Beforepay Group Limited (ASX: B4P) has surpassed a significant $1 billion in cumulative pay advances since inception in 2019.
The company has now registered over one million users for its digital pay advance service.
Beforepay provided $628m in pay advances during FY23, up 92% YoY.
The company recorded continued strong growth during Q4 FY23 with pay advances of $162m, up 51% on Q4 FY22, driven by both new customer acquisition and continued usage by existing customers.
Despite the current difficult macroeconomic backdrop, due to earlier limit reduction efforts on defaults reported in Q3FY23, including selective reduction of some limits, decreasing limits for customers where creditworthiness had changed, and refinement of the credit model, we have seen a decline in delinquencies in Q4 FY23.
Active Users
Beforepay’s active user base grew 35% YoY to 234K (FY23), up 5% on Q3 FY23.
In total, more than one million customers have now registered for Beforepay’s pay advance service.
Beforepay’s substantial growth is in line with its journey towards profitability, characterised by increases in user and advance numbers, sustainable unit economics, and tightly controlled costs.
Active users in Q4 FY23 (being 234K users) had an average loan size of $341 and a 95% return rate.
Beforepay was recently recognised as the 2023 Ethical Lender of the Year in the Global Pan Finance Awards.
