Weaver Fintech's growth boosted by acquisition of 130 000 new women customers every month
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Weaver Fintech has declared a remarkable first half, a pre-tax profit surge of 48% to R370 million, attributed to a robust revenue growth of 29% that reached R2.6 billion.
This was according to the company's half year results to June 30 that were released on Tuesday, and which followed the rebranding last month from the former name, Homechoice International.
Weaver Fitnech's share price went up 79.34% to R44.80 on Tuesday afternoon, reflecting the goood results.
CEO Sean Wibberley expressed his enthusiasm for the firm's performance, remarking on the company's evolving 40 year relationship with both customers and merchants.
'Our results show how deeply our ecosystem resonates with customers and merchants. We had a very good first half, off the back of a strong second half of last year. We are not just scaling – we're transforming how financial services are accessed and experienced across South Africa,' he said.
Weaver Fintech has successfully captured the attention of 3.7 million customers, 70% of whom are tech-savvy women from Africa, marking a 48% annual increase. The company is acquiring an impressive average of 130 000 new customers monthly, with most new users drawn via word-of-mouth or through engagement on platforms while shopping.
The firm's fintech division is driving this remarkable growth, constituting 98% of the group's pre-tax profit. The Retail division, meanwhile, also showed promising results, recording a 63% uptick in operating profit, underlining the overall robustness of Weaver's operations.
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In a testament to its resilience in challenging economic times, Weaver Fintech reported a 47% growth in fee income, contributing 28% towards total revenue. This came alongside a 47% increase in cash collections to R7.7bn, indicative of efficiency in its digital collections model.
Wibberley shared insights into the company's proactive approach to customer challenges, explaining how they effectively responded to increasing retrenchments among clients. As aid from the US was withdrawn for certain organisations, Weaver Fintech offered practical solutions, allowing clients to reduce their monthly loan payments during such transitions.
With a compound annual growth rate (CAGR) exceeding 30% since 2021 in both revenue and profits, the fintech sector has emerged as a cornerstone of Weaver's strategy. Revenue for this division alone surged 39% to R1.6bn, with fees rising 43% to R581m, showcasing the effectiveness of their scaling digital business model.
The trading brands, Finchoice and PayJustNow, also made significant strides, acquiring more than 110 000 new customers monthly. The fintech ecosystem is fostering rapid product adoption in lending, payments, and insurance, with a notable 20% growth in customers utilising two or more products.
Plans are underway to broaden the fintech ecosystem, aiming to introduce advanced Business-to-Business (B2B) merchant services to its diverse network of over 3 100 merchants. Wibberley mentioned the strong engagement witnessed, noting 496 million customer interactions and 20 million lead referrals occurring in just the first six months of the year.
The Retail division's omni-channel homeware brand, Homechoice, reported an encouraging 12% sales growth to R677m and a substantial 63% profit rise to R31m. Furthermore, new customer acquisition was up by 38%, with 131 000 new clients in the first half of 2023, bolstered by the expansion of showrooms from 22 to 46 across seven provinces.
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