Fintech personal lender Plenti has posted their strongest quarter on record, according to results released to the ASX this morning.
Their stock price now stands at $1.35, a five-year record high and 40 points higher than it was in mid-March.
In previous quarters, CEO Daniel Foggo has put their rapid expansion down directly to the broker channel, which has moved into the personal loan space with gusto and helped lenders like Plenti to drastically increase originations.
As buy now, pay later moves into the lower end of the personal loan marketplace, brokers have adapted their offering to take advantage of increased lending at the higher end, with several lenders, including Plenti, now offering over $50,000 for automotive, home renovations and other personal loans.
Plenti recorded $216.4 million in loan originations, a 26% up on the previous 3 months period, and $83.4m in June alone - which, if it were to continue, would see them hit $1bn in the next 12 months.
In line with the record originations, warehousing has grown significantly to help deal with increased demand in the automotive space.
“Reaching a one-billion-dollar loan origination run-rate in June shows we are successfully taking market share and accelerating towards our ambition of achieving a one-billion-dollar loan book during this financial year,” said Daniel Foggo, CEO at Plenti.
“Having doubled our renewable energy and personal loan warehouse facility in May we’re pleased to be announcing a $100m increase to our automotive warehouse facility today. This additional $200m in funding capacity across our three verticals is another important step towards executing on our growth priorities.”
“As we continue on our mission to build Australia’s best lender, the exceptional momentum across our business reflects the strength of our offering in each of our verticals and our relentless focus on delivering faster, fairer loans to our partners and customers.”
