- MoneyMe (MME) is gearing up for a record-breaking start to FY22, with $112 million in originations already recorded in July and August
- That figure represents a 307 per cent increase on the same period last year and a 7 per cent rise on Q4 FY21’s results
- MME’s vehicle finance product AutoPay also hit a new milestone, notching up $25 million worth of finance by the end of August
- The fintech stock will partner with EasyCars, giving MME exclusive access to the software provider’s more than 900 car dealership customers
- Shares in MoneyMe are down 1.4 per cent at $2.12 per share
MoneyMe (MME) is gearing up for a record-breaking start to FY22, with $112 million in originations already recorded in July and August.
The fintech stock explained the $112 million figure represents a 307 per cent increase on the same period last year when MME bought in $27 million.
It also represents a 7 per cent rise on the $105 million in originations the company generated in April and May in Q4 FY21.
In terms of credit quality, MoneyMe said it’s average Equifax score in the loan portfolio increased to above 675 in August.
The fintech stock’s new vehicle finance product AutoPay also hit a new milestone, notching up $25 million worth of finance by the end of August.
Additionally, MME said AutoPay secured $1 million worth of vehicle finance in a 24-hour period in Q1 FY22.
To help accelerate growth, MoneyMe will partner with EasyCars to gain exclusive access to the software providers more than 900-car dealership customers.
Managing Director and CEO Clayton Howes said the partnership will allow more dealers to access AutoPay.
“We are incredibly pleased to see the strong originations growth and increasing credit quality in the business, especially in the current environment,” Mr Howes said.
“It is a testament to our product diversification strategy and huge growth opportunity that exists.
“The rapid growth in Autopay is exciting, and the new partnership with EasyCars will further accelerate our penetration into the auto-finance market by making Autopay more accessible to dealers.”
MoneyMe shares were trading down 1.4 per cent at $2.12 each at 1:10 pm AEST.