First fintech consumer lender hits $1bn in loans originated

by Madison Utley19 Nov 2020

A company is celebrating having just passed the $1bn milestone in loans originated by the group, highlighting the fact it's the first fintech consumer lender to reach the marker; according to the chief executive, the achievement is in part thanks to its broker partners.

Plenti CEO David Foggo dubbed the moment a “momentous achievement” for the group, which offers both personal and automotive loans to consumers.

“We have driven record loan originations for four consecutive months since June, despite the pressures all consumer lenders are facing in a subdued economic environment Our unique mix of loan products and our desire to help customers make the most of their money is clearly speaking volumes to the Australian market,” he said.

Plenti, formerly operating as RateSetter, recently released its half year results, showing that loan originations were up 33% and its loan book up 42% from H1 FY20. The growth was largely driven by automotive lending, which was up 323% on the prior corresponding period.

According to Foggo, the group’s broker relationships and broker distribution were a “vital component” of Plenti's record half year outcome. 

“Since inception, we have accredited more than 10,000 brokers who we know are working tirelessly to help their clients make the most of their money, just like we are,” he said.

“Thank you for all your support. We are looking forward to an exciting period ahead, where we will be working hard than ever to support our broker partners and grow market share in the broker channel.”

The record origination was also supported by the group’s proprietary technology platform, Venus, Foggo said.

“By deploying Venus and its unparalleled credit decisioning and customer experience capabilities, we have successfully disrupted the markets we operate in,” he continued.

“Our automotive loans, for example, allow creditworthy customers to access funds within hours, so they can get on with their plans.”

Foggo has pointed to the company’s growth over 2020 as proof the group is on its way to becoming Australia’s leading fintech consumer lending scale-up.

“By pioneering a highly diverse funding model and product suite, we have found the sweet spot to deliver consumers better value,” he said.

“Reaching $1 billion in loans funded is a significant milestone that our team can be proud of, although it is also only a stepping stone to where we want to take Plenti.”