LATVIAN peer-to-peer payday loans platform Robo.cash has attracted €1.5m (£1.3m) from investors during the first half of 2018, representing a 35 per cent year-on-year increase.
Since launch in February 2017, the platform has raised more than €4m. This has facilitated half a million loans totalling €41.4m, collectively generating €350,000 in interest.
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.
At the end of June, Robo.cash had 2,900 investors. Around 67 per cent of its users were aged between 18 and 39, up from 54.5 per cent during the first half of 2017. Meanwhile, 30.1 per cent were aged between 40 and 59, with the remainder above 59.
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“Robo.cash’s results reflect the success of our lending companies in Spain and Kazakhstan, which have both demonstrated strong growth in their markets,” Sergey Sedov, founder of Robo.cash, said.
The platform is fully automated and typically provides investors with an annual interest rate (accounting for reinvestment) of more than 14 per cent. There is a buyback guarantee if loan repayments are more than 30 days late.