Record Originations & Gross Customer Receivables
Originations have remained strong despite extended lockdowns with the MoneyMe achieving $173m in Q1 FY22 representing an increase of 283% on the prior comparable period ($45m, Q1 FY21) and are 8% higher than the previous (Q4 FY21) quarter record of $161m.
Personal Loan and Freestyle continue to contribute the majority of originations, maintaining strong performance during the lockdown period alongside ListReady and MoneyMe+. Autopay achieved significant growth despite the challenges for car buyers during lockdown, achieving originations of $37m in Q1 FY22 representing an increase of 479% on the previous quarter ($6m, Q4 FY21).
Gross customer receivables of $452m were 227% above the prior comparable period ($138m, Q1 FY21) and 36% higher than the prior quarter ($333m, Q4 FY21). MoneyMe’s continued growth in gross customer receivables during the lockdown period is a reflection of the diversified product strategy being successfully implemented.
Record Revenue & Contracted Revenue
Revenue increased to $23m for Q1 FY22, up 92% on the prior comparable period ($12m, Q1 FY21), higher than Q4 FY21 revenue by 21% ($19m, Q4 FY21).
Returns are strong with the average receivable term increasing to 41 months (37 months, Q4 FY21) and the average receivable size increasing to $12,950 ($10,200, Q4 FY21), increasing the average contract life-time value to $124m ($98m, Q4 FY21).
Further Funding Runway For Growth
MoneyMe increased overall external commitment in its Major Bank warehouse funding facility to $426m ($250m, Q4 FY21) on 8 October. The increase was made to the both the senior and mezzanine note investments with a slight further overall reduction in the cost of funds. The increase is well timed to provide MoneyMe with additional resources to be able to continue to fund its accelerating originations growth. It reflects the ongoing funding appetite of the Group’s key funding partners and their confidence in MoneyMe’s operating processes.
Source: https://australianfintech.com.au/moneyme-hits-1-billion-in-originations/
