LATVIAN peer-to-peer payday loans platform Robo.cash has grown its loan book to €3m (£2.6m) in its first year of operation.
The platform, which provides short-term loans to borrowers in Kazakhstan and Spain, announced on Tuesday it has attracted 2,000 investors from 29 European Union countries including the UK.
Investors have funded 330,000 loans, with an average of one-and-a-half borrowers getting finance on a daily basis, the platform said.
Read more: Are robo P2P services worth the extra money?
“These results reflect the general trend in the market,” Sergey Sedov, founder and chief executive of Robo.cash, said.
“There is an evident and significant growth of volumes in the last years. At the same time, the demand for the credit funds exceeds the supply.
“It is obvious that the market has a large potential for the further development, but it challenges its players to be fully engaged in the process as it has just stepped onto the regulation path.”
Sedov said the key to the platform’s success was the auto-lending function that meant funds were automatically reinvested, boosting investor returns.
A poll by the platform’s analyst department among investors across 15 countries in Europe last year found 79 per cent were attracted to platforms that offered auto-lending.
Robo.cash offers interest of 12 per cent on average with typical short-term loans lasting 18 days.
There is a buyback guarantee if loan repayments are more than 30 days late.