The fintech company Financial Technologies publishes the financial results for the first quarter of 2022 while presenting rapid growth and growth in all financial parameters from the revenue line to the net profit. As you may recall, the company successfully raised (IPO) a total of NIS 21 million (gross consideration) in October, intended to accelerate growth and activity. During the first quarter, the company provided new loans in the amount of NIS 75 million and as of the date of the report, the rate of providing loans in annual terms is already NIS 360 million (compared to NIS 166 million in 2021).
The company’s revenues (which actually reflect its gross profit) jumped almost fourfold and amounted to NIS 4.2 million, compared with NIS 1.1 million in the first quarter of 2021 and compared to revenues of NIS 7.9 million in 2021. Operating profit amounted to NIS 1.3 million. Compared with a loss of NIS 100,000 in the corresponding quarter, while the net profit amounted to NIS 1.3 million, compared with a loss of NIS 112,000 in the corresponding quarter last year. Adjusted EBITDA (which enables comparison of operating performance) amounted to NIS 1.6 million, compared with a negative amount of NIS 21,000 in the corresponding quarter, compared with NIS 1.95 million in 2021. Equity stands at NIS 24 million and cash balance and free cash value ( Including cash balances in designated accounts) in the amount of approximately NIS 15.4 million.
As of the date of the report, most of the loans offered by the company and on its balance sheet are loans linked to the consumer price index, as part of the transition to a business model that also combines the sale of loan portfolios alongside the sale of individual loans on a daily basis (OverNight). Optimally the types of loans applied by the company to the general situation prevailing in the economy.
During the quarter, the company increased and deepened its entry into the automotive field and continues to develop new products and complementary products to existing platforms.
Payment’s founder and CEO, Yaniv Gilour, says: “The first quarter continued and even accelerated the growth trend that characterized 2021. We expect this trend to continue and intensify in 2022. The company’s founder and CTO, Guy Yohanan, says:” The company’s technological innovation (Payment platform called buy-now-pay-later / BNPL) and the business model, the special underwriting method together with the issue money allow us to realize the great potential in the field of consumer financing for households as a leading means of payment in the world of “BUY NOW PAY LATER.