Fintech startup MoneyMe hits $100 million loans; sets eyes on niche loans market
Fintech startup, MoneyMe Financial Group, has this week broken through the $100 million loan mark, after record daily compounded growth of 2,747 per cent in its medium amount and personal loans offerings drove its lending volume exponentially in the past few months.
This rapid acceleration, combined with record low default and customer complaint rates, now sees MoneyMe set to launch a series of niche loan products over 2017, all designed to provide greater financial inclusion for the growing Australian millennial market.
“To have reached this exciting milestone so quickly really is validation that the millennial market is actively looking for financial alternatives to the big banks and their ‘one size fits all’ lending proposition,” said Clayton Howes, CEO of MoneyMe.
“From day one we’ve sought to provide financial products that are tailored to the individual’s lifestyle and credit profile, through personalised risk-based pricing and by developing products that can be consumed when and where the customer needs them – consumption characteristics highly valued by the millennial consumer in particular.
“By creating products that ensure greater financial inclusion to the exact consumers the big banks don’t find profitable enough to service, and by ensuring these products suit the lifestyle and financial needs of this market perfectly, we are hoping to contribute to the growing democratisation of financial services that fintech is driving globally.”
Since its inception in 2013, MoneyMe has maintained a default rate ranging between 2 and 4 per cent, which is significantly below the industry average of 11 per cent.
On over 100,000 loans provided to date, MoneyMe has also received a total of just 17 issues raised by its customers – less than a 0.017 per cent of total loan volume – all of which were mutually resolved or cancelled without the need to involve the ombudsman.
This exceptional track record, combined with its exponential growth, is now pushing MoneyMe towards the next phase of an aggressive expansion plan which will see the launch of a series of niche loan products over 2017 targeting the millennial consumer.
“For us, the past year’s results have been clear validation of the strength of our value proposition, and our ability to deliver on the ambitions we set out for our various stakeholders,” continued Clayton Howes.
“We now feel extremely confident in taking that next step to expand on a mass scale, in terms of market penetration, product development, and channels for distribution.
“We are confident that the real winners will be Australian consumers, who will increasingly enjoy greater choice and lower-cost financial products than ever before,” concluded Clayton Howes
MoneyMe’s niche loan products are expected to be unveiled in September and October later this year.