Plenti achieves another record quarter

by Mark Rosanes13 Jan 2021

Fintech consumer lender Plenti has achieved another record quarter, posting loan originations of $130.9m for the quarter ending 31 December 2020 – a 58% rise from the prior corresponding period and a 22% jump from the previous quarter.

The result also marked the sixth straight time the non-bank lender attained record monthly loan originations.

Over the quarter, Plenti’s total loan portfolio increased to $508m, which was 46% above prospectus forecast.

The lender was also able to maintain a solid credit performance during the quarter, with annualized net losses of 0.82%. Ninety-day arrears dropped to 0.32% of its loan portfolio, down from 0.42% from the quarter prior.

“Plenti’s market leading loan products and innovative technology-led customer experiences continue to resonate with our customers and distribution partners, driving a record $130.9m in loan originations for the quarter,” said Daniel Foggo, chief executive officer of Plenti.

Loan deferrals also reverted to pre-COVID-19 levels, representing 0.44% of the loan portfolio by the end of December, significantly below the 0.78% reported on 30 September 2020.

“With our strong capital position, leading technology, market leading credit and growing momentum across each part of our business, the outlook for the fourth quarter and rest of 2021 is very positive,” Foggo said.