Fintech Group Robocash Nets $24m in 2020

Robocash

International fintech holding Robocash Group has published its financial results for the previous year. The net profit of the group amounted to $24 million, up 50% from 2019 and total assets grew to $94.5 million, increasing by 57%.

In 2021, the group plans to double the yearly disbursement volumes, revenue and profit.




Last year, Robocash Group issued $322.5 million worth of loans, 6% more than in 2019. At the same time, its revenue equaled $129.8 million, and the net profit amounted to $23.8 million,  showing a 50% YoY growth.

Total assets increased to $94.5 million, up 57% from 2019, while the retained earnings reached $42.2 million.

The group managed to achieve such results thanks to the proper management and improvement of business processes during the turbulent period. In 2021, the company plans to continue the growing trend doubling the issuance volumes, revenue and net profit.

“Our growth this year will be driven by the development of existing products and introduction of new ones. Soon, we are going to launch another online lending service in Sri Lanka. We have also built software for online banking, which will be the basis for the launch of a neobank later this year. At the end of 2020, we introduced two new products – a Buy Now, Pay Later service and Salary Loans in the Philippines, which show a huge potential and will contribute a lot to the increase of the group’s disbursement volumes,” said Robocash CEO Sergey Sedov.

The current trends in the alternative lending market will also facilitate the development of businesses in the sector. This is reasoned by the increased demand for non-banking lending products during the pandemic, as well as the wider use of online services by the population.

Robocash Group is a group of companies that provides fintech services in Asia and Europe. Founded by entrepreneur Sergey Sedov in 2013, the group focuses on alternative consumer lending and marketplace funding. – BusinessNewsAsia.com