Plenti has announced record results, driven by $470m in new loan originations and a $615m loan book.
As a result, the fintech lender specialist posted $53.1m in revenue and a net profit after tax (NPAT) of $6.8m, a rise of 42% on last year.
Australian Broker has previously reported on their huge growth in Q4, with CEO Daniel Foggo putting their success down to the rise of the broker channel within the personal loan space.
“We’ve been particularly pleased with our performance in the broker channel over the last twelve months,” he said. “We have grown significantly in both our automotive loan and our personal loan offering. We’ve experienced over 100% growth over recent months in the volumes we’re doing through the broker channel, so it’s hugely important to us in terms of delivering volumes."
“We show in our investor deck that 47% of our loans came from broker partners: so car finance, asset finance, specialist and mortgage. But actually, in terms of the value of loans funded, it’s higher than that still, it’s probably over 60%. So it’s extremely important, and the contribution from the broker channel continues to increase year on year.”
Those numbers are huge in terms of market share for a lender that deals predominantly outside of the mortgage space.
“We’ve gone out of our way to build a particularly strong presence in the broker channel,” explains Foggo. “I think when we launched our personal loan in the broker channel, we were a real disruptor. We were the first to have a fully digital settlement experience from end to end.”
“We were the first to introduce the rate estimate function which is now commonly used by brokers to assess what a lender will offer. We’ve always sought to be innovative and always been a focus for build our presence in the broker channel within the personal loan space.”
