On Thursday MoneyMe Limited (ASX: MME) became the latest company to list on the Australian share market.
This follows recent listings by Tyro Payments Ltd (ASX: TYR), Nuchev Ltd (ASX: NUC), and Nitro Software Limited (ASX: NTO).
The MoneyMe share price had a strong start to life on the share market. It finished the day 38% higher than its listing price at $1.72.
This gives it a market capitalisation of ~$230 million.
What is MoneyMe?
MoneyMe is a technology driven consumer credit company. It originates consumer loans through its risk-based lending platform to tech-savvy consumers who are seeking fast, convenient, and simple access to credit direct from their mobile devices.
Its technology platform allows applications to be completed within approximately five minutes and funds to be disbursed, or credit limits to be available, to the customer shortly after approval.
It experienced strong demand for its IPO. Management advised that applications for its IPO significantly exceeded the target raising of $45 million. This led to a substantial scaling back of applications.
Proceeds from the IPO will primarily be used to invest in the company's core business model, expanding its product range, increasing market penetration and customer base growth, further developing its Horizon Technology Platform, and increasing its total addressable market with expansion into new geographies.
MoneyMe's Managing Director and Chief Executive Officer, Clayton Howes, said: "We are extremely grateful and proud to have the support of our IPO investors, including many institutional investors who have a deep appreciation of the opportunities presenting for MoneyMe, owing to the increasing use of digital and mobile technology in the consumer credit sector."
"The capital they have provided the Company will enable MoneyMe to appropriately scale-up its operations and continue its growth trajectory, while playing a leading role in extending credit to consumers," he concluded.
