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The small business lender has announced it originated $38 million in November, setting a new monthly record for the company.
ASX-listed lender Butn has released a trading update, showing that it achieved record monthly originations and revenue in November 2022.
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According to the cashflow lender, it originated $38 million in November, up 86 per cent on the previous corresponding period (pcp).
It continues a string of record performances, with the company having set record performances across seven of the eight months prior.
Just over a quarter of originations ($10 million) came from the Butn platform, a new record for the direct channel and approximately eight times more than pcp.
As well as announcing record origination numbers, the lender also flagged that revenue had reached new heights in November — up 141 per cent on pcp to just over $1 million.
Revenue margin was approximately 2.6 per cent, up from 2.0 per cent in FY22, which Butn said reflected an “improvement in industry mix to higher-margin segments, an increased contribution of higher-margin platform originations and pass-through of some pricing adjustments”.
Butn’s co-founder and co-CEO, Rael Ross, commented: “The continued strong FY23 performance including record originations, improving revenue margins and tight cost control are all positive as we continue to grow.
“The Butn platform continues to grow its share of originations and revenue as we scale our solution with key partners through our mass distribution strategy.
"While the current macroeconomic environment presents SMEs with a number of challenges, we believe that the need for our integrated, simple, and accessible funding will continue to increase as our solution becomes more relevant to our partners and their business customers.”
As well as distributing through the broker channel, the SME lender also offers broker-specific products.
Last year, it partnered with SME lending platform Lend to provide brokers with access to up to $10,000 in advanced commissions.
Speaking at the time, Mr Ross commented: “Like all businesses, we recognise that brokerages, whether large or small, can often gain immediate benefit from a cash injection.
“Getting an advanced commission product is the perfect solution to the common comment of ‘I wish I could be paid my commission now’ to help alleviate cash flow crunches or materialise an opportunity. Particularly at this moment of uncertainty, when smooth working capital is paramount to optimising operations, we’re delighted to offer this great opportunity to support the broker community.”
[Related: Butn achieves record originations in July]
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