Online lending platform Robocash has expanded into the Sri Lanka market where it will offer consumer loans up to the value of $300 (£220).
This is the latest global expansion for the European peer-to-peer lending platform. Last month, it launched a personal loan app in the Philippines.
Robocash research found that 6.5m customers in Sri Lanka lack full access to finance due to the impact of the pandemic and increased consumption. The country’s GDP per capita amounts to $13,200, which is higher than the GDP of the Philippines.
“The increased volume of consumption in Sri Lanka, exceeding $53bn in 2020, and the third wave of the pandemic are spurring the growing demand for alternative financing,” said Sergey Sedov, chief executive at Robocash Group.
“Therefore, lending is expected to increase by 25 per cent in 2021, with the demand for additional funds continuing to rise every year onward.
“According to our research, 6.5m creditworthy individuals are already in need of alternative financing this year. The launch of Robocash.lk offering consumer loans marks Robocash Group’s entry into the fast growing lending market in Sri Lanka, where we aim to facilitate financial inclusion and meet the urgent spending needs of Sri Lankans.”
Robocash’s Sri Lanka service aims to “provide simplified and fast processing of short-term personal loans for creditworthy individuals having limited access to finance”. Customers will be able to borrow up to $300 automatically without any additional charges, with loans issued within minutes of the application being made.