QuickFee Ltd (ASX:QFE) has seen a marked increase in lending activity in Australia over the past two months, with March and April the highest lending months in the 2021 financial year, reflecting the cessation of the Australian government stimulus package.
The company’s US PayNow volume for April 2021 was a record US$76.4 million, up 13% on the previous record month of March 2021, taking the total transaction value (TTV) annualised run rate to over US$900 million.
Its traditional financing business in the US remains broadly in line with the previous quarter’s run-rate, as US government stimulus continues to weigh on lending growth.
The QuickFee instalments product performed strongly in April 2021, particularly in the US, where a total of US$180,000 was processed, up almost 600% on the previous month, reflecting strong new merchant signups and the growing demand for the product.
“Excited about the growth”
QuickFee CEO Bruce Coombes said: “We remain very excited about the growth in our payments platform in the US and the scale that we are building.
“As we increase our focus on both new merchant sign-ups and existing merchant usage, we expect to see ongoing growth in transaction volumes and further scale benefits.
“Also, very pleasing has been the strong pickup in lending in Australia and the early uptake of the QuickFee Instalments product, with April showing very impressive growth in the US.”
Appointment of US investment bank
The company appointed US investment bank D.A. Davidson to secure expanded funding lines to support the expected growth in its loan book.
QuickFee has also entered into a term sheet with a leading global finance company.
Founded in 2009 and operating in both Australia and the United States, QuickFee offers payment and financing solutions to professional service firms.
The company’s fully integrated online payment platform and financing solutions enable clients to securely pay invoices in full or by instalment.