth quarter of this year and is also considering entering other Asian markets.

The platform’s annual report shows its profits rose from $11.6m in 2018 to $15.8m last year.

Robo.cash is open to European investors and lends in Russia, Spain, Vietnam the Philippines and Indonesia.

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“Management plans to develop a number of new products and technologies to finance online trading operations, service various finance needs for customers and provide transactional services that will enable a shift to near prime banking segments,” Sergey Sedov, chief executive of Robocash, said.

It follows reports earlier this year that Robocash Group was planning a $100m (£54.9m) stock market float at the end of the year  in Australia to fund its launch of a digital bank in the Philippines.

At the end of March Robo.cash reached a milestone of €150m (£135.8m) of loans being financed through the platform.