Following on from Novatti's FY21 results which was highlighted...

Following on from Novatti's FY21 results which was highlighted by their 50% increase in sales revenue to $16.5m, I thought you might be interested to know that APRA has issued the second banking licence since they resumed in July. The license was granted to unlisted neolender Avenue Bank and it would be reasonable to expect Novatti may be the next one issued. In their FY21 results briefing, CEO Peter Cook mentioned that Novatti was aiming to secure it by the end of November 2021. Alongside the doubling of their headcount to 128 over the past 12 months, he also mentioned that the licence being granted would likely result in another 40 staff being hired to highlight the scale of their neobank business. Much of this will be covered by the $13m funding commitment Novatti secured from BC Invest in April 2021 which is contingent on the banking licence being granted. On top of that, they had approximately $18m cash retained from their $40m cap raise so are very well funded for the potential launch of the neobank in the coming months. You may also be interested in an eCommerce report recently published by BigCommerce about consumer spending trends. One of the notable takeaways applicable to Novatti is the big jump in digital wallets emerging as the preferred payment method for both online and in-store purchases.