- QuickFee (QFE) has recorded a strong pickup in Australian lending over the month of April on the back of reduced stimulus payments
- Lending over the month totaled a record $3.5 million, up 30 per cent on the company’s previous highest monthly total of March
- QFE has credited the jump in lending partially to the end of the Australian Government’s COVID-19 stimulus packages
- Along with the pickup in Australian lending, QuickFee also processed a record US$76.4 million (around A$98.25 million) in U.S. PayNow volume over April
- The company’s QuickFee Instalments also grew in the U.S., with 600 per cent growth recorded month on month
- Shares in QFE have jumped 26 per cent in the green to trade at 31.5 cents per share
QuickFee (QFE) has recorded a strong pickup in Australian lending over the month of April following the end of various COVID-19 stimulus payments.
The company reported on Friday that lending over the month totalled a record $3.5 million, up 30 per cent on the company’s previous highest monthly total in March.
QFE has credited the strong lending performance over these last two months to the end of the Morrison Government’s JobKeeper package — which aimed to keep workers employed during the pandemic.
The company said the situation was slightly different in the U.S., though, with traditional financing remaining in line with the last quarter’s results as government stimulus packages continue to be rolled out.
Meanwhile, along with the pickup in Australian lending, QuickFee reported it processed a record US$76.4 million (around A$98.25 million) in U.S. PayNow volume over April.
That figure represents a 13 per cent increase on the previous record month of March and equates to a run rate of over US$900 million (about A$1.16 billion).
QuickFee Instalments also grew in the U.S., with 600 per cent growth recorded month on month and total April volumes hitting US$180,000 (roughly A$231,000).
“We remain very excited about the growth in our payments platform in the U.S. and the scale that we are building,” CEO Bruce Coombes said.
“As we increase our focus on both new merchant sign-ups and existing merchant
usage, we expect to see ongoing growth in transaction volumes and further scale benefits,” he explained.
“Also, very pleasing has been the strong pickup in lending in Australia and the early uptake of the QuickFee Instalments product, with April showing very impressive growth in the U.S.,” Bruce added.
In order to support QFE’s loan book growth, U.S. investment bank D.A. Davidson has been appointed to help secure expanded funding lines.
Following today’s update, shares in QuickFee have jumped 26 per cent in the green to trade at 31.5 cents per share at 12:57 pm AEDT.