Propell posts customer growth and record lending volumes for June quarter
Propell Holdings 公布截至 6 月 30 日期间的贷款环比增长 35%。
Finance platform developer Propell Holdings (ASX: PHL) has posted a June quarter of significant growth across its key performance indicators of customer numbers, lending volumes and loan sizes.
For the three months ending June, the company reported over 2,150 small-to-medium enterprise customers on its platform, representing a quarter-on-quarter growth of more than 30%, and an increase of more than 320% on the previous corresponding period.
Lending volumes for the period expanded to $3.4 million, with May and June being the largest months on record.
Lending growth was up 35% quarter-on-quarter and 320% on the previous corresponding period.
This growth was supported by the launch of a new line of credit product and improvements in platform customer financials and sentiment.
Apart from rising borrower numbers, lending volumes were also driven by a 40% quarter-on-quarter increase in average loan size, which Propell said is a key indicator of customer quality and represents a critical measure in scaling the business.
The company continued development of its platform throughout the quarter, delivering updates to its automation and enabling volume growth without headcount growth.
Business Loans
During the quarter, Propell launched the Business Loan lending product to address the needs of “under-served small businesses”.
The product provides customers with a fixed dollar amount over a fixed term, which can be used for specific business purposes such as buying assets or equipment.
“Our customers now have more choice and access to capital to operate and grow in the way they want,” the company said.
“They can have increased flexibility with existing line of credit facilities, or fixed term loans at competitive rates using Business Loan.”
Initially, Business Loan will be launched as an unsecured product however Propell said it would eventually add a secured option.
Financial well-being
Propell’s digital platform is aimed at improving the cash flow and financial well-being of small-to-medium businesses by aggregating a range of finance products and services including lending, payments and cash flow forecasting tools.
The company leverages extensive customer data with an artificial intelligence (AI) based engine to deliver its products in an entirely digital manner.
Propell’s strategic focus remains on becoming the go-to finance solution for small businesses.
“We want to be a single place where businesses can live their entire financial life in a simple, convenient and 100% digital way, free from the constraints of old-fashioned banks, with the long-term goal of reaching 100,000 clients in five years,” the company said.