- MoneyMe (MME) ended the 2021 financial year with a $7.9 million loss, despite the fintech stock successfully growing its originations and revenue
- The online loans business ended FY21 with $384 million in originations, a 115 per cent increase year on year, while revenue jumped 21 per cent to $58 million
- MME launched its vehicle finance product AutoPay in Q4 and says it’s since brought in $6 million in loans and signed more than 200 dealerships and brokers
- MoneyMe finished the year with $26.16 million in the bank and cashflow positive, while higher impairment expenses are being blamed for the loss
- Company shares closed down 4.23 per cent at $2.04 each on August 30
MoneyMe (MME) ended the 2021 financial year with a $7.9 million loss, despite the fintech stock successfully growing its originations and revenue during the period.
The online loan and credit business ended FY21 with $384 million in originations, a 115 per cent increase year on year.
Additionally, its revenue jumped 21 per cent to $58 million and its customer receivables grew 149 per cent to $333 million.
The revenue wasn’t enough to stop MME from ending FY21 with a loss after operating expenses hit $67.6 million, while impairment expenses almost doubled to $28.75 million.
Activities wise, MME launched its vehicle finance product AutoPay during the year and since then the product has established itself as MME’s fastest growing asset.
AutoPay has already brought in $6 million worth of loans since launching and signed more than 200 dealerships and brokers.
MoneyMe Managing Director and CEO Clayton Howes said FY21 had been an outstanding year for the company.
“The growth execution in the business has been extraordinary and the team delivered – a bigger business, a suite of breakthrough products opening new
categories, exceptional customer experiences, big new funding structures and market beating results,” Mr Howes said.
Looking ahead, MME has flagged launching new products in FY22 and also expanding its distribution channels.
The company ended FY21 with $26.16 million in the bank, cashflow positive and with $40.24 million worth of total equity.
Shares closed down 4.23 per cent at $2.04 each on August 30.