One Click Reveals Strong Demand For Tax Products

As peak tax season kicks off, One Click Group (ASX:1CG) has revealed strong demand for its ‘Next Day Refund’ product in its fintech platform.

Notably, the product provides approved customers the ability to receive an advance cash payment of up to A$1,000 of their tax refund the day after lodgement of their tax return.

The product costs A$207 for a tax lodgement, a premium to a standard charge of A$99 – securing more than double the revenue for the company.

At the indices, the company’s shares are trading 13.3% higher at A$0.017.

 

Product Summary

The product was initially developed in response to customer demand for timely and efficient access to their tax refund.

Following strong uptake, the company has now finalised a short-term loan note facility of $4.4 million which will allow it to meet the growing demand for the offering.

Notably, the additional revenue premium charged for the product more than covers financing costs.

Further, the tax refund is typically received from the ATO into One Click’s Trust Account circa two weeks after the lodgement meaning the advance is only funded for a minimal amount of time.

MD comments

One Click managing director Mark Waller said: “We are pleased to be able to again offer new and existing customers convenient and efficient access to their tax refund via our Next Day Refund product.

“The Next Day Refund product provides a valuable point of difference to lodge your tax return with One Click Life, receiving your refund quicker.

“With the Facility now in effect, the Company is well placed to deliver strong results for the tax season where we expect strong growth on the last Financial Year and we look forward to providing investors with regular market updates in the coming months.

“We would also like to take this opportunity to thank our loan note investors for their support.”

 

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