Plenti has announced record results, driven by $470m in new loan originations and a $615m loan book.
As a result, the fintech lender specialist posted $53.1m in revenue and a net profit after tax (NPAT) of $6.8m, a rise of 42% on last year.
Australian Broker has previously reported on their huge growth in Q4, with CEO Daniel Foggo putting their success down to the rise of the broker channel within the personal loan space.
“What is quite interesting is that a large part of our growth has been driven by the broker channel,” said Foggo. “That’s across both personal and automotive loans. More than half of our originations are via the broker channel. I think we have sought to differentiate via technology which allows us to deliver particularly fast turnaround times.”
“When you think about the automotive market, often the broker is competing with the dealer to provide the end customer with finance. The turnaround time is really important. So by delivering a really fast service, what we’re finding is that the broker is generally more successful in securing their client with finance.”
“That’s why we’ve looked to differentiate ourselves through our turnaround speed. It helps the broker do better, and therefore we find that there is a high repeat custom rate. Generally, we find that they have a good experience with us and then continue with us over time, which has helped to build market share.”
