Butn announces record monthly revenue and additional debt funding

Butn’s May 2023 platform originations was a record, exceeding $12 million and contributing over 25% of total monthly originations. This included another record origination month for the MYOB | Butn partnership, which continues to grow month on month. In addition, the MYOB | Butn partnership was recently announced as winner of the “2023 Excellence in Industry
Collaboration & Partnerships” at the Finnies Awards 2023.

Butn Co-Founder and Co-CEO, Rael Ross said, “It is pleasing to deliver sustained, strong performance throughout FY23, including record originations, strong revenue margin and tight cost control. The Butn platform continues to rapidly grow its share of originations and revenue, as we scale with strategic partners through our mass distribution strategy. We’ve always said Butn was built to partner for shared success, and winning the Finnies Partnership of the Year award is demonstration of this approach and the positive impact for our customers.”

Butn has also secured a further $3.325 million of debt funding. The funds will be used to purchase eligible receivables, positioning Butn for continued origination growth. Based on Butn’s fast turning receivables book (~6 times per year), the funding provides for approximately $20 million of additional annual origination capacity, with Butn’s total annual origination capacity approaching $500 million.