Fatfish (ASX:FFG) share price surges 7% on business update

Fatfish shares are starting the week off with a bang…

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The Fatfish Group Ltd (ASX: FFG) share price is on the move this Monday. This comes after the company provided an operational update on digital insurance business Fatberry and buy-now later-later (BNPL) provider PaySlowSlow.

At the time of writing, the tech venture builder company's shares are up 7.55% to 5.7 cents.

Record sales performance

In today's statement to the ASX, Fatfish advised its insurtech Fatberry has enjoyed exponential growth in 2021.

Total gross sales for the three months ending 30 September have come in at $2.78 million, a record-breaking quarter. This is notably higher than the $1.98 million achieved in gross sales for the entire first half of 2021.

On the back of its sales performance, year-to-date gross sales stand at around $4.76 million — an all-time high.

Fatberry's gross written premiums soared 37.4% month-on-month from August 2021. This is underpinned by strong consumer demand in the Malaysian market.

The company aims to continue its growth with plans to expand its business into regional areas. Undoubtedly, this could have a positive effect on the Fatfish share price if the company can maintain its traction.

PaySlowSlow's successful launch

In addition to the positive announcement, Fatfish stated that its BNPL company PaySlowSlow has successfully launched in Malaysia.

Entered into the market in mid-September, more than 87 merchants have signed up so far within the first 2 weeks. This has led to close to $51,000 in gross merchandise sales with recorded increases week-on-week.

Fatfish plans to accelerate the rollout of PaySlowSlow across Southeast Asia to boost sales numbers.

Fatfish share price summary

Over the last 12 months, Fatfish shares have accelerated by 375% with year-to-date gains at almost 60%. The company's share price hit an all-time high of 43 cents in February this year, before sharply pulling back.

Fatfish presides a market capitalisation of roughly $59 million, with approximately 1 billion shares on its books.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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