QuickFee Limited (ASX:QFE) has seen a marked increase in lending activity in Australia in the past two months, with March and April being successively the highest lending months in the 2021 financial year, reflecting the cessation of Australian government stimulus.
Elsewhere, the US PayNow volume for the month of April 2021 was a record US$76.4 million, up 13% on the previous record month of March 2021, taking the TTV annualised run rate to over US$900 million.
CEO, Bruce Coombes, said traditional financing in the US remains broadly in line with the previous quarter’s run-rate, as US government stimulus continues to weigh on lending growth.
He noted that the QuickFee Instalments product performed strongly in April 2021, particularly in the US where a total of US$180,000 was processed, up almost 600% on the previous month, and is reflective of strong new merchant signups, and growing demand for this product.
We remain very excited about the growth in our payments platform in the US and the scale that we are building. As we increase our focus on both new merchant sign-ups and existing merchant usage, we expect to see ongoing growth in transaction volumes and further scale benefits,” Mr Coombes said.
“Also, very pleasing has been the strong pickup in lending in Australia and the early uptake of the QuickFee Instalments product, with April showing very impressive growth in the US.”
Founded in 2009 and operating in both Australia and the United States, QuickFee offers payment and financing solutions to professional service firms.
QuickFee is a publicly-traded financial technology company that has funded over $250,000,000 in fees for clients of professional service firms worldwide. Firms using QuickFee range from progressive two partner suburban firms right through to the Big 4 accounting firms.