Most Australians onboard a tax agent to lodge their tax returns—it’s simpler and enables them to maximise their returns. But that’s not the only reason they avoid taking the digital route. There’s also the perception that filing tax returns online is complicated.
To address that, FinTech platform One Click Group (ASX: 1CG) has used every digital touchpoint to emphasise its simplicity—from its name, “One Click”, to its “easiest” online tax return form. As the Company tries to demystify the process, it is witnessing its user uptake increase.
In CY23, completing its first full year listed on the ASX, the Company’s goal was boosting the number of registered users on the One Click Life platform (its online tax return arm) and increasing revenue by facilitating online tax returns for new and existing users. Additionally, it worked on expanding the range of products available to users and initiating the development of annuity revenue streams through new offerings on both the One Click Life and One Click Verify platforms. These initiatives led to a rise in revenue, reaching a record $3.9 million in CY23, a 144% increase on CY22’s $1.6 million.
The Company’s user acquisition strategy resulted in over 120,000 users registered on the One Click Life Platform by the end of December, representing an 85% increase from December CY22. Furthermore, the average revenue per user experienced growth, reaching $32 in CY23, up from $25 in CY22.
Managing Director Mark Waller commented, “2023 was an outstanding year of growth for One Click Group. 2024 will be a pivotal year for the company as new marketing spend continues to grow our registered user base and creates new revenue to add to our existing revenue base. We also intend to continue to expand the product suite available on both the One Click Life and One Click Verify platforms creating additional revenue opportunities from new and existing customers.”
One Click Group is a FinTech company functioning through two segments—One Click Life (for financial management and tax returns) and One Click Verify (for companies to help digitally verify users).
The revenue surge reflects the effectiveness of the Company’s business model employed for its One Click Life platform. The goal is to further boost revenues to attain profitability this year and to establish a sustainable growth trajectory for the future.
In CY23, the Company’s revenue exceeded operating expenses. Operating expenses for the year totalled $3.4 million, resulting in an operating margin of $0.5 million before accounting for marketing expenses. Marketing expenditures amounted to $2.3 million in 2023.
One Click now offers mortgage, personal loan, and car loan brokerage services. In CY23, it introduced the Next Day Refund Tax product, providing over 3,000 next-day refunds at a higher price. Additionally, it launched the One Click Verify digital identity verification platform, demonstrating growth in this product vertical.
The Company is confident of continued growth in revenue and users in FY24.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
Leave a Comment
You must be logged in to post a comment.