A fintech lender originally operating in the personal loan space has expanded into new territory with the launch of its second major product.
Wisr is now offering secured vehicle finance, following a successful pilot program in FY20.
“Our new secured vehicle product will set Wisr up for future growth in a significant market,” said Wisr CEO Anthony Nantes.
“As others retreat from the automotive finance market, we’re seizing opportunity as a disruptive new entrant, levering our experience and capability to underwrite personal loans, as well as the Wisr brand, market-leading technology, and consumer reach.”
The group is enthusiastic about accessing the $33bn consumer vehicle finance market, having made it clear the Wisr warehouse can support the growth of the new product.
The new vehicle finance offering is available for amounts from $5,000 to $60,000 for 3, 5 and 7-year terms; it will be facilitated through direct customer, partnership and broker channels.
“We have already received the Rate City Gold Award for the New Car Lending category in February (2020), which is a great result from our pilot, and we expect with the full launch of our second credit offering, it can be a major contributor to our loan book originations and accelerate our revenue growth in FY21,” Nantes added.
According to the CEO, the new offering is a “natural evolution” for the current Wisr product set.
“With strong results from FY20 just announced, we are now expanding the company’s product mix to attract more prime credit quality customers, increase the total addressable market and transform customers' ability to own and maintain their vehicle,” he said.
“Wisr aims to be the market leader in our chosen markets and the secured vehicle product is another opportunity to deliver exceptional customer experiences and a business model that is fairer, truly innovative, scalable, purpose-led and built to deliver long-term shareholder value.”
