- MoneyMe’s (MME) shares have shot up after the fintech company released a positive trading update
- MME revealed on Tuesday it notched up $57 million worth of originations in May, a 384 per cent increase year on year
- The company says its new AutoPay car financing product also performed well, hitting $1.2 million in cars financed
- MoneyMe also recently increased its warehouse funding to $256 million, after receiving a further $22 million in mezzanine funding
- Company shares are trading up 17.8 per cent at $1.89 per share
MoneyMe’s (MME) shares have shot up after the fintech company released a positive trading update.
The business revealed on Tuesday it had notched up $57 million worth of originations in May, a 384 per cent increase year on year.
MME said its new car financing product, AutoPay, also performed well over the month after it exceeded $1.2 million in cars financed.
The company is expecting that figure to double over June, after originations topped $1 million two weeks into the month.
“We are very pleased to report the continuing growth and momentum in MoneyMe,” Managing Director and CEO Clayton Howes said.
“Our latest product, the newly launched Autopay, is a ground-breaking innovation, and demand from the dealer and broker industry for the product has been significant.
“We expect origination volumes in Autopay to grow materially.”
Earlier this month, MME revealed it had increased its warehouse funding to $256 million, after receiving a further $22 million in mezzanine funding
Following today’s positive update, the fintech stock was trading nearly 20 per cent in the green during afternoon trade on Tuesday.
Shares were up 17.8 per cent, at $1.89 per share, at 3:08 pm AEST.