Robo.cash has reported that €600m (£521m) of loans were funded in the first quarter of this year, while its total number of investors hit the 30,000 milestone.
The European peer-to-peer lending platform also revealed that its main focus in the short-term has switched from attracting new investments to improving the service quality.
“We’re working on many processes aimed at strengthening the platform’s AML policies, account and funds security, support service, etc.,” Robo.cash said in a blog post on its website.
“The platform is an important funding source for Robocash Group, so there are no plans to change it in any way. All obligations to investors are and will be fulfilled.
“In the future, we plan to develop the platform to provide a higher level of service to investors and stay a competitive player in the market.”
Robo.cash also said that it is “very likely” that its rates will change during the year and gave an update on loan supply on the platform. It had reduced the supply of new loans in February, “in accordance with current business needs”, which meant investors may not see all of their money invested.
“We are currently considering launching new products in existing and new markets,” said Natalya Ischenko, chief executive of Robo.cash’s parent company Robocash Group.
“Our standards require a market analysis, therefore, we have temporarily reduced the amount of funding from the platform. It is expected that the current level of the loan supply will continue for at least the next two months”.
Robocash Group also unveiled some first-quarter updates. Digido, its lending company in the Philippines, saw a 40 per cent increase in loan volume year-on-year in the first quarter, while its Sri Lanka business scaled its loan issuance by 17 per cent.
The group received three awards during the first quarter: Top 100 Fastest Growing Companies in Singapore (Straits Times), Top 500 Fastest Growing Companies in APAC (Financial Times) and Best Financial Services Firm 2023 – Eurasia (APAC Insider).
The updates were released as a summary of a webcast held on 11 May to discuss Robocash Group’s latest full-year results.
Robocash Group saw its revenues rise by 16.2 per cent year-on-year to $139.1m (£111.5m) in the year to 2022.
The group had previously reported that its 2021 revenues totalled $327.9m, but a company representative told Peer2Peer Finance News that “previous reporting, including for the FY 2021, was conducted under combined perimeter of the group, whereas the recently released audited report is consolidated.”