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Neo-lender Wisr has announced it has more than doubled personal loan originations in the second-half of the financial year after a strong Q4.
Loan origination value in H2FY18 rose by 136% on the previous six months, whilst the number of new Wisr customers climbed 118% during the same period.
The result follows the company’s largest single quarter in loan growth, with a 66% increase in loan origination value and 40% in loan origination volume during Q4 compared to Q3FY18. It is the second successive quarter that Wisr has achieved record loan origination growth.
According to the 2017 Asia Pacific Alternative Finance Industry Report by Cambridge University and Monash University, alternative finance lenders in Australia grew on average by 53% last year.
Anthony Nantes, chief executive officer, Wisr, said, “The company is continuing on its strong growth trajectory, supported by an ever increasing number of Australians looking for a fairer, smarter and wiser way to borrow money.
“We’ve seen an incredibly positive response to the launch of the Wisr brand, and continued optimisation of our proprietary lending platform, allowing the company to grow significantly quicker than others in our sector.
“We are writing more loans, and higher quality loans, than ever before as more Australians look for choice when accessing consumer finance.”
Wisr also saw an improvement in loan quality with the average loan amount in Q4FY18 increasing by 17% to $22,670 and an overall improvement in the creditworthiness of customers Wisr is attracting, with the average credit scores improving from 683 in H1FY18 to 711 in H2FY18.
Wisr also announced it had continued to see growth through its digital and partnerships channels, as well as across its broker channel, surpassing the key milestone of having 10,000 brokers around Australia now able to offer Wisr personal loan products.
Nantes said the company’s strong technology and operational focus paved the way for further growth and offering new financial solutions.
“Wisr continues to invest in not only its core business but also in innovative technology solutions that will further help consumers make wiser decisions with their finance. We look forward to bringing these to market in due course.”
