One Click Group Limited announced that it has established a Lending competency with One Click Mortgages product going live on the platform. The Lending competency provides users with a digital experience for financing or refinancing property, with a view to expanding into other lending services in the future. As at 31 December 2022, One Click Life had over 65,000 registered users on its platform.
Its registered user base grew over 60% during 2022. The significant growth in user numbers demonstrates a growing demand for digital financial services in Australia. The average age of a One Click Life customer is 31, which provides opportunity to provide multiple lending solutions within that age demographic.
The Company intends to market this product to its existing user base, providing a low cost of marketing for this new product. Presently, the primary competency on the One Click Life platform is online tax which is very successful in providing a primary capability to grow the platform's user base. The Lending competency, commencing with the One Click Mortgages product, is now available to its users in Western Australia, with the rollout to other states to proceed over the coming months with an aim to be live across the country by May 2023.
The Lending competency over time will expand out to cover other lending services and debt solutions to customer base. To facilitate access to loans from over 50 lenders (including the big four banks) for lending solutions for One Click Life users, the Company has entered into a Brokerage and Commission agreement with mortgage aggregator, SFG. This agreement allows the Company to act as an authorised credit representative under SFG's Australian Credit Licence, acting as a finance broker and provide lending solutions across property, vehicles, commercial and personal loans, for nominal monthly cost to the Company.
By providing finance brokering services to its user base, the Company will generate an upfront commission and ongoing brokerage trail for each settled loan. The Brokerage and Commission Agreement operates for an initial period of two years, and automatically renews for 12-month periods thereafter. The agreement may be terminated at the end of the initial or a subsequent period by notice at least 30 days prior to the end of the period, and otherwise on terms and conditions standard for an agreement of this nature.