Technology platform One Click Group (ASX: 1CG) has announced its revenue to end September has grown to $3.5 million, representing a jump of 120% on the same period last year.
The figure represents a continued step change for the company and demonstrates the ongoing strength of its digital financial platform.
It was achieved through increased registered user numbers and a boost in average revenue per user as new product verticals such as One Click Mortgages and One Click Verify gain market traction.
The company said the growth in user numbers demonstrates a growing demand for digital, fast and user-friendly financial services and specifically, the penetration of the One Click Life platform into the Australian market.
The platform now has 115,000 registered users.
Revenue opportunities arising from the One Click platform are expected to translate into strong average revenue per user (ARPU) figures.
For the calendar year 2023, the company’s ARPU was $32 compared to $25 in the previous year.
Impressed with increase
Managing director Mark Waller was impressed with the increase in user numbers.
“More users combined with the increase in average revenue per user has resulted in significant revenue of $3.5 million for the year to date compared to $1.6 million for the last full calendar year,” he said.
“We are still seeing a number of areas where we can continue to accelerate user growth and improve our average revenue per user [and] this creates a significant opportunity for us.”
Mortgage broking product
One Click Mortgages was launched in March as a mortgage broking product in partnership with Specialist Financial Group.
The service will provide platform users with access to financing and re-financing loans from over 50 lenders, including the big four banks.
Under a two-year agreement with Specialist Financial, One Click will generate an upfront commission and ongoing brokerage trail for each settled loan.
The agreement will automatically be renewed for 12 months at expiry and may be terminated with notice by any party.
One Click Verify provides a digital identity check service for financial advisors across Australia, who have a regulatory requirement to verify their customers every three years.