Malaysia-based digital insurance company partially owned by Fatfish Group (ASX: FFG) continues strong growth trend, breaking new quarterly sales record to bring sales to date to $ 4.76 million .
Issuer Fatberry hit a record high in its operating history earlier this year reporting total revenue of $ 1.98 million for the first half of 2021. That record has been broken in the past three years. month while Fatberry recorded gross sales of $ 2.78 million for the month of September. quarter alone.
September alone saw gross sales (insurance premiums written) of $ 905,932, up almost 38% from August, which is consistent with Fatberry’s growth in the digital insurance.
Fatfish said the insuretech business aims to continue growing in the Malaysian market with plans to expand regionally soon.
Technology venture capital firm Fatfish and its Swedish subsidiary Abelco Investment Group AB collectively own a 61% stake in Fatberry.
PaySlowSlow accelerates its first sales
Meanwhile, PaySlowSlow, Fatfish’s new retail buying brand, PaySlowSlow, has shown strong traction since launching in Southeast Asia last month.
The wholly-owned subsidiary has already signed more than 87 dealers in its first two weeks of operation and has recorded $ 50,839 in gross merchandise sales.
Merchant registrations are a key operational metric that Fatfish says will determine the success of its consumer BNPL service.
âManagement believes the strong early traction proves strong demand for the PaySlowSlow service and intends to accelerate the PaySlowSlow rollout plan across South East Asia,â he said.
An $ 8 million fundraiser undertaken in August is used to develop and market Fatfish’s digital and BNPL lending services.
Besides PaySlowSlow and Fatberry, the company’s other fintech businesses include Singapore’s online lending platform Smartfunding Pte Ltd, Malaysian money lender Forever Pay Sdn Bhd, and gateway payment service provider Pay Direct Sdn. Bhd.