Fatfish (ASX:FFG) share price surges 7% on business update

Fatfish shares are starting the week off with a bang…

| More on:
a woman holds a fully blown puffer fish close to her face and makes a similar open lipped expression as the fish.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Fatfish Group Ltd (ASX: FFG) share price is on the move this Monday. This comes after the company provided an operational update on digital insurance business Fatberry and buy-now later-later (BNPL) provider PaySlowSlow.

At the time of writing, the tech venture builder company's shares are up 7.55% to 5.7 cents.

Record sales performance

In today's statement to the ASX, Fatfish advised its insurtech Fatberry has enjoyed exponential growth in 2021.

Total gross sales for the three months ending 30 September have come in at $2.78 million, a record-breaking quarter. This is notably higher than the $1.98 million achieved in gross sales for the entire first half of 2021.

On the back of its sales performance, year-to-date gross sales stand at around $4.76 million — an all-time high.

Fatberry's gross written premiums soared 37.4% month-on-month from August 2021. This is underpinned by strong consumer demand in the Malaysian market.

The company aims to continue its growth with plans to expand its business into regional areas. Undoubtedly, this could have a positive effect on the Fatfish share price if the company can maintain its traction.

PaySlowSlow's successful launch

In addition to the positive announcement, Fatfish stated that its BNPL company PaySlowSlow has successfully launched in Malaysia.

Entered into the market in mid-September, more than 87 merchants have signed up so far within the first 2 weeks. This has led to close to $51,000 in gross merchandise sales with recorded increases week-on-week.

Fatfish plans to accelerate the rollout of PaySlowSlow across Southeast Asia to boost sales numbers.

Fatfish share price summary

Over the last 12 months, Fatfish shares have accelerated by 375% with year-to-date gains at almost 60%. The company's share price hit an all-time high of 43 cents in February this year, before sharply pulling back.

Fatfish presides a market capitalisation of roughly $59 million, with approximately 1 billion shares on its books.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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.

More on Financial Shares

A man holds his head as he looks at his laptop and contemplates more bills to pay.
Financial Shares

Down 19%! Is the GQG share price selloff an overreaction and buying opportunity?

Is now the time to pounce on this beaten down stock? Let's see what Goldman Sachs is saying.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Financial Shares

IAG share price reaches new 5-year high! What next?

It’s been a great period for the insurance giant. Could it keep rising?

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Financial Shares

This $7 billion ASX 200 stock just crashed 11%. What's going on?

There's trouble in India and it's weighing on this stock today.

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Financial Shares

Here's what this top broker is saying about Macquarie shares

Is this investment bank heading to a new record high?

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Financial Shares

Up 25% in a year, why this ASX All Ords stock has 'plenty more upside'

Analysts think this stock could still have plenty of gas left in its tank.

Read more »

Two people climb to the summit and raise their arms in success as the sun rises brightly over the mountains.
Financial Shares

'Strong momentum': 2 ASX financial shares backed by top fundie for 2025

ASX financial shares had a strong trading session on Tuesday with several new price records set.

Read more »

A woman presenting company news to investors looks back at the camera and smiles.
Financial Shares

AMP shares on radar as M&A spotlight shines bright

The stock has rallied hard in 2024.

Read more »

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Financial Shares

Are IAG shares still a buy for dividends at a 5-year high?

Here's my take on IAG's place in an income portfolio today.

Read more »