The non-bank lender says it’s shares have suffered from a ‘fintech drag’ but its fundamentals point to sustainable profits.
MoneyMe shares rallied in a tough market for challenger financial companies after the personal lender reported stronger revenue and lower loan losses for the fourth quarter and said it would focus on delivering cash profits over plans for growth.
Unlike BNPL, MoneyMe can easily pass on higher funding costs to customers, while secured loans are growing via a new vehicle finance product known as Autopay. This funding is helping it capture market share from Macquarie Bank and Angle Finance in car loans, with Autopay growing to a $500 million book in a year.
Net losses of 3 per cent of loans over the fourth quarter was down from 5 per cent in the same period of last year, and were steady on the third quarter.
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