Peer-to-peer lending platform operator Robocash Group is raising $5 million within the next six months from European investors looking for P2P opportunities in Singapore and the rest of Southeast Asia, the company said in a statement.
The fundraising comes as the European firm said it has integrated its in-house P2P lending platform, Robo.cash, with its Singaporean company, Robocash Pte Ltd, which has been active in the city-state since September 2015 supporting the operating entities of Robocash Group in Southeast Asia.
The newly-integrated platform allows Robo.cash users to invest in Singapore and in the development of the group in the region. Currently, Robo.cash has 9,200 registered users with total attracted investments hitting over $10.6 million.
“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,” said Robocash Group founder and CEO Sergey Sedov.
The integration in Singapore, however, is not Robo.cash’s first with an affiliated entity in Southeast Asia. It already cooperates with companies of Robocash Group in the Philippines and Vietnam. However, the Singaporean company will be the first to provide commercial loans for a period of 12 months, the firm said.
Robocash Group’s integration in Singapore comes as P2P lending in Asia has grown tremendously, outweighing some of the major economies in Europe. Globally, the P2P lending market reached $54 billion last year, up from just $9 billion in 2014, according to data provider Statista.
The Cambridge Center for Alternative Finance also said that P2P lending in Asia grew to $330 billion in 2018 from $108 billion in 2014 while the European market rose from $700 million in 2015 to $2.4 billion in 2017.
Robocash also said earlier that people in Singapore have demonstrated the highest interest in P2P lending services and products over the last five years. Singapore’s P2P lending market reached $83.8 million in 2017, accounting for 58.4 per cent of the total volume in Southeast Asia that year.