FatFish Group finds traction in Asia-Pacific insurance market as revenues surge
FFG’s Malaysia-based subsidiary grew monthly revenue by 180 per cent.
Tech venture firm FatFish Group (ASX:FFG) is building strong momentum across its global investment portfolio.
In its latest update, the company highlighted the recent performance of its Malaysia-based subsidiary Fatberry.com, a direct-to-consumer online insurance marketplace.
Through partnerships with 11 different Malaysian insurance providers, the Fatberry.com comparison website offers a platform for customers to easily compare and customise products online.
FFG holds a 53.4 per cent stake in Fatberry through its majority shareholding in Abelco, an investment firm listed on the Stockholm Stock Exchange.
The Fatberry.com site officially launched in July 2020 after a two-year development phase, and immediately hit the ground running.
Since the middle of last year, the company has averaged month-on-month revenue growth of around 100 per cent.
And that trend has accelerated into the new year, with January revenue figures having already almost tripled the December figure.
For the month of December, Fatberry.com booked revenues of RM209,284 (~$67,000).
Extrapolated through January, it leaves the business on track for monthly sales of well over $150,000.
Commenting on the strong result, FFG said the platform was benefiting from the tailwind of changing trends in the wake of the COVID-19 pandemic.
In particular, enforced lockdowns have “accelerated digital consumer behaviour”, the company said.
FFG said Fatberry is focused on a target market heavily skewed towards millennial consumers who are both price-aware and digitally savyy.
The millennial demographic also represents an attractive market for insurance companies, given they have a “much longer lifetime value of consumerism”, the company said.
Markets reacted positively to FFG’s revenue update, sending the shares up another 12 per cent in Monday trade.
FFG shares have now climbed by around 270 per cent since September, as the company finds traction with its investment portfolio across south-east Asia and Scandinavia.
This article was developed in collaboration with FatFish Group , 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.