Robocash Group, a Singapore-based fintech, says it has reached 9 million customers and a cumulative $603 million of consumer financing since inception in 2013. South and Southeast Asia accounted for a third of the 4.2 million new customers served in 2019.
Robocash targets people lacking access to traditional financial services. Asia has been the main focus of its marketing efforts since 2017, particularly India, where it started activities in January 2019.
The company reports 53.6% of users are repeat customers, and nearly a third have applied and got financing three or four times.
Robocash develops robotic financial services providing micro consumer lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates its own EU-based peer-to-peer investment platform.
The group develops products in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.
The four Asian countries it covers now account for its largest customer bases.
Sergey Sedov, founder and CEO, says this validates alternative lending models. “Placing financial inclusion on a daily agenda has helped countries promote innovations in the region and see the first results,” he said. “Still, many more should be done, as the gap remains enormous. In this sense, our figures at Robocash Group have only confirmed that.”