ROBO.CASH investors have backed €2.4m (£2m) of loans in the Philippines in the first three months since the peer-to-peer lender launched a partnership in the country.
The Latvia-based P2P platform began providing short-term loans in the Philippines in December 2018 and the market now represents the highest volume of lending so far this year.
Robo.cash lets investors across Europe fund short-term consumer loans in Spain, Russia, Kazakhstan and the Philippines.
“These statistics prove the attractiveness of the Philippines to European investors,” said Sergey Sedov, chief executive of Robocash Group.
“The country, in its turn, offers big opportunities for investments.”
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Sedov said the high demand for alternative loans was due to low levels of financial inclusion in the country, leaving much of the population with a poor credit history and a lack of access to finance.
“We see a big potential for alternative lending in the Philippines and plan to continue attracting investments for this market,” he added.
The platform said it doubled its investor base in 2018, with its loanbook hitting €5m, as it expanded its product range and scaled up its lending during the year.