Robocash delays P2P lending interest rate cut
Robo.cash has delayed its interest rate cut amid ongoing tensions in Europe due to the war in Ukraine.
The European peer-to-peer lender was planning to cut rates for investors in March as part of plans to build market share.
Its loan originators are based in Kazakhstan, Spain, Singapore and the Phillipines and it operates a Russian subsidiary called Zaymer, which doesn’t put loans on the Robo.cash platform.
Robo.cash currently offers interest rates ranging from nine per cent to 12.3 per cent and this was due to be revised to eight per cent to 12 per cent from 1 March 2022.
“Taking into account current events, we have delayed the decision to lower the interest rate until further updates,” the platform’s owner Robocash Group said in a blog update.
It said that the conflict will not affect the platform and its investors.
Read more: Robo.cash posts 227pc annual growth in investment volumes
“The planned changes, as well as current political tension, will not affect the operation of the platform and the holding as a whole,” the post said.
“The money invested on the Robocash platform is directed to the holding development in Asia and is in no way transferred to or from Russia.
“Zaymer, representing the group in Russia, is focused on the domestic market and is not involved in the platform operation.
“Notably, Zaymer has no borrowings from foreign companies and possesses enough equity to cover all current needs. Additionally, the group’s business in Asia has no relationship with Russian banks, thus facing no financial risk, connected with the conflict.”