MONEYME announces strong revenue and lower losses for the quarter
ASX-listed fintech pioneer MONEYME has announced its trading update for the FY24 first quarter, with key highlights being gross revenue of $55 million for 1Q24, which is in line with 4Q23 ($56 million), and net losses continuing to trend lower in 1Q24 to <4.9%, down on 4Q23 (5.6%).
Commenting on the results, Clayton Howes, MONEYME’s Managing Director and CEO, said, “MONEYME has delivered a solid first quarter, executing on our profitable strategy by reducing losses, increasing our secured assets, and advancing our technology for future opportunities.
“Our loan book remained stable, maintaining a healthy net interest rate margin of 11%, for the quarter, while our focus on higher-credit quality borrowers and secured assets continues to improve our credit profile. As anticipated, these measures positively impacted our quarterly credit loss performance.
“Consistent with our strategy to position MONEYME for sustainable and profitable growth, we have intensified efforts to refine our technology platform, further optimising our operations. As a result, our operating leverage continued to grow during the quarter. As part of our technology roadmap, we are actively exploring and developing the application of generative AI in customer service interactions and various aspects of our operations.
“MONEYME also achieved B Corp certification this quarter, marking a significant milestone in our commitment to environmental, social, and governance values. We are encouraged to see a steady uptick in Electric Vehicle (EV) loans since the launch of our EV discount in June. This not only aligns with our ESG focus but also reflects the growing popularity of EVs among our customers.”