Credit Clear secures additional $2 million in annualized revenue from new customers

Credit Clear expects to become cash flow positive from July this year.

The expansion of debt management technology company Credit Clear (ASX:CCR) has gained momentum, with the company announcing that it secured an additional $2 million in annualized revenue last month.

The $2 million in new revenue will accrue over the next 12 months and come from 15 new customers.

Credit Clear noted that an Australian client had “significantly” expanded its scope of work with Credit Clear, which accounts for $1.5 million of new revenue.

Additionally, based on Credit Clear’s performance in Australia, this new client may provide opportunities in new international markets.

“Our momentum continues with new customers entering the platform and expanding existing customers, confirming the power of our offering,” said Andrew Smith, Managing Director of Credit Clear.

“Our market-leading and award-winning technology supports an end-to-end hybrid collections offering that is having a profound disruptive impact on how businesses manage their accounts receivable.”

New board member

As Credit Clear continues its upward trajectory, it has appointed Michael Doery to its board as a non-executive director.

Mr. Doery has held directorships with numerous other ASX-listed companies and his experience includes roles as chairman of audit and risk committees.

He was previously a partner at KPMG and is a Fellow of the Institute of Chartered Accountants of Australia and New Zealand.

Mr. Doery is also a Fellow of the Australian Institute of Corporate Directors.

Credit Clear Chairman Hugh Robertson said Mr Doery’s experience in audit and corporate leadership will be valuable to the company as it accelerates growth in Australia and internationally. .

Positive cash flow in sight

The company disclosed during the March quarter that it expects to become cash flow positive by the middle of the year.

This forecast was based on projected annual revenue of $35 million for fiscal year 2022 and does not include any anticipated revenue from Credit Clear’s recent deal with Techub in South Africa or today’s announcement. today.