ROBO.CASH investors can now back short-term loans in Russia after the peer-to-peer lender’s parent company acquired MFC Zaymer.
Robocash Group, which owns Latvia-based Robo.cash, has added Russian consumer lender MFC Zaymer to its holdings, joining alternative lenders in Spain, Kazakhstan, the Philippines, Indonesia and Vietnam.
MFC Zaymer offers returns of up to 14 per cent in euros and 18 per cent for loans listed in the Russian ruble for investors who fund short-term consumer loans for up to 30 days.
The lender has been active in Russia since 2013.
Its average loan size is equivalent to €60 (£52.50) with an average maturity of 18 days.
The platform has issued 2.5 million loans, worth €140m.
Read more: Robo.cash loan book hits £2.5m in first year
“The integration of the Russian online lending service Zaymer with the European investment platform Robo.cash is an important milestone for the development of the entire financial group,” Sergey Sedov, chief executive of Robocash Group, said.
“The success of the lending service in Russia provides a strong foundation for a dynamic expansion into the European and Asian markets.
“Until now, the Russian lending service was financed from their own assets.
“This investment will allow us to scale up business further, enhance implemented technologies and develop new products.”
Read more: Robo.cash welcomes new loan originator