Technology

Credit Clear continues rapid growth with 35 new clients in July

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By Lorna Nicholas - 
Credit Clear July 2022 sales revenue new clients ASX CCR

New client onboards so far in 2022 are estimated to generate cumulative extra revenue of $10.35 million over the next 12 months.

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Credit Clear (ASX: CCR) revealed 35 new clients had signed-on in July, which are expected to bring in an extra $1.17 million in revenue over the next 12 months.

So far, this brings Credit Clear’s cumulative expected revenue to $10.35 million for the next 12 months from new clients onboarded during the 2022 calendar year to-date.

Of the new clients signed in July, Credit Clear noted $720,000 in the anticipated extra revenue came from “significant commercial” customers, which is an area of strategic growth for the company.

The new commercial clients included a “large Australian water utility”.

Credit Clear chief executive officer Andrew Smith said the July performance followed a strong 2022 financial year ending June (FY2022).

“New client wins are a strong indicator of future revenue growth and the performance of our commercial team in July was particularly pleasing.”

“Our onboarding process continues to improve, and several new clients signed in the past few months have grown faster, and are providing more customer accounts, than originally anticipated.”

He said a financial services client that was onboarded earlier in the year was thought to bring in about $1.5 million over 12 months. However, Mr Smith said the client’s account referrals in the past month were “well above the expected monthly referral rate”.

Continued growth in FY2023

Mr Smith noted the company was winning more work from existing clients for two reasons – a “superior performance” compared to competitors and because its clients have more debt files due to the rising cost of living and stagnant wage growth.

“From a debt industry perspective, our strategic positioning as a fully integrated end-to-end provider of debt collection services puts us in a significantly stronger position than other providers,” he explained.

He added the company’s continued success was due to a combination of the company’s “award-winning” digital technology, empathetic and skilled agents, and experienced legal recoveries.

“We provide our clients with a better collections experience and our clients’ customers with a better customer experience.”

New developments

In line with the continued growth in the commercial client space, Credit Clear has appointed Chris Hayes as head of commercial from ARMA and Credit Solutions divisions.

Earlier this week, Credit Clear co-founder Lewis Romano stepped down from the board so that he can focus on his new role of head of international to spearhead the company’s international expansion plans.

Mr Romano is already progressing opportunities in South Africa, the UK and Singapore, where there are existing agreements and/or discussions underway.

Credit Clear’s technology has also been recognised further with the company being announced as an Insurtech finalist at the 2022 Australian and New Zealand Institute of Insurance and Finance industry awards.