TechInvest News

One Click successfully repays next day refund facility - TechInvest Magazine Online

Written by Staff Writers | Oct 27, 2023 8:36:44 AM

Fast growing life admin technology platform One Click Group (ASX:1CG) has continued its success with the recently launched Next Day Refund product.

The product was funded during the peak tax season with a $2.2 million facility, which was repaid in line with the terms of the loan note facility.

The product allows customers to receive an advance cash payment of up to $1,000 of their tax refund the day after lodgement of their tax return. The product costs $207 for a tax lodgement versus a standard tax lodgement of $99.

The product has been provided to almost 3,000 customers via the One Click Life platform since it went live in late June 2023, generating over $0.5 million in revenue, with the costs of facility under $0.1 million prior to repaying the facility in full.

Based on the success of the product, the company will now keep the product live on the platform and fund the Next Day Refund advances from its balance sheet.

The success of the product has contributed to the growth in average revenue per user. Whilst the company didn’t promote the product in its digital marketing strategy during the peak of the tax season, it intends to use data and learnings from this year’s introduction of the product to inform its marketing efforts next year.

The One Click Life platform has increased registered user numbers by over 50,000 users this year and the company believes there are opportunities to improve upon this level of growth in future years.

Managing Director Mark Waller said the continued growth in user numbers demonstrates the growing demand for digital, fast and user-friendly financial services in Australia and specifically the excellent penetration for the One Click Life Platform. The company will continue to focus on growing its registered user base and the financial products and services it provides to its user base. The platform now has over 115,000 registered users and is continuing to grow.

One Click Life is creating a financial hub for individuals to manage all their life’s finances in a simple, low-cost format from their mobile phones.

The Next Day Refund product has proved a success with our customers. With very limited promotion we have provided almost 3,000 customers with up to $1,000 of their tax refund the next day after lodging their tax return,” Mr Waller said.

“To generate over $0.5 million in new revenue in the first year of bringing the product live on the One Click Life platform has proved the success of the product launch and we will maintain the product live.

“The full $2.2 million facility was repaid in line with the loan note agreement, and cost under $0.1 million to fund the next day advances. We will now continue to fund the product from our balance sheet for the remainder of the financial year.”