SINGAPORE - Media OutReach - 24 September 2019 - Cashwagon, the rapidly scaling fintech company for South-East Asia's underbanked, ramps up growth by partnering with Mintos, global marketplace for investment in loans and current leader in Europe, to connect South-East Asian borrowers with lenders from Europe. Cashwagon is the first APAC, ASEAN, South-East Asia-based platform onboard Mintos.
Earlier this year Cashwagon offered investors on Mintos marketplace to invest in loans originated by Cashwagon's lending partners in Vietnam. By the end of 2019, Cashwagon will be poised to start offering loans originated by Cashwagon's lending partners from Sri Lankan market via Mintos. To this date, nearly 44 000 Mintos investors have invested more than EUR 57 million in loans originated by Cashwagon's lending partners and the company plans to double their loans supply on Mintos marketplace by the end of 2019.
Maxim Chernushchenko said, "As the first South-East Asia-based platform on Mintos marketplace, we're offering European retail investors to invest in loans originated in Indonesia, the Philippines, and Vietnam, which represents the first cross-border micro-financing between Europe and Asia. By our partnership with Mintos, we will continue to transform fintech industry in Asia and strive for progressive innovation in our offerings to further strengthen our position as a fintech powerhouse in the region."
To date, Cashwagon has reached a cumulative global loan processing milestone of 3,200,000 loans totalling US$280 million, which were disbursed by its local partners, while simultaneously offering a welcome alternative to traditional financial institutions, 80% of people in South-East Asia are underserved by these institutions. The Cashwagon platform has more than 5 million registered users and the company recorded a 150% increase in loan request volume from 2018 to 2019. With the continuing goal of serving the region's underbanked, Cashwagon is expecting to see the loan amount grow to US$360 million by the end of 2019 and intends to expand its footprint into two more markets in the South-East Asia region in 2020.
This growth is a result of the company's technology expertise and the support it has garnered from investors to bring its vision to fruition. In 2018, Cashwagon had raised multi-million-dollar equity funding in Series A round from global investors.
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