Wisr records high quarterly growth as the consumer finance market hots up
Tech lending platform Wisr released its June quarterly report noting that new loan originations have continued to climb for the 20 consecutive months as new customers desert traditional lenders for a quick and intuitive online loan approval.
The company’s latest trading update showed it booked $123 million of new loans in the June quarter - up 27 percent on the previous quarter.
Moreover, the June quarter figure is a whopping193 percent increase on the year ago same period, the company said in a release to the ASX on Monday.
Wsr’s chief executive, Anthony Nantes confirmed that Wisr has now reached $611 million in total loan originations since the inception of which $100 million has been written in less than three months.
“It’s an incredible result to deliver 20 straight quarters of loan growth and another significant, and material step-change in our new loan originations
The chief executive said Wisr’s purpose-led model is attracting Australia’s most creditworthy customers as they leave the banks and seek a smarter, fairer deal, underpinned by an exceptional experience that improves financial wellness.
“Since launch, our secured vehicle product continues to deliver ahead of expectations and there is a massive runway of growth ahead for us in that category.
"We're delivering a clear competitive advantage through our differentiated business model, consumer financial well-being proposition, technology platform, and funding capability. "Importantly, our unique financial wellness platform strategy continues to deliver for us, enabling our vision to build an industry-changing consumer finance company, with market-leading metrics across all categories.” Nantes continued.
Warehouse grows 342%
The company said the Wisr Warehouse (including recent Freedom Trust Securitisation) loan book balance has grown 342 percent to $379 million as at 30 June 2021as it scales towards the medium-term target of a wholly owned $1 billion loan book.
This figure is up from $86 million recorded on 30 June 2020,
Wisr’s service also includes a savings app where customers can pool and allocate savings towards faster loan repayments.