Robocash adjusts IPO plans after profits beat expectations

Robocash has postponed its initial public offering (IPO) until the second half of 2021 to explore its listing options, after profits for the first nine months of 2020 exceeded expectations.

The European peer-to-peer lending platform reported earnings of £16.2m for January to September 2020, up from a net profit of £12.72m for the whole of 2019.

Robocash was planning to launch its IPO on the Australian stock market in December to fund its launch of a digital bank in the Philippines, but said the better-than-expected financial results had prompted it to adjust its plans.

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“Earlier, we announced the launch of an IPO at the end of 2020 and considered the Australian Securities Exchange as one of the listing options,” said Sergey Sedov, chief executive of Robocash Group.

“Yet, our remarkable performance this year has allowed us to develop independently so far.

“With this in mind, we have decided to focus on getting the best valuation and take extra time to explore more listing venues for this purpose. As a result, we have opted to postpone our IPO until the second half of 2021.

“Meanwhile, the pre-IPO fundraising round for the group’s operational business aims is underway, with £8m raised so far.”

From January to September this year the group issued loans worth £217.3m, achieved revenues of £83.5m and reached a high share of repeated customers (72 per cent).

Robocash’s disbursement volumes grew by 34.4 per cent in the third quarter, while its net profit and revenue rose by 52.8 per cent and 9.1 per cent respectively.

Going forward, Robocash Group said it is planning to launch new services and enter new markets with a focus on the Asia-Pacific region.