Summary of Robo.cash Live Webcast #2 on September 3, 2020
Following the publication of the audited financial statements, the Founder and CEO of Robocash Group Sergey Sedov has held a webcast for investors. In the webcast, he talked about Robocash Group and the P2P platform’s performance in the past three years, the results of the first six months of 2020 and the holding’s plans for the future. Below, you can read a summary of its key points.
The P2P platform Robo.cash today
Today, Robo.cash already has over 11,000 investors who have earned a total of €1.9 million. Loans worth €170 million have been funded through the platform since its inception in 2017. In July, our investors added €1.2 million to the platform, which is the highest-ever number so far.
The fact that all loan originators present on Robo.cash platform belong to its parent holding Robocash Group is a good risk mitigation measure, and all parties can see benefits from it. During the crisis, the group has managed to stay profitable and financially stable, while the P2P platform has kept the 30-day buyback period reinforced by the group guarantee and been making all payments to investors on time.
Robocash Group’s performance
As a group, we are currently present on 8 markets in Europe and Asia, with 75% of transactions carried out online.
Robocash Group has been profitable since inception, and as stated in the report audited by KPMG, it made almost US$ 16 million of net profit in FY2019. The data shown in it give confidence to investors that the holding is capable of fulfilling all its obligations. Our total assets have been doubling year over year since 2017 to reach US$ 60 mln in 2019. The retained earnings have been increasing too and amounted to US$ 28.1 million last year.
According to the group’s management estimates, it gained over 2 mln new customers and issued almost US$140 mln worth of loans in the first six months of 2020. The profit for this period amounted to US$ 10.1 million. We also expect that the improvements made during the Covid-19 outbreak will allow us to continue growing our net profit to US$21.1 million in 2020.
Plans for 2020
The group is now preparing for an IPO on the ASX, which is planned for December this year. We aspire to raise a total of AU$ 60 (US$ 43.7) million. These funds will be allocated in the existing markets and products and will also be used for entering new countries next year.
In the last quarter of 2020, we are going to launch a digital bank built exclusively on our in-house developed software. Our ambitious plan is to continue growing and expanding to reach TOP-3 in each market of the group’s footprint.
In the second part of the webinar, we gave answers to investors’ questions. A summary of major points is provided below.
Audited combined financial statements
Robocash Group is currently a private company, but we strive for transparency. Still, there are different levels of it, and we assume it is not the right time now to make the company’s insights open to a broad audience which also includes other players of the market. Thus, we have decided to disclose the full report after the group is listed on the Australian Securities Exchange (ASX). Until it happens, the documentation has to remain confidential.
Still, the recently published Summary Combined Financial Statements are consistent with the audited financial statements, were officially signed by KPMG and include the auditor’s comments.
As the recently published audited financial statements show perfectly well, Robocash Group is stable and profitable even in uncertain times. Also, the platform Robo.cash is returning to its pre-crisis levels in terms of funding volumes and number of new investors, so we observe an increasing demand. As an efficient company, we aspire to reduce costs but at the same time to stay within the market’s range. Given this, we have changed the interest rate to 12%, but kept it competitive. It is still relatively high on the market level.
- We are currently considering raising the limits for legal persons, although it is too early to talk about any particular dates. Once we implement this feature, we will notify our investors immediately.
- We are also working on changes to the summary emails. The daily and weekly emails will now also provide the information on the amount of currently uninvested funds and the grand total funds on your account.
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