Credit Clear (ASX: CCR) has achieved four consecutive months of profitability after revealing record monthly revenue for August of $3.28 million.
This has boosted Credit Clear’s annual revenue run rate to $39.4 million.
Underpinning the record $3.28 million for August were “strong contributions” from large clients onboarded in recent months, as well rising debt referrals from existing clients.
The top five contributors to the record monthly revenue were: a financial services consumer that was onboarded this year; a large education provider, which passed on more files in arrears; a energy utility that signed in 2022; toll road operator that has seen a recovery in traffic activity; and a water utility, which reduced its collection panel from four providers to two.
Digital collections
In addition to the revenue record for August, the month also heralded an all-time high for payment collected via Credit Clear’s digital platform and beat the previous three prior consecutive monthly records.
Digital platform payments exceeded $5 million for the first time – reaching $5.64 million for the month.
New Clients
Also during August, 38 new clients were onboarded which are expected to bring in a total of $418,000 in extra revenue over the next 12 months.
Credit Clear noted that the new clients also brought a wider scope of work with a finance, investment and leasing specialist onboarded.
The total additional revenue from clients signing up since the 1 January this year has reached $10.77 million.
Additionally, Credit Clear’s new business pipeline “strengthened considerably” in August, with “multiple opportunities with blue-chip companies progressing” to final or contract negotiation phases.
“Progress in the insurance sector has been particularly notable and the company expects to be able to announce significant new insurance clients in the coming months,” Credit Clear added.
As part of this Paul Dwyer was appointed to the company’s board earlier this month as a non-executive director. Mr Dwyer founded PSC Insurance Group (ASX: PSI) and brings to Credit Clear “exceptional insurance industry experience”.
Technology awards
Credit Clear’s technology has continued to attract attention.
The company took out “Best Use of AI by a Fintech” at the 7th Annual Australian Fintech Awards.
This was the second year in a row that Credit Clear received the award, which recognises its “advanced use of AI” in the collection industry.
Credit Clear pointed out its AI-driven software delivered a 35% uplift in collections for one Australia’s largest toll road operators in May and June this year.
At the 2022 Australian and New Zealand Institute of Insurance and Finance awards, Credit Clear was named as an Insurtech Start-up of the Year finalist.
