Robo.cash welcomes new loan originator
LATVIAN peer-to-peer payday lender Robo.cash has added a loan originator from Kazakhstan to its platform.
Z-FINANCE provides short-term private lending in Kazakhstan with an average loan size equivalent to €60 (£52).
Investors on the Robo.cash site can now invest in these loans, which have a repayment period up to 30 days and an expected interest rate up to 12 per cent per annum.
Z-FINANCE was launched in July this year and currently lends through a network of 102 sales branches in Kazakhstan.
To date it has lent €3m through over 55,000 loans and it plans to launch an online lending service in the country by the end of 2018.
“The launch of Z-FINANCE has allowed us to enhance our offer for customers,” said Sergey Sedov, chief executive officer of Robocash Group.
“Previously, we were more focused on the younger generations in the age of up to 30 years. Now, thanks to a wide-spread offline net we are able to tap a mature audience and support financial inclusion in the local market.”
Robo.cash said that Kazakhstan is its second-largest market accounting for 30 per cent of its business over the first nine months of 2018.
The platform attracted €1.5m (£1.3m) from investors during the first half of 2018, representing a 35 per cent year-on-year increase.
During the first half of 2018, investors financed €21.3m in loans and earned interest of €214,000. Robo.cash provides short-term loans to borrowers in Kazakhstan, Russia and Spain, with an average term of 18 days.
Read more: Robo.cash loan book hits £2.5m in first year