Next Day Refund Facility Repaid and c3,000 Refund Advances Provided

Key Highlights:

• One Click Group provides an update that the Company's Next Day Refund facility was paid out in line with the loan facility terms, on the 10th of October 2023 
• Next Day Refund advances were paid to almost 3,000 customers during the peak of the tax season
• The new product has generated over $0.5 million(1) of revenue year to date
• The Company will continue to provide the Next Day Refund product to its customers using the Company's balance sheet to fund the advances
• User numbers on the One Click Life platform have grown by over 50,000 this year and the Next Day Refund product was used by a combination of new and existing customers 

Fast growing life admin technology platform One Click Group Limited (ASX:1CG) ("Company") is pleased to update on the success of the Next Day Refund product launch. The product was funded during the peak tax season with a $2.2 million facility, which was repaid in line with the terms of the loan note facility, with the final payment made on the 10th of October 2023. 

Managing Director Mark Waller commented "The Next Day Refund product has proved a success with our customers. With very limited promotion we have provided almost 3,000 customers with up to $1,000 of their tax refund the next day after lodging their tax return. 

To generate over $0.5 million(1) in new revenue in the first year of bringing the product live on the One Click Life platform has proved the success of the product launch and we will maintain the product live. 

The full $2.2 million facility was repaid in line with the loan note agreement, and cost under $0.1 million to fund the next day advances. We will now continue to fund the product from our balance sheet for the remainder of the financial year." 

The Next Day Refund product allows customers to receive an advance cash payment of up to $1,000 of their tax refund the day after lodgement of their tax return. The product costs $207 for a tax lodgement versus a standard tax lodgement of $99. 

The product has been provided to almost 3,000 customers via the One Click Life platform since it went live in late June 2023, generating over $0.5 million(1) in revenue, with the costs of facility under $0.1 million prior to repaying the facility in full. Based on the success of the product, the Company will keep the product live on the platform and fund the Next Day Refund advances from its balance sheet. 

The success of the product has contributed to the growth in average revenue per user. Whilst the Company didn't promote the product in its digital marketing strategy during the peak of the tax season (July to September), it intends to use data and learnings from this year's introduction of the product to inform its marketing efforts next year. 

The One Click Life platform has increased registered user numbers by over 50,000 users this year and the Company believes there are opportunities to improve upon this level of growth in future years. The continued growth in user numbers demonstrates the growing demand for digital, fast and user-friendly financial services in Australia and specifically the excellent penetration for the One Click Life Platform. The Company will continue to focus on growing its registered user base and the financial products and services it provides to its user base. The platform now has over 115,000 registered users and is continuing to grow. 

One Click Life is creating a financial hub for individuals to manage all their life's finances in a simple, low-cost format from their mobile phones. 

(1) Unaudited

About One Click Group

One Click Life is a fast-growing Australian based financial technology platform positioned to disrupt and capitalise on the increasing market demand for online self-directed financial and life admin services. 

The platform's primary competency and revenue stream at the moment is online tax. The One Click Life platform now contains a lending competency and a number of other products for users, with online wills, tax calculators and private health insurance already available with more new products to come in the future. The One Click Life platform aims to be the one stop shop for everyday Australians who want to manage their financial life admin across, tax, wills, insurance, mortgages, investing and more.

One Click Verify is a digital identity verification platform allowing businesses to digitally identity their customers as part of an onboarding or transaction process.