.jpg)
A neo-lender has raised more than $4million from shares, saying the investment acknowledges the transformation of the business.
Wisr, which has also released its figures for the last financial year, provides personal loans and technology products to help borrowers.
It will use the funds to take a more innovative approach on how loans are funded and to potentially increase margins.
The capital will also assist in helping the company’s ongoing growth initiatives as part of its customer acquisition and retention strategy.
Commenting on the capital raise, Anthony Nantes, chief executive officer, said, “We are delighted with the strong support we received from the capital raise.
“This investment acknowledges the transformation of our business model to a truly unique business and will support the continued development of our innovative products and services, including WisrCredit.com.au and the new Wisr app.
“This additional capital will allow us to deliver more for everyday Australians and comes as we approach the milestone of $50M in cumulative loans in the coming weeks.
“With such a strong foundation now in place, we are very well positioned to take advantage of the huge opportunity in Australia to disrupt the incumbents, and deliver technology that gives consumers a smarter, fairer, wiser financial choice.”
According to the latest figures, Wisr’s revenue was up 37% from FY2017 and loan originations were up 407%.
Nantes explained the positive results, “In 2018 we transformed our business model, reducing customer acquisition costs and securing two large, blue-chip debt funding partners with deal structures that make our position unique in the Australian fintech landscape.
“We drove significant growth in our loan originations, making us the fastest growing lender in our category.
“We continued our investment into our proprietary technology platform, which is scalable to over $1 billion in annual loan originations and will continue to be a key competitive advantage in terms of automation, efficiency, customer experience and margin achievable.”
