QuickFee Ltd (ASX: QFE) has announced its first quarter of FY21 with strong growth in the US.
Quickfee’s FY21 update
Quickfee announced that it delivered rapid growth in US lending with an increase of 91% to US$4.1 million.
The company said that the platform’s transactional value benefited from an accelerated shift to online payments – up 213% on the prior corresponding period to US$127.2 million.
Quickfee continues to win new accounting firms, the total was up 11% over the quarter to 457 firms.
However, first quarter lending in Australia was impacted by government stimulus measures, down 41% to $6.4 million. This trend was expected to reverse as jobkeeper unwinds.
Other developments during the quarter included a partnership with Splitit Ltd (ASX: SPT) which was covered on Rask Media here. It successfully raised $15 million in a share placement and is currently undertaking a share purchase plan (SPP).
Quickfee CEO Bruce Coombes said: “Quickfee is very well placed to become a market leader in the advice now, pay later market. Our first mover advantage in the huge US professional services market is enabling rapid growth in both lending and platform transactions.”
Summary
The Quickfee share price hasn’t moved much in reaction to the update. Whilst the Quickfee share price is up 278% since 23 March 2020 – the bottom of the COVID-19 crash – it has fallen back 37% since 25 August 2020. This could be a opportunistic time to buy shares whilst the hype has calmed.
But there’s a couple of ASX growth shares I like even more than Quickfee such as Pushpay Holdings Ltd (ASX: PPH).
