Online consumer lender MoneyMe had a volatile first year as a listed company, with a 34 per cent increase in impairments and a 57 per cent increase in loan write-offs.

MoneyMe booked an impairment expense of A$15.9 million (up from $11.8 million) in its 2019/20 financial report and wrote off $12.3 million of loans (up from $7.4 million).

It originated $178.5 million of loans and closed the year with a book value of $133.6 million.

MoneyMe, which has been operating since 2013, raised A$45 million from its initial public offering and was listed on the ASX last December.

The company’s core product is an unsecured personal loan. Loans are for amounts of $2100 up to $25,000 for terms ranging from three months to three years. The average loan size of around $5000.

The company said the loan book value, which was 6 per cent below prospectus forecast, was below expectations because many consumers responded to the pandemic by paying off personal debt.

In other respects, the company performed ahead of expectations. Originations were ahead of forecast and revenue of $47.7 million was up 49 per cent and also ahead of forecast.

It made a loss of $119,000 before tax but after adding an income tax benefit of $1.4 million it reported a net profit of $1.3 million.

The company hopes to make its mark as an innovator. Last December it launched a “virtual Mastercard” for payments on Android and iOS devices.

It has a product called ListReady, which provides the finance required for selling a property, and RentReady, designed to help landlords and property managers manage their capital requirements.

Earlier this month it launched MoneyMe Plus, a buy now pay later product.