Not sure if anyone noticed, but MoneyMe (MMM) recently signed a deal with Cashrewards to offer cashback at participating retailers when the MoneyMe customer pays with their Freestyle Mastercard.
The Freestyle Mastercard is powered by EML's ControlPay, and is essentially a digital credit card.
I think this is very positive news for EML, as it would potentially increase overall existing customer spending on the Freestyle cards, and also possibly result in new card customers, meaning more revenue for EML.
My guess of the existing loan book size of the Freestyle Mastercard product would be somewhere around $70-$100 million. I'm not sure how much EML gains from this contract with MoneyMe, but I wouldn't be surprised if its around $0.5m-$1m in revenue for EML per year. I guess this will only grow with the continued success of the MoneyMe Freestyle Card. Keep in mind EML is a company with loads of contracts with different companies, and dont rely too much on single contracts with anyone (although the salary packaging contracts are quite significant).
ControlPay seems to be looking very promising for EML with the new launch with Sezzle this month, amongst other pre-existing contracts.
