Lender maintains rapid growth

Fintech ready to ramp things up thanks to “exceptionally strong support” from investors

Lender maintains rapid growth


By Madison Utley

A fintech lender has begun and ended the week with exciting news, announcing $31.6m of new loans originations written in the second quarter of the fiscal year alone, as well as $33.5m secured in a new capital raise.

Wisr now boasts total originations of $163.8m to 31 December 2019; it’s strong Q2FY20 results were up 36% from the previous quarter.

Looked at cumulatively, the originations in the first half of FY20 amounting to $54.9m, are a 90% increase to the first half of FY19, and a 35% increase compared to the second half of FY19.

“With the announcement last quarter of a new funding facility that approximately triples the average margin to Wisr on each loan written, the company is at an exciting juncture with an aim to further accelerate growth,” said CEO Anthony Nantes.

“2020 is shaping up as another big year for Wisr as we continue to drive our strategy to scale loan originations, deliver category-defining products and partnerships, and ultimately provide Australians with a smarter, fairer alternative when it comes to their personal finances.”

Wisr also just secured $33.5m in a new capital raise thanks to “exceptionally strong support” from investors, both existing and new. The funds will be used to accelerate growth, including the strengthening of its balance sheet.

Nantes said, “The result is a clear validation of WIsr’s strategy and vision to provide Australians with a smarter, fairer alternative when it comes to their personal finances, and our approach to redefining what a consumer lending company can be.

“Wisr will use the proceeds of the placement to support the scaling of the core lending business, the ongoing development of our…products, to continue to attract the best talent from across the industries in Australia and to strengthen the balance sheet.

“Through our unique strategy and commitment to a meaningful purpose, we look forward to making a positive and sustained impact as we grow the company.” 

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