Excerpts from Intel ligent Investor article today:
"We had to do a double-take: MoneyMe’s new Autopay product recorded $158m of secured car loan originations in the three months to March, 46% of total originations. To put it in perspective, the result now makes that one product – started less than a year ago – larger than the whole business was as recently as September 2020.
In our original upgrade six months ago, we explained why we thought Autopay could be a big deal, with a huge market and scalable business model. But we’ve been knocked off our feet by the growth, it’s gone from a standing start to arguably MoneyMe’s most important business line. All in less than a year.
The product – a secured car loan with approval in under an hour – clearly resonates with customers. There are now over 380 car dealers and 950 brokers with access to Autopay.
Overall, loan originations tripled to $340m compared to the same quarter last year. Gross customer receivables rose from $233m to $1.2bn, while revenue more than doubled to $35m (up from $25m in the three months to December)."
"With strong loan originations, the booming Autopay product, and scope for cost cuts to improve margins, we’re sticking with SPECULATIVE BUY."
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Excerpts from Intel ligent Investor article today: "We had to do...
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