LATVIAN peer-to-peer lending platform Robo.cash has reported that it doubled its investor base in 2018 as it expanded its product range and scaled up its lending.
The P2P payday lender said the total volume of investments on its platform hit €5m (£4.45m) after a strong year, representing 93 per cent growth. Meanwhile, it attracted 3,200 new investors, twice the number in 2017, with the majority coming from Germany.
The platform introduced four new loan originators and launched an instalment loans product which allowed it to finance over 680,000 loans worth €58m.
Read more: Robo.cash welcomes new loan originator
Investors can now invest in loans from Russia and the Philippines via the platform.
The automated investment platform is part of the Robocash Group. It launched in 2017, allowing users to invest in short-term consumer loans in Spain, Russia, Kazakhstan and the Philippines. It claims its investors get a 12 per cent annual return.
Robocash Group’s chief executive Sergey Sedov said the group’s performance last year reflects growing appetite for P2P lending.
“Today, the popularity of P2P lending is on the rise,” he said. “According to a survey conducted by the platform last year, 52 per cent of investors have been investing in P2P lending for less than a year and only 12 per cent for more than three years. This means the number of new investors continues to grow.
“At the same time, the survey showed that in 2018 investors’ priorities changed towards safe investments, while the year earlier they preferred automated services. This year, we are intended to increase the lending volumes of Robocash Group to meet the growing demand on the platform. We believe that this will enable us to provide more opportunities for investors on Robo.cash.”
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