Sydney: NowInfinity, the fintech platform acquired by Class Ltd (ASX: CL1) in January, has passed more than 500,000 entities on its platform.
NowInfinity operates a market-leading platform that offers the Documentation Suite, Corporate Messenger, Trust Register and Super Comply products. Through its cloud-based platform, NowInfinity works with more than 2,000 accounting firms supporting more than 500,000 entities, resulting in reduced costs and streamlined back-office operations.
More than 400,000 companies are utilising the NowInfinity corporate compliance service. More than 90,000 trusts and nearly 20,000 SMSFs use the NowInfinity platform.
“Bringing NowInfinity into Class helped us solve an identified problem for our customers, which is simplifying the legal document creation and entity management processes and delivering that within our customer ecosystem,” Class CEO, Andrew Russell, said. “As we look to launch new products and grow the NowInfinity business, we will be able to deliver increased automation and interactivity for both Class and NowInfinity customers.”
As a direct result of the transaction, an additional 25,000 entities have transitioned to using the NowInfinity platform. These represent as existing Class customers who have taken the opportunity to use the NowInfinity platform.
“The figures represent NowInfinity’s biggest year on record, and June 2020 was its busiest ever month,” Russell said. “Nearly 3,500 entities were incorporated using the NowInfinity platform in June and almost 25,000 companies were incorporated in the financial year. This represents 11% of the market.
“The excellent team at NowInfinity is well positioned for accelerated growth this year.”