Revenue for the June quarter of 2021 was $19 million, an increase of 73% on the previous corresponding period.
Originations of $161 million for the quarter represent an increase of 391% to the prior comparable period and are 49% higher than the previous quarterly record of $108 million.
In addition, full-year originations of $384 million for FY21 are up 115% on the prior year, reflecting growth that continues to accelerate across MoneyMe’s product suite.
Notably, MoneyMe’s recently launched autopay innovation, while only contributing $6.2 million to the $161 million, is expected to grow substantially.
“Incredible growth and momentum”
MoneyMe managing director and CEO Clayton Howes said: “We are extremely pleased to report incredible growth and momentum in MoneyMe.
“The record revenue, originations and customer receivables demonstrate our business is accelerating.
“At the same time, credit quality is increasing and we’re seeing strong take-up from customers across diversified products and distribution channels.
“This quarter’s results include significant momentum in our first secured product, Autopay, the breakthrough innovation in car lending with dealerships signing up to the new platform and a faster than expected take-up from car purchasers.”
Other improvements during the quarter were a reduction in the cost of funds by 55% from 11% in the first quarter of FY21 to 5% in Q4.
The core operating costs margin was reduced by 17% from 12% in FY20 to 10% in FY21.
Diversified product strategy
MoneyMe’s strong originations were predominantly achieved through personal loan and freestyle products, and direct-to customer-channels.
The company’s high growth in gross customer receivables is a reflection of the successful implementation of its diversified product strategy.
Gross customer receivables of $333 million at the end of FY21 beat expectations and were 149% above the prior comparable period.
MoneyMe expects the average loan value of a customer will increase further to improve the cost of funds.