Butn delivers its third consecutive quarter of record originations as growth continues to accelerate
Financial solutions platform provider Butn has released its quarterly activities to the ASX this morning, delivering its third consecutive quarter of record originations as growth continues to accelerate.
Commenting on Q2 FY23, Butn Co-Founder and Co-CEO, Rael Ross said, “Butn continues to deliver sustained record performance, with originations at record levels for both the quarter and the month of December. This marks the third consecutive record quarterly result. In addition, our business delivered quarterly revenue double that of the previous corresponding period, demonstrating the growing need for our fast, secure and reliable funding for SMEs facing challenging market conditions. Growth in our platform channel is driving record originations at increasing revenue margin with no additional operational staff, supporting our mass distribution strategy through increased operating leverage. We continue to deepen our reach across our strategic channel partners, together with our cash position and increasing debt facilities providing growing momentum in FY23 and beyond.”
Highlights for the quarter include:
- Third consecutive quarter of record originations totalling $112.0 million, a 73% increase on the previous corresponding period (pcp) and a 10% increase on the prior quarter
- December produced another record origination month at $39.3 million, with Butn delivering record performances across eight of the past nine months
- Quarterly revenue of $3.0 million, 119% increase on pcp at a 2.6% revenue margin (2.1% in the pcp)
- Record month for Butn’s platform originations of $10.9 million, equating to over 25% of total monthly originations
- MYOB partnership growing strongly with Butn continuing to roll out its platform solution to a broader MYOB business user base during the quarter
- Positive net operating cash flow in the December quarter
- Closing cash position of $11.0 million
Growth in the platform channel is driving record originations at increasing revenue margin with no additional operational staff, supporting the mass distribution strategy with its partners through increased operating leverage.
Butn’s growth demonstrates the growing need for fast, secure and reliable funding for Australian SMEs who are facing challenging market conditions including interest rate rises, supply chain pressures and high inflation.
