SaveLend Group reports net sales (SEK 35m) in line with our expectations (SEK 34.4m). The mix deviated slightly from our expectations as the investing platform grew faster (SEK 27.5m compared with our estimate of SEK 26.4m). The invoicing platform had lower growth driven by the lower amount of invoices issued (SEK 7.5m compared with our estimate of SEK 8m).
On the margin side, we did expect lower margins as the company has said it will be profitable from the end of the year, resulting in much steeper profitability progress than we estimated.
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The big positive surprise was SaveLend’s AUM growth which exceeded our expectations by SEK 121m of 34% percentage points. Due to the high capital growth, the take-rates are lower in general as the capital hasn’t started to generate net sales yet. The high investment ratio (97%) shows how efficient SaveLend is in matching investors and investing credits.
Billecta had a mixed result as the number of invoices was lower than we estimated, and the net sales per invoice were higher than we expected.
SaveLend clarifies its net revenue retention with net capital retention, so the growth in capital for investors that was invested one year ago. The net capital retention was 143%.
Billecta’s net revenue retention was 142%
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Further on SaveLend group did mention it has and will apply for a permit for an alternative investment fund and crowdfunding. It is very exciting to see new products being developed and how efficient the group is in deploying new products on the investing platform.
We expect to make minor estimates changes, primarily focused on the mix between the two platforms and the margins. The third quarter is set up to be an exciting quarter with the new institutional investors on the investing platform, Fixura investors and SKF fully migrated to SaveLend&#8217;s platform, and signs that the group will be profitable on a quarterly basis by the end of the year.