Wisr Limited has announced a $25million wholesale funding agreement with Bendigo and Adelaide Bank.
The agreement will see Bendigo and Adelaide Bank provide a facility to fund existing and future loans and increase Wisr’s consumer loan book capacity, as well as improve the opportunity for revenue generation and operational performance.
Bendigo and Adelaide Bank is Australia’s fifth-largest retail bank and a top ASX-60 listed company. It has a range of operations in consumer and business financial solutions, third-party banking and wealth services and agribusiness.
Wisr provides a platform to facilitate loans between funder investors and consumer borrowers.
Anthony Nantes, CEO at Wisr said, “The agreement with Bendigo and Adelaide Bank further diversifies our funding mix and enhances the ability to support our immediate and long-term growth trajectory as opportunities to expand our partnership emerge.
“Wisr continues to deliver innovative technology solutions that provides investors with access to an outstanding asset class. We are excited to complete this agreement with a company which has the history, knowledge and capability of Bendigo and Adelaide Bank, as we continue to grow and target more opportunities within the $100billion consumer finance market in Australia.”
The Bendigo and Adelaide Bank facility to fund consumer loans originated and serviced by the Wisr platform will become fully operational in the coming weeks.