- Newly-listed fintech specialist MoneyMe (MME) has added over 50 cents to its share price after one day of trading
- The company joined the ASX today after completing a $45 million initial public offering
- MoneyMe offers fast online loans of up to $25,000 through mobile phones
- It expects to bring in over $45 million in revenue for the 2020 financial year
- The company’s IPO was priced at $1.25 per share, and already shares are selling for $1.72 each at market close
Fast loan business MoneyMe (MME) has wasted no time announcing its place on the ASX with a 37.6 share price gain after one day of trading.
The company sold 36 million shares at $1.25 each in its initial public offering (IPO), but already shares were trading for $1.72 each at market close.
MoneyMe is the latest addition to the finance sector of the Aussie stock exchange. It plans to cash in by offering fast online $25,000 dollar loans.
In its prospectus, which was released earlier this week, MoneyMe predicted a 44 per cent rise in revenue for the 2020 financial year. The company brought in $31.9 million in 2019 and expects 2020 to bring in figures around $45.8 million.
Already, MoneyMe has lent out over $340 million to more than 80,000 customers across the country. The company said it combines artificial intelligence (AI) with risk-based lending principles to make the loans process as seamless as possible.
With a Millenial target audience, MoneyMe said it services “tech-savvy Australians who are looking for faster, more convenient, and simpler access to credit direct from their mobiles”.
And, with the cash pocketed from the IPO, MoneyMe Managing Director and CEO Clayton Howes said the company has the funds to scale-up its operations, expand its product range, and develop its tech platform.
“We are extremely grateful and proud to have the support of our IPO investors, including many institutional investors who have a deep appreciation of the opportunities presenting for MoneyMe, owing to the increasing use of digital and mobile technology in the consumer credit sector,” Clayton said.
The company also reaffirmed its prospectus forecasts in today’s announcement to the ASX, claiming revenue, interest rates, and operating margins are all tracking along as expects.