Fintech lender Wisr has closed its sixth asset-backed securities transaction, pricing the $354 million Wisr Momentum Trust 2026-1 — its largest ABS deal to date and a milestone that takes the company's total ABS issuance to $1.48 billion.
The weighted average margin across the structure came in at 1.48% over one-month BBSW, representing a significant reduction on Wisr's current warehouse cost of funds.
The transaction was upsized from an initial $300 million following strong demand from both domestic and international institutional investors, with the senior Class A and Class A-x notes — totalling $277 million, or 78 per cent of the structure — achieving a AAA rating from Moody's.
Beyond its size, the deal was notable on two counts. It is the company's first ABS to combine prime quality secured vehicle and personal loan assets within a single structure, and the first structured to satisfy EU and UK risk retention requirements — a deliberate move to widen the pool of eligible investors beyond Australia's borders.
Florian Ruff (pictured), Wisr's head of funding and treasury, said the deal had achieved its key objectives.
"Wisr Momentum Trust 2026-1 further diversifies our funding platform, reduces our cost of funds and creates $354M of additional warehouse capacity to support continued loan book growth," Ruff said.
The expansion to $354 million from the originally planned $300 million was attributed directly to offshore interest. Ruff noted the transaction "broadened our international investor base and supported the deal's upsizing, with strong demand from offshore institutional investors alongside continued support from existing investors," adding that it "materially strengthens the depth, diversity and resilience of Wisr's funding platform."
National Australia Bank (NAB) acted as arranger and dealer, with Barclays, Barrenjoey, and NAB also serving as joint lead managers.
The practical effect of the deal extends beyond the balance sheet. The transaction releases approximately $7.5 million in cash through a lower equity requirement, while also creating $354 million in additional warehouse capacity — headroom that Wisr says will support the continued scaling of its portfolio.
The timing reflects a period of strong momentum. Wisr's portfolio crossed $1 billion for the first time in the March 2026 quarter, rising 29% year-on-year on the back of record quarterly originations of $186.1 million. The company has since upgraded its FY26 originations growth guidance from 40%-plus to 50%-plus.
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