MoneyMe’s lending volumes have taken off, with the non-bank lender reporting growth of 28 per cent in receivables over the year to June 2025.
Loan originations have stepped up, at $235 million over the June quarter, which is up 37% on the June 2024 quarter, MoneyMe said yesterday, thanks to “growth in high credit quality car finance and personal loans.”
Secured loans (mainly vehicle loans) accounted for 59% of new loan originations in the quarter, excluding credit cards.
MoneyMe’s gross loan book was $1.6 billion at the end of the year.
Net credit losses fell over the first half to 3.2 per cent.
Earlier this month, MoneyMe said it became a Mastercard principal issuer. At present the firm white-labels an EML credit card product.
“We want to be more multi-product” chief financial officer David Wright told Banking Day yesterday.
“We want to see auto finance at 50% of our book, not 60 or 62%.
“Personal loans and credit cards have much better NIMs.”
Wright also revealed MoneyMe is working through an evolution in strategy.
“We won’t rule out becoming a bank or ADI” Wright said.
“We wouldn’t rule it out, whether launching ourselves [as a bank] or doing something with someone else.”
MoneyMe had net assets of $151 million at the end of December 2024, but was trading in the red over the first half, reporting a loss of $39 million due to impairments on its fast growing auto loan book.