Robocash: Investments from the robot with the income to 12%

Hello Dmitry. Good to hear. Having more investment options is always a good thing, especially since you are AFAIK the only way to invest in p2p in Kazakhstan.

Based on a quick look, it seems your corporate structure is quite similar to what one of your competitors, Twino, used to have. Namely, a parent company (Finabay in their case, FinTerra in yours) owns both a p2p platform company and lending companies in different countries, and the platform company (Twino in their case, Robocash in yours) is the one giving the buyback guarantee. Twino later performed a merger between parent and platform to simplify their structure and make the buyback guarantee more attractive. In a sense they have put their money where their mouth is since the entire group is on the line, should there be a sharp deterioration in credit quality.

To get an idea of the strength of the buyback guarantee, one would need some financial information about Robocash specifically rather than the consolidated group. Your group may be large and solid but for all I know Robocash could have $1000 of total equity.

My question arises naturally from the above: Do you have plans to publish more detailed (and audited) accounts for Robocash?

I cannot find any available loans. Maybe I'm too stupid, but when I push Invest, I only get the Portfolio Creator. 

We have only Portfolio Creator = Auto-invest tool, to simplify investment process.

If you need any assistance(which is shame for us, we hope to create convenient tool) - please get in touch with our support team by phone: +371 (67) 88-15-14, webchat on web-site: robo.cash or Skype: "robo.cash support" to show your screen to our assistant, she will help you to create portofolio. Please tell us how we can make in more convenient, this will help us to improve! Thank you in advance!

Hello!

The scheme of ROBOCASH SIA work is similar to TWINO’s before they have performed merger between parent and a platform. ROBOCASH SIA does not have equity itself, but the law structure and cooperation agreements concluded between Loan Originators (creditors) and ROBOCASH SIA grant to the Investor right to get invested funds and calculated interest from the Loan Originators. In case where the Borrower delays the Loan repayment for more than 30 (thirty) calendar days ROBOCASH SIA transfers to the Client the amount equal to the sum of invested funds and accrued outstanding interest. The Investor is released from the necessity to communicate to the Borrower and collect the debt. All duties mentioned above undertakes the Loan Originator.

Regarding your question on audited reports, we would like to inform you, that ROBOCASH SIA will publish the audited report for year 2017, as soon as it will be possible. As concerns the group’s companies, the unaudited report shall be published during 2 (two) months.

We will update our FAQ to better reflect that we have only auto-invest tool, no manual investing

Thanks for the explanation sergeysedov .

Clause 1.3 of the assignment agreement says that in case of delay "ROBOCASH undertakes to repurchase the Claim ..." so it is not obvious to me that as investor I would have any kind of claim against the originator (Zaimer/Zaymer/Prestamer) regarding the repurchase guarantee. Maybe I haven't read it carefully enough or maybe you should rephrase it if the buyback is actually guaranteed by the originator.

Just for the record, I am not suggesting any bad faith or intention to mislead on your part. It's just that the strength of the buyback is the primary risk I have to consider.

As a loan investor, my upside is capped and well defined, so I have to focus due diligence on the downside. Since there is substantially no information available about the borrowers, I must look at the parties giving the buyback guarantees. During benign conditions when everyone is making profits, I don't expect big problems with buybacks. The big question is what happens in case of a major disruption of lending industry, a "Lehman moment" if you will.

In case of Twino, the parent company guarantees all buybacks regardless of country of origination, and that company's financial statements are available online. From my perspective that is the "gold standard". In other cases, for example Creditstar (a loan originator on the Mintos platform), the buyback guarantee is given by the originator company, which is different in each country they operate in, and for some countries financial reports are nowhere to be found. In this case I have to apply a risk premium to the interest rate I'd be willing to accept due to the lack of visibility into financials. In your case I have likewise no access to financial reports, but it is also not even 100% clear which company or companies stand behind the guarantee.

Finally, about this in your report: "размер капитала и резервов - 92,9 млн руб". At the risk of asking something really stupid, is the dash or hyphen on the line part of normal Russian punctuation for this sentence or is it a minus sign?