Robocash eyes Africa expansion
European peer-to-peer lending platform Robocash is planning to expand into Africa and Latin America.
This follows a successful move into Central Asia countries such as Kazakhstan and Asian markets such as the Philippines.
Chief executive of the Robocash Group, Natalya Ischenko, said that the P2P lender is currently working on launching a new company in Kenya, Africa,
“In the long run, we look into expanding to Latin America as well, as we follow our strategy of working with emerging markets,” she said.
Read more: Robo.cash to lower rates again this month
“Normally we give a new business some time to get stable before we consider adding its products to the platform, so it is unlikely that these loans will appear on Robo.cash within a year.”
Ischenko added that since the start of the pandemic, the group has developed “stable positions in such countries as Kazakhstan and the Philippines and became market leaders there”.
Earlier this year, Robocash Group named Kirill Kalashnikov as the group’s first regional director for Asia-Pacific, as it sought to ramp up its lending activity in Asian markets including the Philippines.
Read more: Robocash shakes up management team as it gears up for growth
Robocash also launched operations in Sri Lanka earlier this year for the first time. However, Ischenko explained that no new loans have ben uploaded yet due to the economic and political instability in the country.
“At the group level, we have continued to serve our customers in the country during these challenging times by restructuring our operations for the safety of our employees,” she added. “As soon as the situation stabilizes, we will resume work with Sri Lanka on the platform.
“The group is now focused on expanding in Central Asia and scaling the UNA products in the Philippines.
“We are also extending our product line and launching a new customer care strategy.”
Read more: Robo.cash investors earned €1.3m in first half of 2022