MoneyMe accelerates growth with Autopay
MoneyMe surged on Tuesday after the provider of credit products announced its latest trading update, which included the first indications of performance on the company’s recently launched Autopay product. MoneyMe’s suite of products includes automotive finance, personal loans, revolving line of credit and at point-of-sale instalment products.
MoneyMe reported record originations of $57 million in May 2021, which were up 384% on the prior year of $11.8 million in May-20. The group is also experiencing significant traction in the new secured vehicle finance innovation, Autopay.
Strong early performance for Autopay, after launching in late April-21, exceeded $1.2 million in cars financed in the month and is on a trajectory to more than double in June-21, despite only 10 dealers onboarded to the platform.
Autopay originations in June had already exceeded $1 million on the 12th of June-21 and the number of dealers and brokers with access to the platform is growing with strong demand from the industry.
Clayton Howes, MoneyMe’s Managing Director and CEO said: “We are very pleased to report the continuing growth and momentum in MoneyMe. Another record originations result for last month is a direct result of our products continuing to deliver amazing customer experiences, including from automated decisioning and fast settlement and across a diversified product set. Our latest product, the newly launched Autopay, is a ground-breaking innovation and demand from the dealer and broker industry for the product has been significant and we expect origination volumes in Autopay to grow materially.”