Growth momentum continues for Wisr
Wisr has reported a 47 per cent increase in its consumer lending book for the fourth quarter.
On Thursday, Wisr reported new loan originations of $61.9 million, up 47 per cent for the quarter and up 166 per cent compared with the first quarter in the year.
The company now has processed $306.7 million in total loan originations since inception, the most recent $50 million written in under 3 months.
“For millions of Australians, COVID-19 has put personal finance front-of-mind and they are looking for smarter alternative,” Wisr CEO Anthony Nantes said.
He added that he latest quarterly result highlights that Wisr has a “small but rapidly growing market shae with significant room to scale”.
Its new secured vehicle product – rolled out in September following a pilot study - is also expected to boost the market share for the business.
Accordng to RFi Group data, there is increasing interest from consumers to take out a car loan.
Wisr also reported an improved average credit score of 732 for the quarter – the Australian average is 600.