News and Announcements
ChimpChange Growth Supercharged By U.S. Tax Season
- Published April 26, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Australia’s only listed digital banking platform, ChimpChange, has posted strong organic growth supercharged by the U.S. tax refund season.
INVESTMENT HIGHLIGHTS
- Strong trading quarter delivers key revenue milestone ahead of target
- Doubling of key metrics quarter on quarter ~ Transaction Volume (“TTV”),
- Customer Deposits, Customer Spend, and Revenue to new highs
- In excess of 18,000 new banking customers during the quarter
- Annualised TTV run-rate of US$118 million (A$155 million1) up from A$56 million in
- the previous quarter
- New Savings Account with round-up feature launched in April following
- successful pilot during the quarter
- Significant progress in build-out of internal processing capabilities delivering
- improved costs and faster to market innovation of neo-banking functionality and product.
Ash Shilkin, Founder and Managing Director of ChimpChange, stated:
“We continued to aggressively scale our business model resulting in the Company more than doubling total revenues compared to the previous quarter and achieving an A$1 million revenue run rate ahead of forecast.
“Furthermore, we finished the March quarter with TTV running at an annualised run rate in excess of US$118 million (A$155 million1), strongly up from US$56 million at the end of the December quarter.
“We are tremendously gratified that so many people choose to bank with ChimpChange and trust our platform with their daily banking needs, reinforcing our investment and drive in the ChimpChange banking proposition.”
To download the full report, please click on the link to the left.
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