ASX-listed fintech Butn delivers record quarterly revenue of $3.4 million
Butn Limited has provided its quarterly activities report for the three months ended 30 September 2023 (Q1 FY24).
Butn delivered Q1 originations of $124.1 million, up 21% on the pcp. This is the second successive quarter of origination growth underlying this momentum. Origination growth provided for Q1 revenues of $3.4 million, up 31% from the pcp, and yet another record. The sustained growth continuing into FY24 reflects Butn’s strong relationship with its platform partners, growth of distribution channels and the increasing awareness of its product offering. Additionally, Butn’s revenue margin continued to increase to 2.7% (up from 2.5% in the pcp) with the growing contribution of higher margin platform originations, changes in industry mix towards higher margin segments and pass through pricing adjustments.
Butn’s platform Q1 originations exceeded $30 million for the second consecutive quarter, up 53% on pcp and another record.
Commenting on Q1 FY24, Butn’s Co-Founder and Co-CEO, Rael Ross said, “A strong start to FY24 has seen a second consecutive record of quarterly originations of $124.1 million and record quarterly revenue of $3.4 million, up 21% and 31%, respectively, on the previous corresponding period. This quarter was yet another all-time record for both originations and revenue, demonstrating the continued growth in adoption of our fast, secure and reliable funding.
“Our record numbers are supported by our demonstrated strong operating leverage with record growth at an increasing margin, 2.7% vs 2.5% in the previous corresponding period, whilst maintaining tight cost control.
“We look forward to ongoing momentum in FY24 and beyond.”