Insights

Here’s why the QuickFee (ASX:QFE) share price is zooming 28% higher

The QuickFee Ltd (ASX: QFE) share price has rocketed 28% today following a positive business update. We take a closer look at what was announced.
The post Here’s why the QuickFee (ASX:QFE) share price is zooming 28% higher appeared first on The Motley Fool Australia. –

A drawing of a white rocket streaking up, indicating a surging share pirce movement

The QuickFee Ltd (ASX: QFE) share price is by far one of the best performers on the ASX today. This comes after the company provided investors with a market update for its operations in April.

During mid-morning trade, the financial technology company’s shares are fetching for 32 cents, up 28%.

QuickFee achieves record growth

Investors are fighting to get a hold of QuickFee shares today following the company’s explosive trading update.

According to its release, QuickFee advised that lending activity in Australia is continuing to surge. Both March and April recorded the highest lending months in the FY21 period following the end of the JobKeeper stimulus. In particular, April lending reached $3.5 million, up 30% on the previous highest month in the current financial year. QuickFee stated that it is seeing encouraging signs for a recovery in the local business sector.

In the United States, the company processed US$76.4 million in its US PayNow market for April. This represented an increase of 13% on the previous record month of March 2021. As a result, the total transaction value (TTV) is sitting at an annualised run rate of US$900 million.

QuickFee noted that traditional financing in the United States is relatively in line with the Q2 FY21’s run rate. The federal government’s stimulus package is continuing to weigh down on the company’s lending growth.

Positively, QuickFee Instalments are gaining pick up in the United States, with volumes in April at US$180,000. Again, this reflects a 600% jump on the performance attained in March.

New merchant signups are climbing with the company recording 445 and 191 merchants in the United States and Australia, respectively.

What did the head of QuickFee say?

QuickFee CEO, Bruce Coombes hailed the company’s strong progress, saying:

We remain very excited about the growth in our payments platform in the US and the scale that we are building. As we increase our focus on both new merchant sign-ups and existing merchant usage, we expect to see ongoing growth in transaction volumes and further scale benefits.

Also, very pleasing has been the strong pickup in lending in Australia and the early uptake of the QuickFee Instalments product, with April showing very impressive growth in the US.

About the QuickFee share price

Despite today’s meteoric gain, the QuickFee share price has tumbled close to 40% year-to-date. In comparison, the All Ordinaries Index (ASX: XAO) has gained around 7%.

Based on today’s price, QuickFee commands a market capitalisation of roughly $62 million, with approximately 201.5 million shares on issue.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why the QuickFee (ASX:QFE) share price is zooming 28% higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!