DomaCom Ltd (ASX:DCL) provided a funds under management (FUM) update at its annual general meeting (AGM) yesterday.
The investment platform as of 8 November 2019 had $61.2 million in FUM.
DomaCom generates revenues based on the FUM so its growth and profitability are directly related to its ability to grow its FUM.
The company charges 0.88% per annum (p.a.) on property assets under management, 0.44% p.a. on mortgage assets and 0.22% p.a. on cash.
Funded for growth in a large addressable market
DomaCom has raised $8.75 million since December 2018, which it says will address its remaining growth hurdle being its balance sheet.
The company noted that only 10% of its clients are using the investment platform, which it expects to rapidly rise once the balance sheet has been addressed.
DomaCom is developing multiple channels to access its target market which is self-managed superannuation funds (SMFSs).
