Credit Clear wins 25 new clients in March worth over $2 million

The contract wins will help build the foundation for Credit Clear to fast-track the ongoing expansion of its customer base.

Receivables management fintech firm Credit Clear Limited (ASX: CCR) won 25 new clients during March, wins which will generate over $2 million in anticipated annualised revenue in the coming 12 months.

The contract wins cover a broad range of providers and include some big clients such as the City of Stirling Council in WA, an ASX-listed car parking technology business, a non-bank lender, and a large Victorian Government statutory service provider.

While individual contracts are not financially material, CCR says they will lay the foundation for the company’s future growth.

“It is this performance advantage that will see CCR continue to add material new clients, with hundreds of thousands of new customer accounts to our portfolio,” says Credit Clear CEO, Andrew Smith.

“These contracts will provide all the inputs for strong revenue growth into the future, and I look forward to updating investors more fully following the release of our Q3 FY22 results later this month.”

What the contract wins would mean for CCR

The new contracts include significant performance-based and upsell opportunities for CCR across each of the new clients.

The five-year agreement with the Victorian Government statutory service provider will see CCR provide multiple collection solutions, including early digital engagement and payment plans.

This deal has a strategic importance as a major government-based tender, providing other state and federal government agencies with a fast-track due diligence and procurement approval process.

The City of Stirling deal is also significant because it would make Sterling among the first councils in Australia to adopt a digital first approach.

This will provide CCR with an exceptional case study for other councils to follow suit.

CCR’s platform is critical for councils, as they often take particular pride that their ratepayers are treated respectfully and provided with exceptional customer service.

The multi-year contract deal with Stirling has also boosted CCR’s already strong representation in government councils in several states.

Meanwhile, the non-bank lender contract win provides CCR with potential to upsell its services, and importantly, will further accelerate the traction that CCR is making in the non-bank lending space.

Finally, the deal with the ASX-listed car parking deal will enable CCR to showcase its expertise in this specialist sector.

Work with the company will begin initially in Queensland, with the opportunity to expand into other Australian states.

There is also an opportunity for CCR to partner with this client for government and local council work.

“CCR’s end-to-end offering supported by award-winning technology is consistently being recognised by existing and new clients as providing them with superior performance,” said Smith.

This article was developed in collaboration with Credit Clear, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.