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 an all-time 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 months as Fatberry posted gross sales of $ 2.78 million for the September quarter alone.
September saw gross sales (insurance premiums written) of $ 905,932, up nearly 38% from August, which is consistent with Fatberry’s growth in the home market. 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 gains ground on 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 registered more than 87 merchants 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.
“Management believes the strong early traction proves strong demand for the PaySlowSlow service and intends to accelerate the PaySlowSlow rollout plan across South East Asia,” he said.
An $ 8 million fundraiser undertaken in August is being 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.