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.