Fintech Plenti have announced their results for the last quarter of the financial year, with an astounding 100% year on year growth recorded.
The results saw their total loan portfolio grow up to $615 million, a 61% rise on the same period in 2020, with increases seen across every vertical within the business.
Plenti, who were founded in 2014, offers lending across several channels, including personal loans and automotive. CEO Daniel Foggo was understandably very pleased with the result.
“Fundamentally it’s about growth,” he told Australian Broker. “Achieving over 100% growth over the same quarter last year is what we’ve been aspiring to do as a business. What we’re sought to do to secure growth is to invest in our technology, to make sure we’re differentiating ourselves in terms of the services that we’re supplying our end customers, which includes brokers. Our investments and our technology are really paying off. That’s what’s driven our growth.”
While Plenti has traditionally been a direct to market lender, they have seen huge growth in the broker channel in the last year.
“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.”
