Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Rubik posts strong revenue growth in mortgage tech

Finance software provider Rubik Financial has announced strong revenue growth in its banking and mortgage products during the first half of the 2015-16 financial year.

The group’s banking products saw a revenue increase of 25.3 per cent to $7.15 million in the six months to 31 December 2015, compared to the same period a year earlier. The group said in an ASX statement that the growth was due to an increased focus on service fees and select banking products (CWS and DriveOnline).

Rubik’s mortgage software suite grew 17.6 per cent in revenue over the period to $3.61 million, which the group said was largely as a result of service fees on anti-money laundering projects related to its eLodge+ product.

Advertisement
Advertisement

Rubik’s wealth products experienced a revenue decline of 8.4 per cent to $10.1 million, which was “mainly due to the transition of Coin from a license software model to a SaaS subscription model by a major financial institution”, according to the group.

Rubik’s overall revenue increased by 5 per cent over the period to $20.83 million. Wealth products contributed 48 per cent of the group’s total revenue, while banking products contributed 34 per cent and mortgage products contributed 17 per cent.

Rubik CEO Iain Dunstan said an increased focus on opportunities in the banking sector over the past 12 months has helped improve the group’s total revenue, “as well as more evenly balance the business across the three main segments of wealth, banking and mortgages”.

“We have also focused on our corporate restructuring, which is now complete, the establishment of our offshore development and testing centre, and the consolidation of our data centre infrastructure,” he said.

“As a result, we anticipate that cash flows will return to positive during this calendar year, and we’re on track to build our professional services capability to better service clients and create additional revenue.”

[Related: Rubik announces new CEO]

Rubik posts strong revenue growth in mortgage tech
mortgagebusiness

Latest News

The federal government has committed an additional $130 billion in support to protect jobs threatened by the economic fallout from the cor...

New government-led interventions in the housing market in response to the coronavirus outbreak are set to further hinder transaction activit...

The number of owners withdrawing their property from auction soared to 40 per cent last week, following the introduction of a ban on auction...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.