Peer-to-peer lending platform Robo.cash has announced the launch in Sri Lanka with new commercial loans. Operating under Robocash Group in Sri Lanka, the online lending platform now allows users to invest in loans for a period of 3 years at 12.5% with monthly interest payments, according to a statement from the company/
The company states that Robocash Group company Rapidlend (PVT) LTD in Sri Lanka started its work in 2021. The platform aims to provide instant access to payday loans to employed individuals and other professionals. At the end of February, the total amount of aggregate loans in Sri Lanka reached €708,000.
The company said it will be adding loans to Robo.cash as part of a partnership with RC Riga, a special purpose vehicle that provides funding to Robocash Group companies.
Funds received from platform investors will be used to develop business in Sri Lanka. Loans from Sri Lanka will be placed in euros and issued for a period of 3 years. The standard interest rate on them will be 12.5% per annum. The new loans, like all other products, will be covered by a 100% buyback guarantee.
Robo.cash is based in Croatia but operations in multiple countries in Europe and Asia.