Good News: Credible Labs Unveils The Lifting Of ‘FOR U.S.’ Trading Ban On CDIs

  • Jan 04, 2019 AEDT
  • Team Kalkine
Good News: Credible Labs Unveils The Lifting Of ‘FOR U.S.’ Trading Ban On CDIs

Fintech company Credible Labs Inc. (ASX: CRD) announced that as of 4 January 2019, its CHESS Depository Interest (CDI) would no longer be subject to transfer or sale restrictions into the United States or to any person of that origin.

This comes after the company filed an application with Australian Securities Exchange, in response to which the ASX Settlement advised that the “FOR U.S.” designation will be removed with effect from 4 January 2019.

In the recently released quarterly report for the period ended 30 September 2018, the company flagged record high quarterly Closed Loan Volume (“CLV”) of US$355 million. It represents the improvement of 56% on Q3 2017 and an increase of 89% in the previous quarter, i.e., June 2018. Moreover, its user accounts reached a cumulative total of ~1,086,000 as at 30 September 2018, compared to ~910,000 on 30 June 2018 and ~708,000 on 31 December 2017.

During the third quarter of 2018, Credible has successfully accelerated the development of its mortgage refinancing marketplace, resulting in the public launch of the platform on 10 October 2018 across 20 U.S. states. The group has also strengthened its technology platform through the addition of 14 new marketing partners and three new lending partners. Credible’s third quarter of 2018 was also embarked by the launch of its first prescreened direct mail campaign in student loan refinancing.

U.S.- based financial technology company, Credible Labs Inc. provides a proprietary technology platform to credit bureaus and financial institutions that enable consumers to make an instant comparison in the rates of student loans, mortgages, personal loans offered by multiple financial institutions. The group has maintained robust cash and cash-like resources position of $30.4 million as at 30 September 2018. Also, the company’s receivables balance was $6.4million at the end of Q3 2018, up from $2.4million as at Q2 2018.

Today, 4 January 2019, the stock of Credible labs traded flat. There has been no price or daily volume movement in the stock. However, CRD last traded at $0.755. In the last 12 months, the stock price fell 44.49%, but in the recent 5-day trade it has moved by slightly by 0.67%.


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