- One Click Group (1CG) through its subsidiary, Mobile Business Devices (MBD), secures an additional $1 million under its loan note facility to fund the expansion of its ‘Next Day Refunds’ tax product.
- The product allows customers to receive an advance cash payment of up to $1000 of their tax refund the day after lodgement of their tax return at a cost of $207
- The funds follow on from a previous loan of $1.2 million received from private investors, with options to raise an aggregate of $2.5 million and repayments within 60 days
- The company’s ‘Next Day Refunds’ product has been used by more than 1100 customers since it went live for testing on June 21
- 1CG shares last traded at 0.9 cents
One Click Group (1CG), through its subsidiary, Mobile Business Devices (MBD), has secured an additional $1 million under its loan note facility to fund the expansion of its ‘Next Day Refunds’ tax product.
The ‘Next Day Refunds’ product has already garnered 1,100 customers since it went live for testing on June 21, 2023.
The product allows customers to receive an advance cash payment of up to $1000 of their tax refund the day after lodging their tax return, at a cost of $207.
1CG Managing Director Mark Waller said it was great to see such early success with the company’s new product rollout.
“Customer demand for this product has been very positive and we are confident that this product will generate strong revenues for us this year,” he said.
“With the additional revenue streams this year from new products and the rapidly growing user base of over 80,000 users, we’re setting ourselves up for a really strong year and a very positive future providing simple financial products to the Australian population.”
The additional funds follow a previous loan of $1.2 million received on July 3 from private investors, with options to raise an aggregate of $2.5 million.
Loan notes issued under the facility are repayable within 60 days and have the option to extend for an additional 30 days, at MBD’s sole discretion.
Customers will only qualify for the product if their tax lodgment history and tax payments are up to date, as well as meeting a number of other conditions to minimise default risk.
1CG shares last traded at 0.9 cents.