Neo-lender Wisr Limited saw a 42% growth in its origination of personal loans in the latest financial quarter.
This was the company’s largest quarter in loan originations since Wisr, formerly known as DirectMoney, began in 2014.
Loan originations have continued to grow over the financial year, growing by 20% in the first quarter and by 79% in the second quarter.
In the period since Wisr announced a significant restructure in 2016, which included a new chairman, new CEO, key executives and business direction, the gross annualized loss rate for the loan book up to the quarter ending 31 March 2018 has been below 2%.
Also during the period since restructure origination loan growth has increased at an average of 66% each quarter. Wisr believes these figures are an indicator of the quality of customer the business is attracting while at the same time balancing responsible growth.
Anthony Nantes, CEO, said, “These increases over the most recent quarter reflects the new brand positioning, updated strategy and ongoing improvements to Wisr’s loan assessment, underwriting and technology platform.
“We have spent the past 12 months refocusing, rebranding and restructuring the business for long-term growth. The rapid increase in our loan origination volumes is a testament to the work done by the team to re-launch the company. Combined with the significant increase in the effectiveness of our algorithms to auto-process more enquiries and the impact of our re-brand, the company now has an amazing foundation from which to grow over the coming years.
“The most recent quarter included many important operational milestones, from the launch of the Wisr brand, record loan origination volumes, and having the second consecutive quarter with more than 80% fully on platform automation for customers. Importantly, Wisr is in a strong position to continue this trajectory. The strategy we have put in place firmly positions us for the future, which, when combined with our impressive product roadmap and innovations that we’re bringing to market in 2018, means we can be really excited about the company’s growth potential.”