FastForward Innovations Ltd said its investee company Vemo Education reported a 141% rise in full-year revenue to US$588,000 in 2017 compared with 2016 as processed Income Share Agreements (ISA) grew about 300% to over $25m in 2017.
Vemo worked with 16 schools who issued over 1,000 ISA's in 2017, the compnay said, while total ISA book - the value of the ISA contracts executed by VEMO client universities and colleges - topped US$30 million. Aggregate balance on Vemo platform grew 261% year-over-year.
The company reported a 400% rise in the number of new schools that signed with Vemo in Q4 2017 including Clarkson University and Lackawanna College expected to come on board in 2018.
In 2018, the run-rate from 20 institutions is expected to top US$50 million annual ISA, while the company aims to sign 1,000 ISA's per quarter in 2018.
FastForward CEO Lorne Abony said: 'Vemo made huge strides during 2017 and the effort and hard-work is beginning to pay off with a material up-turn in the number of schools Vemo is working with, the number of ISA contracts that are being written, and the value of each ISA contact to the company.'
At 9:59am: (LON:FFWD) Fastforward Innovations Ltd share price was -0.13p at 18.13p