SYDNEY, Aug. 31, 2023 /PRNewswire/ -- Digital lender and non-bank challenger MONEYME (ASX: MME) has become the fifth ASX-listed finance provider in Australia to become a Certified B CorporationTM, as it doubles down on its sustainability strategy by aligning to an objective, measurable, verifiable, and proven framework.
According to B Lab, the non profit organisation that governs B Corp Certification, there is a rapidly-growing movement of ~470 B Corp Certified organisations in Australia, of which only 10 are ASX-listed.
Of the ASX-listed companies, just 5 are financial institutions, including Australian Ethical, Liberty Financial, BankVic, SEFA, and now MONEYME, however B Lab reports that interest is growing among financial services companies.
MONEYME became B Corp Certified after a rigorous 12-month evaluation and verification process, notably achieving a certified B Impact AssessmentTM (BIA) score of 91.2 - well above the 80-point certification threshold.
MONEYME first adopted the B Corp framework and BIA to inform its sustainability strategy in FY22 as a means to amplify its sustainability efforts and give the organisation and its stakeholders confidence in its approach and performance.
The B Corp framework helps to ensure that MONEYME invests time and resources towards sustainability initiatives that create value and avoid greenwashing, due to requirements for both external verification and public disclosure.
Clayton Howes, CEO & Managing Director of MONEYME said:
"In November last year, we changed our company constitution to reflect our commitment to positive impact. MONEYME's constitutional purpose is not only to deliver returns to shareholders, but also to have an overall positive impact on society and the environment. Our environmental and social impact is no longer a second thought, or a nice to have, for our business. It's a requirement.
"The overwhelming support we received from our shareholders to do this gave us confidence in the importance of driving change from the top.
"Achieving B Corp Certification is a critical element of our wholehearted commitment to society and the environment. B Corps are businesses that meet high standards of social and environmental performance, accountability, and transparency. They measure their success based on the positive impact they create.
"Our hope is that, through leading by example, we will inspire others in our industry to join the movement and prioritise sustainability and positive impact."
Andrew Davies, CEO of B Lab Australia & Aotearoa New Zealand said:
"We commend MONEYME on achieving B Corp Certification and warmly welcome them to our growing movement. Achieving our high standards for environmental and social performance, transparency and accountability is challenging for any business.
"For a publicly listed enterprise like MONEYME, an added layer of complexity comes in gaining shareholder endorsement of our requirement to embed a purpose and stakeholder governance approach in the company's constitution. This foundational change protects the company's mission for the long term, and creates powerful alignment of shareholders, directors, founders, and management.
"In a context of rising mistrust, we need more leading financial services like MONEYME to step up, be accountable, and demonstrate that a new model of business is possible; one that benefits people, planet, and communities, alongside shareholders."
Prior to achieving B Corp Certification, in November 2022, MONEYME cemented its commitment to environmental, social, and governance (ESG) values by adding two clauses to its company constitution which bind its Directors to consider ESG stakeholders in business decisions. The amendment requires shareholder approval for which MONEYME received >98% votes in favour.
Other recent sustainability efforts include publishing a Reflect Reconciliation Action Plan in March 2023, achieving a Board diversity target of >30 percent women in December 2022, and transitioning to 100 percent renewable energy in its Australian offices in FY23.
MONEYME's Autopay car loan carbon offset initiative has also offset 5,912 tonnes of CO2 emissions since launching in July 2021 (equivalent to driving over 16.5 million kilometres), while its electric vehicle (EV) loan discount is designed to support Australia's transition to a low carbon economy.
In July 2023, MONEYME committed to measuring and disclosing the greenhouse gas emissions associated with its Autopay loans by becoming the sixth organisation in Australia to be an official signatory of the Partnership for Carbon Accounting Financials (PCAF), joining Commonwealth Bank, Suncorp, Great Southern Bank, IFM Investors, and Metrics Credit Partners.
MONEYME also released their FY23 Full Year Results (ASX announcement here) with the following highlights:
- Record annual gross revenue of >$239 million (up 67% from $143 million in FY22)
- Elevated credit quality, reflected in an impressive average Equifax score of 727.
- Commitment to efficiency and sustainability reflected through a 45% cost reduction achievement, the attainment of B Corp Certification, and a substantial annual operational savings of around $20 million, attributed to the SocietyOne acquisition.
MONEYME is a founder-led digital lender and Certified B Corporation. We challenge the traditional ways of credit and simplify the borrowing experience with digital-first experiences that meet the needs of modern consumers.
We target customers with higher-than-average credit profiles through a range of fast, flexible, and competitively priced products, including car loans, personal loans, and credit cards.
Our point of difference is delivering unrivalled customer experiences powered by smart technology. From near real-time credit decisioning to loans that settle in minutes, we deliver speed and efficiency in everything we do.
We service 'Generation Now', ambitious Australians who expect more from life and the companies they engage with. We uphold a strong ethos of sustainability and hold ourselves accountable to the high standards of the B Corp movement.
MONEYME Limited is listed on the ASX, and the Group includes licensed and regulated credit and financial services providers operating in Australia.