Strong revenue growth for DirectMoney but profit some way off
Marketplace lender DirectMoney enjoyed strong growth in revenue in the six months to December, as its loan book started to build. However, it appears to be some way off reporting its maiden profit.The company's loan book, which was worth A$8.5 million at the end of December, generated $409,320 of revenue for the half. This was up from revenue of $70,856 in the previous corresponding period.DirectMoney lost $5.2 million, although $2.7 million of that was a one-off expense related to its listing on the Australian Securities Exchange last year.The company wrote off $108,022 relating to loans originated before June last year. That is equivalent to 1.27 per cent of its loan book.None of the loans written in the December half have late payments exceeding 30 days.According to the directors' report in the financial statement, the company continues to invest in its proprietary technology platform.It has established distribution agreements with 224 loan brokers, with more in the works.