Home Financial Record Credit Clear Continues Profitability Trajectory with Record August Monthly Revenue

Credit Clear Continues Profitability Trajectory with Record August Monthly Revenue

Credit Clear’s annual revenue rate reached $39.4 million.

Credit Clear (ASX:CCR) has achieved four consecutive months of profitability after reporting record monthly revenue of $3.28 million in August.

This brought Credit Clear’s annual revenue rate to $39.4 million.

Underlying the record high of $3.28 million for August are “strong contributions” from large onboarded customers in recent months, as well as increased debt referrals from existing customers.

The top five contributors to the record monthly revenue were: a financial services consumer who joined this year; a large education provider, which submitted more late cases; an energy supplier that signed in 2022; operator of toll motorways which has experienced an upturn in traffic activity; and a water utility, which reduced its collection panel from four to two suppliers.

Digital Collections

In addition to the monthly revenue record for August, the month also heralded an all-time high for payments collected through the digital platform and broke the previous three consecutive monthly records.

Payments from digital platforms topped $5 million for the first time, hitting $5.64 million for the month.

New customers

Also in August, 38 new customers were onboarded, which is expected to generate a total of $418,000 in additional revenue over the next 12 months.

Credit Clear noted that new clients also brought a wider scope of work with an integrated finance, investment and leasing specialist.

Total incremental revenue from customers who signed up since January 1 this year reached $10.77 million.

Additionally, Credit Clear’s new deal pipeline grew “significantly stronger” in August, with “multiple opportunities with blue-chip companies progressing” to final or contract negotiation stages.

“Progress in the insurance industry has been particularly notable and the company expects to be able to announce significant new insurance customers in the coming months,” added Credit Clear.

As part of this, Paul Dwyer was appointed to the company’s board earlier this month as a non-executive director. Mr. Dwyer founded PSC Insurance Group (ASX: PSI) and brings to Credit Clear “an exceptional experience in the insurance industry”.

Technology Award

Credit Clear’s technology continues to attract attention.

The company won the “Best Use of AI by a Fintech” award at the 7th Australian Fintech Awards.

It was the second consecutive year that Credit Clear has received the award, which recognizes its “advanced use of AI” in the collections industry.

Credit Clear has highlighted that its AI-powered software led to a 35% increase in collections for one of Australia’s largest toll road operators in May and June this year.

At the 2022 Australian and New Zealand Institute of Insurance and Finance Awards, Credit Clear was named an Insurtech Start-up of the Year finalist.