Digital lender and non-bank challenger MONEYME Limited (ASX: MME) has surpassed $3 billion in originations since inception, “after 4x growth in FY22 driven primarily by the success of its auto finance product Autopay.”
This includes the $1.1 billion in originations by SocietyOne “prior to the acquisition and over $2 billion in originations on MONEYME’s proprietary lending platform Horizon.”
The lending milestone was “announced at MONEYME’s AGM on Tuesday 22nd November 2022, where shareholders also voted overwhelmingly (98.2 percent) to change MONEYME’s Constitution to support its application for B Corp Certification.”
Certified B Corporations, or “B Corps” for short, are companies that “are focused on making a positive social and environmental impact, as determined by the rigorous ‘B Impact Assessment’ which measures companies against a number of impact criteria and governance requirements.”
Recent ESG initiatives “include tying 30 percent of the CEO and CFO’s long-term remuneration, and 10 percent of all employees on the equity incentive plan, to ESG performance.”
These and other ESG initiatives are “published in MONEYME’s comprehensive 2022 Sustainability Report, which also includes third-party assurance in relation to the MONEYME’s Scope 1, 2, and 3 emissions for FY22.”
Gaining B Corp Certification would make MONEYME “one of just a handful of ASX-listed companies to achieve the Certification in Australia and to have changed their Constitution to cement environmental and social values into their governance.”
According to MONEYME, companies that wish to be sustainable and profitable over the long-term “will need to develop the level of robust, measurable, and accountable impact criteria and governance requirements that B Corp status demands.”
Clayton Howes, CEO, MD, and co-founder of MONEYME, said:
“The world is looking for leadership, for inclusivity, and for companies that can make a positive impact while also generating positive returns for shareholders.”
As noted in the update:
“It is my strong belief that the ability for a company to be sustainable and profitable over the long haul will be significantly influenced by the degree to which it does good in the world. It’s not enough to make statements about ESG measures that aren’t objectively measurable, as there is no accountability in these types of statements. Being measured against robust, objective, and proven criteria – such as those included in B Corp Certification – is an important way to ensure our ESG measures are making a genuine difference. Achieving $3 billion in originations is just one more sign of our resilience and business strength, and our ability to continue to grow while remaining fiscally responsible.”
Peter Coad, Chair of MONEYME’s Board, said at the company’s AGM on 22 October 2022:
“MONEYME is determined to do the right thing by its customers, employees, community, and the environment. The B Corp framework allows us to measure and improve our impact in a way that is understandable, verifiable, and recognizable. As ESG reporting is not yet regulated in Australia, we recognised the need to align our ambition to a framework that gives us, and all our stakeholders, confidence in our sustainability initiatives.”
Peter added:
“This is not only important for people and the planet, but we believe it is also in the best interests of our shareholders. Strong sustainability performance has been proven to lead to better business outcomes and we see great opportunity in being an ESG leader. The change to the Constitution […] cements these values into our governing documentation to ensure that we will always consider the impact our actions have on people, community, and the environment.”