Last week, fintech lender MoneyMe commenced trading on the ASX after successfully completing its initial public offering (IPO).
MoneyMe raised approximately $45 million from its IPO, with each share valued at $1.25. Since launching on the ASX, MoneyMe’s share price has risen to as high as $1.745.
The lender has claimed that it would be “debt-free” post IPO, with 2020 revenue expected to total approximately $46 million.
MoneyMe CEO and co-founder Clayton Howes said the lender would use the funds to grow its core business model and “pursue growth opportunities” in Australia and abroad while also expanding its personal loan and credit card offerings.
“We are expanding our product range to capture more of the banks’ territory in credit cards and personal loans, and the market is ripe for this disruption by a young and agile company with state-of-the-art technology,” he said.
The fintech recently launched Freestyle, a “virtual credit account” designed to replace the need for a credit card.
According to Mr Howes, the Freestyle virtual credit account is “superior to all existing digital payment systems”.
“Freestyle is the buy now, pay later of the future. The fact that it’s here in the run-up to Christmas will unlock retail spending this festive season and make the whole shopping experience easier,” he added.
Mr Howes concluded: “There is a lot space for a young fintech that delivers innovative credit products to a tech-savvy generation, who are not tied to the major banks and want a smart, quick digital solution to satisfy their demand for cash.”
MoneyMe’s IPO follows its launch of ListReady in September, a buy now, pay later platform designed to disrupt the real estate industry by allowing vendors to postpone up to $25,000 of property marketing costs until settlement.
The lender has revealed that over 1,000 real estate agents have signed up to the platform processing more than $2 million worth of listings.
Charbel Kadib is the news editor on the mortgages titles at Momentum Media.
Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.