Robocash enters Singapore P2P loans market
EUROPEAN peer-to-peer lender Robocash is giving investors the opportunity to back loans in Singapore.
The lender claims it is the first to give European P2P investors exposure to the country.
Robocash already had a Singaporean company that supported its operations in Vietnam and the Philippines but now will issue 12-month commercial loans as well through the Robocash platform.
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The platform expects to raise $5m (£3.7m) in the next five months to fund loans in Singapore.
“Until the launch of the P2P lending platform in Europe we were boosting our growth by using our own funds and retained earnings,” Sergey Sedov, chief executive of The Robocash Group, said.
“In almost three years in operation, Robocash has proven its efficiency and become an important financial tool.
“The integration of our company in Singapore with the platform is a strategic step forward.
“As the company provides management and servicing of the group’s business in Southeast Asia, this integration will significantly accelerate our development in the region.
“The attracted funds will not only support the development of our companies, but also facilitate financial inclusion in the region.”
Read more: Millennials dominate European P2P lending
