Payday lender Robocash seeks US$5m for Philippine banking licence

It is also going ahead with plans to raise US$70m via Australian IPO in December

Sharanya Pillai

Published Fri, Jul 3, 2020 · 09:50 PM

Singapore

SINGAPORE-headquartered payday lender Robocash Group is seeking US$5 million to be used as regulatory capital for a thrift banking licence in the Philippines, ahead of plans to go public in Australia.

The move comes six months after the Philippine authorities said that it would revoke the licence of a payday loan joint venture Robocash was involved in, for alleged breaches. The outcome of the case is still pending, a company spokesperson told The Business Times.

Nevertheless, Robocash aims to raise US$70 million via an Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) in December this year. It expects a market capital…