Beforepay Group Ltd
ASX:B4P
Beforepay Group Ltd
Beforepay Group Ltd. provides online payment services through mobile application. The company is headquartered in Sydney, New South Wales. The company went IPO on 2022-01-17. The firm has smartphone application designed for iOS and Android devices and a browser- based application. The firm's application platform consists of budgeting tools, pay cycle detection algorithm, and credit-risk model and credit process. Its platform is a payday lender, allowing users to access money before their actual pay packet lands.
Beforepay Group Ltd. provides online payment services through mobile application. The company is headquartered in Sydney, New South Wales. The company went IPO on 2022-01-17. The firm has smartphone application designed for iOS and Android devices and a browser- based application. The firm's application platform consists of budgeting tools, pay cycle detection algorithm, and credit-risk model and credit process. Its platform is a payday lender, allowing users to access money before their actual pay packet lands.
Revenue Growth: Revenue rose 18% year-on-year to $12 million, driven by an increase in average advance size.
Seasonal Defaults: Net defaults increased to 1.85% due to typical holiday seasonality, compressing margins as expected for Q2.
Margins: Net transaction margin improved 22% year-on-year to $5.9 million.
Operating Expenses: Operating expenses increased to $5.2 million, mainly due to marketing and hiring to support growth initiatives.
Profit: Net profit before tax was $0.3 million for the quarter.
Carrington Labs Progress: Strategic investments in Carrington Labs are accelerating, with new client wins including FlexCar and Sea.Dev.
Personal Loans Expansion: The personal loans business is scaling, with average loan size rising to $3,200 and ongoing tests of larger loans.
Outlook: The company expects margins to normalize in Q3 as seasonal effects subside and continues to invest in growth areas.
