Online lender creditshelf (CSQ.F) has reported financial results for the first quarter of fiscal year 2019. According to the Germany-based Fintech, revenues tripled in the first quarter versus the same period year prior.
creditshelf is a marketplace lender that matches investors to SMEs in need of financing.
While still small, creditshelf said revenues increased to €936,8000, compared to €316,9oo during Q1 of 2018. This increase is said to be primarily attributable to the increased volume of loan originations, totaling €16.9 million by 31 March 2019, 145% above the figure for the first quarter of 2018 at €6.9 million.
Borrower fees reported an increase of 147% in the first quarter of 2019 to €594.8 thousand compared to €241.1 thousand in 2018. Investor fees rose by 351% to €342.0 thousand from €75.8 thousand.
Earnings before interest and tax (EBIT) for the first quarter of 2019 was a negative €931.0 thousand an improvement from the €2,095.3 thousand loss in the first quarter of 2018.
Creditshelf said it had boosted full-time employees to 40 by then of March 2019 – an increase of 18 FTEs from March last year. The additionally employees thus impacted their expenses.
Marketing expense also increased to €500.6 thousand from €131.9 thousand in the first quarter of 2018.
The Management Board forecasted 2019 full-year revenues to rise by between 90 and 130% to between €4.5 and €5.5 million. EBIT for the fiscal year 2019 is forecasted to come in at between negative €3.5 and negative €4.5 million.
“Our business model is designed to make the most of these opportunities. There is demand amongst German SMEs across all industries for tailored and flexible financing available at short notice – of the kind creditshelf offers. As a result we are convinced that we can successfully continue our growth path.”
creditshelf completed an initial public offering (IPO) in July 2018.