PeerBerry re-lists CashX loans after Sri Lanka conditions improve
PeerBerry has announced that CashX loans from Sri Lanka are back on its platform, after suspending their inclusion in March 2022 amid social unrest in the country.
The European lending marketplace said that CashX short-term loans, which offer target returns of 11.5 per cent, will be available again from today.
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“Since this year, the economic situation in Sri Lanka has been on a positive development trend, and our partner CashX is demonstrating good performance results; we are re-launching the offer of CashX loans on our platform again,” PeerBerry said in a blog post on its website.
In March 2022, a series of mass protests commenced against the Sri Lankan government, criticising its mismanagement of the economy. By November 2022, the protests had mostly ceased due to improvement in economic conditions, although a full fiscal recovery is not expected until 2026.
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Another lender from Sri Lanka will join the PeerBerry platform this summer, PeerBerry added.
The lending marketplace said investors should include CashX in their auto-invest options if its offering meets their investment strategy.
CashX, which is part of Aventus Group, was founded in March 2019 and partnered with PeerBerry in October 2021.
The CashX loan portfolio amounts to more than €2m (£1.7m) to date and the company has 190 employees.
Last month, PeerBerry reported a 160 per cent year-on-year rise in profits to €663,455 in 2022, during what it called “a year of invaluable experience” due to the war in Ukraine.
It also reported 19 per cent growth in its loan portfolio to €101.18m by the end of 2022.