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MoneyMe to cruise past prospectus forecasts, up 50% from IPO

Shares closed at $1.89 yesterday, up 51.2% from the December 2019 IPO price of $1.25.

MoneyMe Ltd - MoneyMe to cruise past prospectus forecasts, up 50% from IPO
MoneyMe makes loans up to $35,000 to consumers through its online platform

MoneyMe Ltd (ASX:MME) gross loan originations for the December half 2019 were up 85% on the prior December half.

When the digital consumer lender listed on the ASX in December 2019, its prospectus forecast the gross loan book to increase to $141.9 million by the end of June 30 2020.

The momentum in originations and customer acquisition has resulted in the gross loan book increasing to an unaudited $133.8 million at the end of January 2020.

The share price was up 26% or 39 cents yesterday as the lender achieved 94% of its prospectus forecast for FY20 with 5 months to go.

MoneyMe added “the 30 June 2020 closing gross loan book is expected to materially exceed the FY20 Prospectus Forecast”.

Loans via two offerings

MoneyMe has two loan offerings for customers, which it refers to as personal loans, and a virtual credit account called Freestyle.

Both products have an online application process that delivers an outcome in minutes.

The personal loans are from $2,100 to $35,000 and repaid over 3 months to 3 years at an interest rate linked to your credit history.

Freestyle is a virtual credit account, similar to a credit card on your mobile phone with up to a $10,000 limit.

Quick facts: MoneyMe Ltd

Price: 0.58 AUD

ASX:MME
Market: ASX
Market Cap: $98.28 m
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