ASX-listed digital lender MONEYME delivers record revenue and statutory profit
MONEYME has announced that it has achieved record statutory profit while navigating macroeconomic headwinds facing the sector, making it one of the few fintechs to deliver a statutory profit this half.
MONEYME’s statutory profit result of $9 million reflects a significant reduction of their operating costs and strong revenue flows maintained with record gross revenue of $121 million for the half.
This strong profit result is driven by record revenue flows, a significant improvement in operating leverage, and benefits from an improved book credit profile.
MONEYME has also announced the pilot for a new product innovation that will transform the car financing experience for consumers by allowing them to self-start their loan application and compare and customise repayment plans for different vehicles directly at the point of sale.
Clayton Howes, MONEYME’s Managing Director and CEO said, “I am pleased to report our strong performance for 1H23, despite the headwinds facing our sector. Our statutory profit result of $9 million reflects a significant reduction of our office operating costs to income ratio down to 23% and strong revenue flows maintained with record gross revenue of $121 million for the half.
“At the start of the financial year, we announced our intention to moderate growth to prioritise building profit and lowering our credit risk. I am pleased to say that our shift from high growth to profit delivery has been swift and disciplined, achieved through proactive cost optimisation, prudent credit risk management, and customer pricing adjustments to preserve risk-adjusted returns.
“In the half we have continued our focus on innovation, while making significant progress on our ESG agenda. We are proud to have submitted our application for B Corp certification, reflecting our long-term commitment to having a positive impact on society and the planet.
“Our recent pilot launch of a new consumer-facing feature for Autopay, Autoscan, is set to transform the car buying experience by giving the end customer control and visibility of their financing options at the point of sale, while the launch of our app-based credit score product will help us build stronger relationships with our customers and capture new business opportunities.
“Looking ahead, we are optimistic about the future of our industry and see significant potential for growth in all our key verticals, particularly in the auto financing market. Our priorities for the remainder of FY23 include positioning the business to take advantage of these opportunities and strengthening our balance sheet via the strategic capital initiative and through continued revenue flows with a gross revenue projection of >$220m for the full year.”
Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of MONEYME Limited.
