The company’s share price plummeted from $3.10 to $1.90 beating last year’s record for the worst first-day performance on the ASX.The fintech, which has around 139,000 users, has tripled its customer base in just 12 months and on average, customers borrow $260 and take 15 days to pay it back.
He added improved technology and data meant they have increased limits for “some of their most creditworthy customers“ in Australia. “Although distinct from BNPL, they use the same gap in the law to offer products without safe lending practices.”
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