Credit Clear wins new deals worth $2m in April, as it builds momentum from record-breaking March
Credit Clear is undergoing rapid sales momentum this year, validating its disruptive technology offering.
After a record March, payments technology company Credit Clear (ASX:CCR) has continued its strong momentum in April, adding $2 million in annualised revenue for the next 12 months.
During the month of April, the company signed up 15 new clients who have collectively placed $80 million in debt across 110,000 customer accounts.
The new customer accounts represent a 15% increase in one month, a record increase for CCR which further validates the scalability of its business model.
In addition to the 15 new accounts, an existing Australian client has significantly expanded its scope of work with CCR, and is expected to add $1.5 million in revenue over the next 12 months.
This client also provides the opportunity for CCR to extend its support into new international markets, off the back of CCR’s performance for the client in Australia.
“Our momentum continues with new clients joining the platform, and the expansion of existing clients that vindicates the power of our offering,” says CEO, Andew Smith.
“Our market-leading and award-winning technology supports a hybrid end-to-end collections offering that is having a deep disruptor impact on the way businesses manage their accounts receivables,” he added.
Whilst the minimum contractual value of individual wins are not financially material, CCR says the cumulative total represents a material increase in group revenues.
CCR has just come out of a strong Q3, where it flagged record quarterly revenues of $6.1m.
March revenue of $2.9m was a monthly record, while the Q3 total represented an impressive 88% uplift on the previous quarter.
Today’s client wins and the Q3 results mark validation of CCR’s broader business strategy, which included the FY22 acquisition of debt recovery solutions provider ARMA.
Joining forces with ARMA has so far achieved strong results in both existing revenues and potential pipeline, leveraging on ARMA’s solid client base that includes Suncorp, CoatesHire and numerous New South Wales government departments.
The merger has also resulted in significant cost reductions, leaving CCR to focus on scaling up its sales team fast enough to meet growing demand.
CCR says that it’s solving a key market pain point in debt collection services.
The company’s platform is built to benefit from a “fundamental transformation” taking place in the collections industry, which has accelerated the need for a hybrid collection service offering.
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.