Heavily backed home loan industry disruptor Athena’s loan book shrank markedly last year, and it has slashed jobs to extend its funding runway.
Heavily backed home loan industry disruptor Athena’s loan book shrank 7 per cent last financial year as the big banks lured customers back with cashback offers, but the start-up claims it will be profitable within two years after some stringent cost-cutting.
“We continue to look for all the opportunities to manage our costs, so we can deliver great outcomes to borrowers,” Mr Walsh toldfrom existing investors in the middle of the year at an unknown valuation. He said the business had no IPO plans. Athena reported revenue of $147 million, up from $43 million, but once its own borrowing costs were taken into account the company’s takings only grew from $15 million to $18 million. Mr Walsh said it had just passed on the RBA’s interest rate rises.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big four profits: The big question for bank reporting seasonShareholders are hoping they’ll finally get an insight into how the big banks are dealing with the thorny issue of writing down cashback costs this bank reporting season.
Read more »
More than 1,000 craters: satellite images show destruction of northern Gaza StripOne heavily bombed residential area half a kilometre wide has about 100 craters, Guardian analysis reveals
Read more »
‘I have never seen that’: Giddey at centre of ‘shocking call’ in big NBA controversyNBA: The Golden State Warriors had a controversial two point win over the Thunder, after a goaltend call was overturned.
Read more »
Albo’s big promise before China visitPrime Minister Anthony Albanese will raise the issue of an Australian writer jailed in China on espionage allegations when he meets with Chinese counterparts this weekend.
Read more »
Fans’ big worry about Fowler, Cleary romanceOPINION
Read more »
O’Shea lines up early for ticket to next Big Dance with PizzaroPizarro is a three-time winner from 19 starts, and trainer John O’Shea is confident the 1400m of the Goulburn Cup will be right up his alley at his fourth run this preparation.
Read more »