Robo.cash suspends expansion plans to focus on existing business
Robo.cash has suspended its expansion plans to focus on its existing businesses and to launch new products following a stellar 2021.
In 2021, the European peer-to-peer lending platform increased its revenue by 152 per cent year-on-year, funded €148.7m (£124.9m) in loans, up from €68.8m in 2020, and welcomed 9,300 new investors, over three times more than that of the previous year (3,064).
Read more: Robocash delays P2P lending interest rate cut
The amount earned by investors almost tripled from €1.1m to €2.8m and net deposits rose from €1.7m to €27.3m.
In a webinar to investors on YouTube, Grigorii Shikunov, deputy chief financial officer at Robocash Group, said that in the year ahead the platform will “focus on existing businesses to excel them on a personal level”.
He said that Robocash Group will work on its companies’ growth and profitability while the P2P platform Robo.cash will integrate new products and work on bonus programme improvements and the development of investment strategies.
Read more: Robocash plans new product launches after 152.6pc revenue rise
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“2021 was a good year for the Robo.cash platform and our investors,” Shikunov said.
“The [Ukraine} conflict doesn’t affect operations of the platform and group, at least immediately. Money invested on the Robo.cash platform is directed to the development of groups, Asian businesses and no money from the platform is transferred to or from Russia. Robo.cash is not exposed directly to the conflict in the Ukraine…
“Robocash Group has no exposure to the Ukrainian market. Russia remains our key market, but Russian operations are isolated from the internal part of the group and there are no ongoing operations between Robo.cash and Singapore or Ukraine and Russian companies and we don’t plan to have any in future.
“This year we will suspend our expansion and focus on existing businesses to excel them on a personal level.
“At the group level we plan to focus on existing businesses and optimise all internal and external processes. We generate profit at the group level, our portfolio is growing steadily and we are on track to reach our budget goal of €45m net profit of the group in 2022.”