Hong Kong-based peer-to-peer lending platform Monexo announced this week plans to launch an “auto invest” feature on its platform. Sharing details about the new feature, CEO of Monexo, Mukesh Bubna announced in a statement:
“We understand our customers and their fast-paced lives. It is virtually impossible for them to stay online at all times anticipating an apt lending opportunity. They can now set the rules and leave the rest to our auto-invest feature.”
Bubna then stated that based on their input, Monexo’s algorithm and data science engine will ensure customer’s money is being invested in each opportunity as per the risk-return parameter set by them. He also noted the feature would also ensure that borrowers get funded quickly. Over 90% of Monexo’s customers have reportedly expressed interest in using the auto-invest feature.
The auto invest feature news comes just days after Monexo announced plans to expand its peer-to-peer lending operations in the city of Kolkata. Bubna confirmed that the lender is going to start with services for personal loans. Monexo is reportedly targeting Rs 300 crore business in the first year of operations and is looking to expand into Singapore, Philippines, and Indonesia. Within the Hong Kong market, Monexo offers 2 products for borrowing, rental discounting, and salary loans.
Monexo launched operations in India this past September and has a few hundred lenders registered on its platform where borrowers can find loans at interest rates in the 13%-30% range.