Online consumer lender MoneyMe, which listed on the ASX last December, has issued a market update saying its full-year results will show loan originations and revenue above prospectus forecasts.

The company, which has been operating since 2013, raised A$45 million from its initial public offering and was listed with a market capitalisation of $211.8 million.

Its claimed point of difference is that its Horizon Technology Platform allows applications to be completed in five minutes and funds disbursed “shortly after”.

According to its prospectus it had originated $340 million of consumer loans to more than 80,000 customers over six years. Loan originations increased by 66 per cent in 2018/19 and at June 30 last year the loan book was worth $87.5 million.

In its latest disclosure the company said loan originations were up 52 per cent to $178 million in the year to June, beating the prospectus forecast of $168.2 million.

Revenue was up 50 per cent to $48 million, compared with the prospectus forecast of $45.8 million.

It said 1.4 per cent of receivables were on deferred payment arrangements.

The company’s core product is an unsecured personal loan and a line of credit called Freestyle Virtual Credit Account. Loans are for amounts of $2100 up to $25,000 for terms ranging from three months to three years. The average loan size is around $5000.

Yesterday the company announced that it has signed a contract with rewards provider Cashrewards to launch a rewards program that will be offered to its Freestyle customers, who can earn cash back on purchases using a Freestyle Mastercard for purchases.

The company has also launched a product called RentReady, which is designed to provide working capital for landlords and property managers.