Europe’s Robocash raising $5m for P2P investments in Southeast Asia

Singaporean dollar bank notes are arranged for a photograph in Singapore, on Tuesday, Aug. 9, 2011. Photographer: Munshi Ahmed/Bloomberg

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.