In the third quarter of 2019, the cumulative volume of consumer financing granted by lending companies of the financial holding Robocash Group amounted to $ 500 million. The group continued to strengthen its position in the Asian market.
Showing a 92% increase year-over-year in the volume of the issued loans in the first nine months in 2019, the company has targeted to hit $ 294 million by the end of the year. Meanwhile, the number of issued loans exceeded 6.5 million. With a preserved strong retention of customers, 75% of that amount has been obtained by repeated clients.
In Q3 2019, mature companies of the group maintained their predominance in the overall loan portfolio. Thus, Russia had 63% of all loans issued, Kazakhstan – 15% and Spain – 4%. At the same time, the Asian markets that have been in focus for the group since 2017 grew their share from 16% in Q2 2019 up to 19%. Among the latter, the Philippines was leading with 15%.
With the accelerated expansion, the number of customers of the group increased to 7.9 million. Following the huge demand for access to finance in the emerging markets, the highest dynamic was recorded in Asian countries. With a preserved upward trend in Q3 2019 in the Philippines (+16% QoQ), there was a significant increase in the number of served clients in Vietnam (+98%), Indonesia (+172%) and India (+333%).
Commenting on the results, Sergey Sedov, Founder and Chief Executive Officer of Robocash Group noted, “Financial technologies are developing at a tremendous speed in Asia. Our case proves the need for relevant services. Take the recent estimate of Google & Temasek on digital lending in Southeast Asia: the loan book that is expected to grow from $23 billion in 2019 to $110 billion by 2025. These figures are not the limit.
The growing use of digital solutions helps to narrow the gap in financial inclusion and benefits people in Asia already today. As a company, we are proud to be a part of that process and aspire to provide the fastest and most convenient access to finance no matter the country and any peculiarities.”