PAYDAY loans peer-to-peer lender DoFinance is expanding into Asia.
The platform lets investors back payday loans originated by the lender’s parent company Alfa Finance in Poland, Latvia, Georgia and Indonesia.
It was previously only available to European investors but is now open to investors in Indonesia, Singapore, Vietnam, Thailand, Malaysia, South Korea and India.
Janis Kulikovskis (pictured), co-founder of DoFinance, says there is a growing demand for fintech in Asia.
“Due to the large population and conservative banking industry, Asia is an attractive destination for financial technologies,” Kulikovkis said.
“People in Asia are looking for safe investment opportunities, and they perceive European market as reliable. There is a huge financial capital in Southeast Asia, and we are offering to effectively invest that in Europe.
“Although P2P lending is an online business, excellent customer service is also tremendously important in this industry.
“Our customer service centre in Indonesia gives us a broader view on the Asian market.”
Launched in April, the platform offers investors annual returns of 12 per cent and provides a buyback guarantee.
Parent company Alfa Finance has been around since 2015 and has attracted more than 150,000 registered clients and more than €16m (£13.7m) in loans.