Robo.cash ‘may not invest’ all customers’ money
Robo.cash is warning its investors that not all of their money may be invested after it restricted the supply of loans on its peer-to-peer lending platform.
Instead, in its February update it recommended that customers “choose originators from Spain, Singapore and the Philippines, as they provide more new loans”. It said it had made the move “in accordance with current business needs”.
“The situation with limited supply may continue for a couple of months,” Robo.cash said, adding that it will keep investors updated.
In a February update on its website, the firm said that investors put €11m (£9.8m) into the platform last month and earned €679,000. The platform welcomed 587 new investors during the month.
Read more: Robo.cash to lower investor returns again
Robo.cash is also changing its interest rates for loans from 90 days to three years’ duration.
For loans of one to 30 days the rate is eight per cent; for 31-60 days it is nine per cent; for 61-90 days it is 9.5 per cent; for 91 to 180 days it is 10 per cent; for 181–365 days it is 10.5 per cent; for 366-720 days it is 11 per cent; and for up to three years it is 12 per cent.
“As most businesses of Robocash Group have currently achieved self-sustaining state, we are reducing interest rates on several loan terms and do not plan to increase the volume of the placed loans in the near future,” it said.
Read more: Robo.cash adjusts interest rates
“Given the results and focus of the group, we decided that now is the time to be more engaged in improving the platform service. Thus, we plan to work out the list of current income strategies, giving more options to manage customers’ earnings, and optimizing the onboarding process for new investors.”
Read more: Robo.cash sees November rise in inflows