The Credit Intelligence Ltd (ASX: CI1) share price is off to the races today, up 12% in late morning trade. Earlier, the share price had been up as much as 60%.
We take a look at the company’s buy-now-pay-later (BNPL) announcement that’s driving investor interest.
What did Credit Intelligence report on its BNPL offering?
The Credit Intelligence share price is blasting higher following this morning’s ASX release reporting the commencement of lending by YOZO Pay.
The YOZO Pay service is targeted at small to medium enterprise (SME). The service offers a BNPL product that Credit Intelligence says will give its customers greater flexibility and transparency. Importantly, it uses an artificial intelligence (AI) system which was developed in collaboration with UTS Sydney. Consequently, YOZO Pay can assist SMEs in overcoming cashflow challenges.
Credit Intelligence, a debt restructuring and personal insolvency management services company, highlights the following benefits of the AI-enhanced YOZO Pay:
- Minimal human interaction is required
- Flexible repayment instalments
- Pay for what you use
- Same day loan approval
- Automatic borrower limit changes
- No property required for collateral
Credit Intelligence is still working with UTS on additional developments of its AI engine. Looking ahead, the company hopes to offer new features including 24/7 loan approvals and the ability to assist SMEs around the clock.
Comments from Management
Regarding the BNPL rollout, Jimmie Wong, Executive Chairman of Credit Intelligence said:
We are excited to have commenced lending via the YOZO Pay BNPL service for SMEs. This is a truly unique offering and is set to revolutionise lending for small and medium enterprise by providing a product which is not only aligned with the operations and cashflow of the business, but is also faster, cheaper and more transparent for the SME owner to use – allowing them more time to focus on the day-to-day running of their business. This SME BNPL service is totally different from other personal BNPL products being offered in Australia right now.
Credit Intelligence share price snapshot
Over the past 6 months, the Credit Intelligence share price didn’t do much. That is, right up until 12 February when the share price took off like a rocket.
Since 12 February, Credit Intelligence shares are up 183%. That’s the same share price gain posted for 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 1% year-to-date.
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More reading
- Yowza! The Credit Intelligence (ASX:CI1) share price is up 130% in 2 months
Motley Fool contributor Bernd Struben 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 Credit Intelligence (ASX:CI1) share price is soaring 15% appeared first on The Motley Fool Australia.
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