Robocash Group prepares for stock market float

Robocash Group is reportedly planning a $100m (£80.8m) stock market float at the end of the year to fund its launch of a digital bank in the Philippines.

The group, which owns European P2P lending platform Robo.cash, initiated a $7.5m pre-initial public offering (IPO) funding round this week and will use the proceeds to obtain a digital bank license in the Philippines, according to the Financial Review.

It plans to open a neobank called Una Bank in the country this December.

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Robocash Group was founded in Russia in 2013 and has its headquarters in Singapore. It focusses on consumer lending across several countries and is reportedly planning to list in Australia.

KTM Capital and Foster Stockbroking managed the pre-IPO offer and will also manage the firm’s IPO towards the end of the year.

The group’s founder and chief executive Sergey Sedov owns 97.5 per cent of the business, however, after the IPO is completed successfully, this will be cut to around 60 to 70 per cent.

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Last year Robocash Group made $223.6m in revenues, up from the previous financial year’s $120.2m, and achieved $17.3m in net profit after tax.

And for the 2020 financial year, the group is now reportedly on track to produce $28.4m in profits.

At the end of March Robo.cash reached a milestone of €150m (£135.8m) of loans being financed through the platform.