Robocash Group served 9 million customers and granted over $600m loans
According to the results in 2019, the cumulative volume of consumer financing granted by the financial holding Robocash Group since its inception in 2013 exceeded $603m. The total number of customers reached 9 million. Remarkably, one-third of 4.2 million of new clients that the company served in 2019 alone came from South and Southeast Asia. That was a 267% increase compared to 2018.
Targeting the underserved segment lacking access to traditional financial services, Robocash Group served 4.2 million of new customers in 2019, by 106% more than a year before. Almost one-third of that number, i.e. 1.2 million, belongs to the Asian region that the company has focused on since 2017. Moreover, that was a 267% increase year-over-year. Substantial contribution in this regard was made by the Indian market where the group started activities at the end of January 2019. In a year, the company served more than 300 thousand Indians. This number made up 25.7% of the mentioned customer base in Asia in 2019. The Philippines took first place with 46.4%. Vietnam was third (14.6%) followed by Indonesia (13.2%).
At the same time, despite such extensive growth, the company observed high customer retention. In 2019, almost every other client (53.6%) used the services of the group more than once. What is more, 17.8% applied and got financing three times, 31.8% – four or more times.
With the growing demand for the services, there also was a significant increase in the number of granted advances. As of December 31, 2019, the cumulative amount of consumer loans provided by companies of Robocash Group since 2013 hit 7.3 million. In 2019 alone, 3.3 million loans were issued, it made up a 45% increase year-over-year.
The cumulative volume of financing provided by companies of the group as of December 31, 2019, exceeded $600m. With an increase of 70% year-over-year, the volume in 2019 amounted to $307m.
Commenting on the results, Sergey Sedov, founder & CEO of Robocash Group said: “Alternative lending has rapidly developed in the past years. In particular, it applies to emerging markets such as South and Southeast Asia. Placing financial inclusion on a daily agenda has helped countries promote innovations in the region and see the first results. Still, many more should be done, as the gap remains enormous. In this sense, our figures at Robocash Group have only confirmed that. This year, we will continue expanding our activities to provide access to instant financing solutions to a broader range of customers.”