Non-bank lender Plenti, formerly known as RateSetter, achieved record loan originations of $106.9m for the quarter ending 30 September 2020, up a commanding 48% from the prior corresponding period.
The result marks the group’s first quarter of loan originations exceeding $100m, following a series of record-setting months.
“Delivering three consecutive months of record loan originations and exceeding our prospectus forecast is an outstanding result,” said Plenti CEO Daniel Foggo.
“With this momentum, our focus remains on the development of market-leading and innovative products and building scale in each of our large lending markets.”
Over the quarter, the lender’s loan portfolio increased to approximately $434m – $8m above prospectus forecast.
“Plenti was founded on a belief that by building a lending business with technology at its core we could offer customers better value and service than traditional lenders and build a business of serious scale,” said Foggo.
“We are delivering on that promise and our growth is testament to that central focus on technology and our customer.
“This result caps an important quarter in Plenti’s history, including the completion of our IPO and further investment in Venus, our proprietary technology platform, which underpins the efficient delivery of our market-leading products and experiences to borrowers, investors and partners," Foggo added.
The quarter's growth was led by automotive lending, which was up 115% quarter-on-quarter and up a whopping 353% on the prior corresponding period.
In sharing its market update, Plenti also highlighted that the strong origination growth was achieved despite the lockdown in Victoria; the state represented just 14% of loan originations across August and September, down from 19% in July.
However, the lender anticipates that pent up demand from applicants in Victoria will result in the state’s take up normalising as COVID-19 restrictions are removed.