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ASX-listed fintech platform One Click Group (ASX: 1CG) has seen accelerating growth in its user numbers since the start of the new financial year, as more and more Australias turn to digital solutions for their financial services needs.
This growth has helped propel the company’s revenue for the June quarter alone to more than full-year revenue for the 2022 calendar year.
Users expected to exceed 110,000 by 2024
Western Australia-based 1CG bills itself as the operator of a fintech platform that provides self-directed financial services to users via online channels.
Its One Click Life platform offers a range of online financial services to Australian consumers, including the lodging of tax returns, applications for mortgages and health insurance, as well as the drafting of wills.
1CG also provides AI-driven accounting software via One Click Life, which it claims is capable of uncovering hidden deductions and boosting tax refunds.
These automated financial services have garnered growing popularity in the Australian market. As of mid-July, 1CG’s user numbers breached the 90,000 threshold, after amassing around 10,000 new sign-ups in the space of just a week.
1CG had just 65,000 users as of 31 December 2022, which means it managed to post a 250% rise in a period under seven months.
Revenue jumps in June quarter
Even prior to the surprise bump in user numbers that arrived in July, 1CG had posted strong revenue growth for the Q4 FY23. 1CG’s revenue for the June quarter was $545,000, surpassing total revenue posted for the full calendar year of 2022.
1CG managing director Mark Waller said a concerted marketing campaign helped to drive revenue growth in the quarter, alongside solid customer retention and a strong focus on the company’s tax return services.
‘The key focus for the June quarter was setting our digital marketing strategy in preparedness for the busy June and the September quarter,’ Waller said in a statement.
‘Further, generating revenue from new products such as One Click Mortgages and our Next Day Refund Tax product has accelerated our overall revenue growth and increased our average revenue per user, which is an important focus on this stage of our growth journey.’
Another potential growth driver in the near future could be 1CQ’s provision of identity verification services to enterprise clients.
‘We have stepped up sales activities of our One Click Verify digital identity verification platform with a number of enterprise agreements expected to be finalised in the September quarter,’ Waller said.
1CG taps funding for further expansion
1CG recently obtained further financial backing to drive growth in its flagship products.
In early July, 1CG’s wholly owned subsidiary Mobile Business Devices (MBD) secured a further $1 million in funds under its loan note facility to drive growth in its ‘Next Day Refunds’ AI-driven tax product.
The boost arrived just after MBD obtained a loan of $1.2 million on 3 July from private investors, with the option of tapping a total of $2.5 million in credit.
Next Day Refunds enables users to obtain an advance cash payment of up to $1000 of their tax refund the day after lodging their return. Waller said the product has already enjoyed a strong reception from customers following its launch on 21 June, 2023.
‘Customer demand for this product has been very positive and we are confident that this product will generate strong revenues for us this year,’ Waller said.
‘With the additional revenue streams this year from new products and the rapidly growing user base of over 80,000 users, we’re setting ourselves up for a really strong year and a very positive future providing simple financial products to the Australian population.’
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