A Malaysia-based digital insurance company part-owned by Fatfish Group (ASX: FFG) is continuing its strong growth trend, breaking another quarterly sales record to bring year-to-date sales to $4.76 million.
Investee company Fatberry marked a record high in its operating history earlier this year when it reported $1.98 million in total sales for the first half of 2021.
This record has been smashed in the last three months as Fatberry recorded gross sales of $2.78 million for the September quarter alone.
The month of September recorded gross sales (written insurance premiums) of $905,932, up almost 38% on August which is consistent with Fatberry’s growth in the digital insurance market.
Fatfish said the insuretech business aims to continue its growth in the Malaysian market with plans to expand regionally soon.
Technology venture capital firm Fatfish and its Swedish-listed subsidiary Abelco Investment Group AB collectively own a 61% stake in Fatberry.
PaySlowSlow gains early sales momentum
Meanwhile, Fatfish’s new retail buy now pay later (BNPL) brand PaySlowSlow has shown strong initial traction since launching in South East Asia last month.
The wholly-owned subsidiary has already signed up more than 87 merchants in its first two weeks of operations and recorded $50,839 in gross merchandise sales.
Merchant sign-ups are a key operational metric which Fatfish believes will determine the success of its consumer BNPL service.
“Management believes the strong early traction proves strong demand for PaySlowSlow’s service and intends for an accelerated roll-out plan of PaySlowSlow across South East Asia,” it stated.
An $8 million capital raising undertaken in August is being used to develop and market Fatfish’s BNPL and digital lending services.
Along with PaySlowSlow and Fatberry, the company’s other fintech businesses include Singapore online lending platform Smartfunding Pte Ltd, Malaysian money lender Forever Pay Sdn Bhd and gateway payment service provider Pay Direct Sdn Bhd.