QuickFee Share Price is up 13% As It Partners up with Jim’s (ASX:QFE)

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Fintech up-start QuickFee Ltd [ASX:QFE] share price is up 13.51% today. Rising strongly on the back of two key announcements.

It’s a decent win for shareholders. Particularly given the fact the stock is down just on 50% for year-to-date. Detailing what has been a rough year for many of the tier two ‘buy now, pay later’ (BNPL) providers.

However, with a new partner in tow, QuickFee is now looking to reverse its fortunes.

Let’s take a closer look at the details…

More money, more Jim

The first key announcement from QuickFee today is a new and expanded funding facility. Turning to a new deal with Northleaf for up to US$70 million in fresh capital.

This sum will however be broken up into a first lien of US$40 million. With a further US$30 million added as an optional component that is dependent on Northleaf’s approval.

So, QuickFee will likely need to prove itself in order to cash-in the extra amount.

Nevertheless, though, the initial sum will more than help the business with its growth aspirations. Looking to build upon its aggressive user acquisition efforts and long-term lending plans.

As CEO Eric Lookhoff comments:

QuickFee has continued its encouraging start to FY22 after a pleasing first quarter, where the company saw substantial expansion of its payments volume as well as the beginning of lending recovery in Australia and the US.

The additional funding provides QuickFee increased lending capacity as the company continues to expand in key professional services markets, and accelerates growth of its “buy now, pay later” solution in the broader services sector.’

However, the far more interesting piece of news came from QuickFee’s other announcement. Declaring that the small-cap has partnered with Jim’s Financial Services, which is part of the much broader Jim’s brand.

Together, the pair hopes to release a new Jim’s BNPL product. One that they’re calling ‘Jim’s Pay Plan’.

As a result, any and all of Jim’s franchisees will be able to offer new deferred payment options to customers. Allowing people to pay for goods and services in a range of monthly installment plans.

Needless to say, this is an exciting development. One that will hopefully give QuickFee the ability to flex its unique BNPL offering.

Lookhoff comments again:

We are delighted to announce this partnership with Jim’s Financial Services, which continues to validate our “Buy Now, Pay Later powered by QuickFee” instalment solution in the important and growing services sector.

For Jim’s franchisees, we tailored our BNPL platform to best suit franchise operators with diverse service-based income streams. Powering Jim’s Pay Plan with QuickFee supports business growth for franchisees by providing an easy to use, fast, and secure payment offering, while improving franchisee cash flow.

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What’s next for the QuickFee Share Price?

Looking ahead, it’s clear that QuickFee has pulled together a clear runway for success. Securing not only some key capital for its operations, but also a promising new partnership that could net some vital sales.

For investors, this is exactly the kind of development you’d want to see. Particularly given a relatively poor year, overall.

So while QuickFee still has a long way to go to get back to where it once was, at least in terms of share price, it is making the right moves to do so. A scenario that will hopefully stem the recent downward momentum.

And if you’re looking for more exciting fintech stocks to potentially buy into, then we can help. Our fintech report includes three other up-and-coming plays that are worth taking a look at. Just sing-up for your free copy of the full report, right here, to find out more.


Ryan Clarkson-Ledward,
For Money Morning

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About Ryan Clarkson-Ledward

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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