Robocash Group posts $4m of profits in first half

Robocash Group – which owns the Robo.cash peer-to-peer lending platform – has reported revenues of $74.3m (£63.8m) and profits of $4m for the first half of the year.

The alternative finance group, which operates in Europe and Asia, highlighted growth in the second quarter of the year compared to the first quarter, with 67 per cent and 20.5 per cent increases in profit and revenues respectively.

By comparison, the group reported $139.1m in revenues and net profits of $13.1m over the entirety of 2022.

Customer registrations totalled 1.6 million in the first half, but on a quarterly basis sign-ups fell by 18.6 per cent in the second quarter, which Robocash attributed to “a shift in focus towards maintaining the quality of loan portfolio and customer retention”.

Robocash issued $292.7m of loans in the first half.

Read more: Robo.cash trims investor loyalty programme

“We were able to achieve greater profits at lower costs thanks to business optimization and improved operating performance,” said Robocash Group’s chief executive Natalya Ischenko.

“In the second half of 2023, we will continue streamlining current processes and focusing on efficiency of the business. Apart from it, we intend to enter new markets of operation and expand our product line, which will allow us to maintain the growth.”

This month, the firm expanded its buy-now-pay-later solution in the Philippines, called UnaCash. It has upgraded the service to offer point-of-sales loans to customers accessible via online and in-store partner merchants.

And last month, it debuted a new portfolio option for investors to ensure that their funds are continuously invested. The new account option will automatically reinvest the principal and interest of a closed loan into one of the active portfolios.