20 August 2021 08:27 am
By Nishel Fernando
Singapore-based leading alternative lending service provider, Robocash Group plans to commence an online lending operation in Sri Lanka within this quarter (3Q).
“The launch is planned for around the end of August. The decision on this will generally depend on how the situation develops in relation to the pandemic outbreak,” Robocash Group Head of Media and Investor Relation, Elena Basova told Mirror Business via email.
The company has already established legal entities in Sri Lanka to commence operations shortly.
Basova said that Robocash aims to facilitate the financial inclusion for creditworthy Sri Lankans who are faced with limited access to finance. “The service is intended to provide simplified and fast processing of short-term personal loans. The online services will be available around the clock. Owing to the use of in-house automated technologies, the loan will be issued within a few minutes after filling out an application,” she elaborated. With approximately 7.8 million of the country’s population considered as unbanked, coupled with high share of informal employment and 7.9 percent growth in internet penetration, Robocash views a large market potential in Sri-Lanka. Robocash Group currently provides consumers alternative lending and marketplace funding in several European and Asian countries including in neighbouring India.
Robocash Group’s revenue rose by 152.5 percent year-on-year (YoY) to US$ 144.4 million in the first half of the year while its loan volumes grew by 134 percent YoY to US$ 326.5 million during the period. Meanwhile, its customer base rose by 40 percent YoY after attracting 2.8 million new customers during the period. By the end of this year, the Group targets to become the best player in each operational market, growing its customer base and maintaining the quality of its portfolio.
Currently, there are 4-5 home-grown online lending service providers active in Sri Lanka.