- Newly-listed credit business MoneyMe (MME) has announced a smooth sailing since its IPO
- MoneyMe uses a lending technology to initiate fast and simple consumer loans
- The growth in new loans and customer acquisitions has resulted in the gross loan book increasing to roughly $134 million at the end of last month
- MoneyMe noted that this represents about 94 per cent of the full year FY20 prospectus forecast of nearly $142 million
- Shares are up 26 per cent and are trading for $1.89 each
Newly-listed credit business MoneyMe (MME) has announced a smooth sailing since its IPO.
MoneyMe is a digital consumer credit company that uses its technology, the Horizon Technology Platform, and big data analytics to deliver a loan offering to consumers.
Essentially, it creates consumer loans through its risk-based lending platform for people seeking fast and simple access to credit direct from their devices.
Since listing in December, the company’s gross loan originations for the first half of the 2020 financial year, were up about 85 per cent. This was against the 62 per cent it assumed in order to reach the full year prospectus forecast.
The growth in new loans and customer acquisitions has resulted in the gross loan book increasing to roughly $133.8 million at the end of last month.
MoneyMe noted that this represents about 94 per cent of the full year FY20 prospectus forecast of $141.9 million.
As a result, the June 30 2020 closing gross loan book is expected to exceed this forecast which is a significant achievement for a recently-listed company.
Further good news include the loan book growth was achieved with sales and marketing costs remaining in line with the prospectus forecast. This shows MoneyMe’s positive operating leverage.
The company’s first statutory reporting as an ASX-listed company will be for the six month period to December 31 2019. It’s finalising its first half accounts for a scheduled release on February 26 2020.
After the positive news, shares are up 26 per cent and are trading for $1.89 each at market close.