(1).jpg)
Following a sharp increase in the current quarter, a fintech lender has reached a key lending milestone of $150m written in loans.
Wisr COO, Matthew Lu said, “Wisr’s ongoing technology investment and daily focus on our customers has driven this sharp increase in originations.
“Our operational excellence and scalable technology have allowed us to increase the productivity of our team while delivering a 105% increase in daily settlements for the quarter to date when compared to the prior year.
“The tailwinds of momentum are in our favour, with the business now tracking towards a $150m originations per annum run rate.”
Just several days earlier, Wisr announced its new funding facility was operational, approximately tripling the average margin on each loan written for Wisr compared to previous loan unit economics.
Andrew Goodwin, Wisr CFO said the funding facility will allow for a scale up of the business, and support the development of new lending products going forward.
“The warehouse program further enhances Wisr’s strategy to redefine and reinvent what a consumer lending company can be," he said.
The $150m mark was achieved with the initial $50m taking 45 months to originate, the second $50m taking more than eight months and the most recent $50m written in less than six months.
Goodwin explained, “The demand from Australian consumers for fairer, smarter lending is only increasing.
“Our ability to offer loans through a purpose-led model is proving to be a real differentiator in the market. We see a long runway of growth and the loan book numbers Wisr is achieving certainly support this."
