Robocash Group reports 53.6pc revenue growth for first half of 2022

Robocash Group – the parent company of peer-to-peer lending platform Robo.cash – has reported 53.6 per cent revenue growth for the first half of 2022 after doubling its issuance volumes.

During the first six months of 2022, Robocash Group issued $657.8m (£547.02m) of loans worldwide, 50 per cent more than the same period of 2021.

Revenue for that period amounted to $214.9m, while net profits were $13.9m.

The Singapore-based fintech group noted that overall profits were down by 9.7 per cent compared to the same period last year.

This was due to the ongoing development of a number of e-commerce products in the Philippines, Robocash Group said.

Read more: European P2P platforms see rising volumes

Last month, the group’s subsidiary in the Philippines launched a medicine aggregator service called UnaPharma, which allows customers to reserve medication for pick-up in any partnered pharmacies.

Meanwhile, Digido, the group’s short-term loans service in the Philippines, has rolled out a consumer credit line for returning customers, and allowed borrowers to take longer-term loans with split payments.

Read more: Robocash says India and Indonesia restart possible for next year

“For the second half of the year, we plan to focus on improving the profitability of our loan portfolio, and continue scaling our most performing products,” said Sergey Sedov, chief executive of Robocash Group.

“We value our long-lasting relationships with customers and plan to continue improving our services across all countries of the operation.”

Read more: Robo.cash lowers rates on short-term loans