SYDNEY, Oct. 11, 2022 /PRNewswire/ -- Digital lender and non-bank challenger MONEYME is on track to deliver on its promise to shareholders to return to statutory profitability and achieve greater than $200 million in Net Revenue for FY23.
The shift in strategic focus, announced in July following triple digit growth in FY22, comes as a measured response to the evolving macroeconomic climate in which market volatility is expected to continue, and investors increasingly prefer a proven ability to deliver profits.
It's a strategy MONEYME has pursued successfully in the past, achieving profitability by its fourth year in business in 2017 and posting consistent net profits through to 2020 before entering its high growth phase.
As part of this profitable growth strategy, MONEYME will focus on high quality credit originations and optimise for cost efficiencies by leveraging new scale advantages, technological improvements, and the low-cost acquisition opportunity of offering its expanding product range to over 200,000 SocietyOne customers.
It will also continue to maintain diversity in its loan book created by expansion within the auto finance space in FY22, along with other successful new product lines.
MONEYME has also hit a major milestone in the post-acquisition integration of SocietyOne's technology onto its proprietary technology platform Horizon. Ahead of plan and less than 6 months after the acquisition, SocietyOne loans are now originated via Horizon.
This has resulted in the fastest loan origination in SocietyOne's history, with SocietyOne loans approved and funded in just 34 minutes on the second day live on the platform, representing a significant improvement on SocietyOne's historical average of 24 hours from application to settlement.
Clayton Howes, Managing Director and CEO of MONEYME, said:
"It is clear we are entering a higher interest rate environment, which has changed our focus to building further resilience in our business by managing our cash reserves and the credit performance of our loan book.
"In addition to a very strong revenue and overall business result, it has been remarkable to see how efficiently and effectively the team and business have executed the strategy to position MONEYME appropriately in the current external environment. This tech-enabled agility is indicative of our strong historical focus on unit economics and highly efficient operating model with the rapid transition to focus on delivering statutory profits, a clear long-term advantage in an evolving market.
"The transformation to tech-enable SocietyOne's new business originations on the Horizon Technology Platform is another major milestone accelerated for the Group as it delivers on realising synergy benefits from the acquisition. This is allowing us to provide SocietyOne new business the same leading customer acquisition and service experience as MONEYME.
"Autopay continues to be a priority for the business as we prepare to unlock the opportunity in the auto finance market through strategic partnerships and exciting new product innovation designed to drastically transform the car buying experience for consumers.
"While the macroeconomic outlook continues to be challenged, I believe we are uniquely positioned to deliver innovation while achieving our strategic initiative of generating statutory profit. Our result in Q1 is a strong first step toward this evolving strategy and is setting the business up well for the remainder of FY23."
MONEYME is a leading Australian disruptor on a mission to become the #1 challenger to the major banks.
With a focus on innovation, we fund ambitious Australians with market-leading speed and seamless, digital-first experiences.
Leveraging AI and advanced cloud-based technology, we offer highly automated personal, auto and real estate finance products that meet, and exceed, the expectations of 'Generation Now'.
MONEYME Limited is listed on the ASX and the Group includes licensed and regulated credit and financial services providers operating in Australia.
For more information, visit www.moneyme.com.au