MoneyMe beats prospectus, chases buy now, pay later
MoneyMe, a fintech personal lender, has beaten prospectus forecasts for revenue, operating earnings and loan originations to deliver a small profit in its full-year results presentation as a listed company.
Since hitting the bourse in December, MoneyMe has developed a “credit card replacement” product and a buy now, pay later offering for the property market alongside its personal loans.
Against the backdrop of the coronavirus crisis, MoneyMe said revenue was up 49 per cent to $50 million for the full-year, 4 per cent above prospectus forecast, while earnings before interest, tax, depreciation and amortisation (EBITDA) was $3.2 million, 10 per cent ahead of the forecast.
MoneyMe made $179 million in loan originations over the year, up 53 per cent and 6 per cent above prospectus forecast. Its loan impairment expense of $6.4 million was just below forecast. The company said it expected loan originations to be higher as it launches new products and expected impairments to trend down.
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