- Fintech stock MoneyMe (MME) said it’s on track to exceed its gross customer receivable expectations for the 2021 fiscal year end (FYE)
- The company is now projecting to exceed its original target of $300 million in gross receivables, amid strong originations performance
- MME notched up a record $47 million worth of originations in April 2021, a 693-per-cent increase compared to the same performance last year
- Along with change in expectations for gross receivables, the company believes its revenues will total between $58 million and $62 million for FYE21
- MoneyMe shares have increased 5.93 per cent following today’s update, trading at $1.43 per share
MoneyMe (MME) has revealed it’s on track to exceed its gross customer receivable expectations for the 2021 fiscal year-end (FYE).
The fintech stock said it’s now projecting it’ll exceed its original target of $300 million in gross receivables, amid strong originations performance.
In comparison, MME recorded $134 million worth of gross receivables at the end of FYE20 — meaning if it exceeds its $300 million target it will represent a 225 per cent increase year on year.
The company has already notched up a record $47 million worth of originations in April 2021, a 693 per cent increase compared to the same performance last year when it recorded $7 million in originations.
Along with change in expectations for gross receivables, the company also believes its revenues will total between $58 million and $62 million at FYE21.
MoneyMe Managing Director and CEO Clayton Howes said the strong financial results follow on from several product launches which have helped momentum.
“We are pleased to report the strong growth and momentum in MoneyMe. Record originations in April are a direct result of our products continuing to deliver amazing customer experiences, including from automated on-the-spot decisioning and fast settlement geared to the needs of Gen Now,” he said,
“We have a strong product pipeline to support revenue growth. Our latest product, the recently launched Autopay, is a same day drive away finance innovation we expect to materially add to the growth of MoneyMe,” he added.
MoneyMe shares have increased 5.93 per cent following today’s update, trading at $1.43 per share towards the close of market on Wednesday.