ASX-listed Wisr has announced a strong market update for the quarter ending June 30 (Q4FY24), highlighting significant growth following the execution of a $50 million debt facility with global financial services firm Nomura.
After securing the Nomura debt facility, Wisr achieved a 7% increase in loan originations in Q4FY24 compared to the prior quarter, with run-rate loan originations hitting approximately $67.5m, marking a 30% increase.
“Wisr saw a 7% increase in loan originations in Q4FY24 compared to the previous quarter. The end of the quarter was particularly pleasing post the Nomura transaction,” Wisr CEO Andrew Goodwin (pictured right) said.
Wisr reported a continued increase in margins and net operating cash flow, with the portfolio net interest margin (NIM) rising to 5.38% from 5.21% in the previous year.
The company also recorded a quarterly revenue of $22.5m.
Despite an 8% decrease from Q4FY23, Wisr’s net operating cash flow saw a significant 128% increase, reaching $4m.
Wisr’s loan book reached $770m, and loan originations grew to $55.2M, a 7% increase from Q3FY24. The average credit score remained strong at 782, and 90+ day arrears improved to 1.58%.
“We continued to expand portfolio yield and NIM to 10.90% and 5.38%, respectively, while maintaining a high average credit score of 782,” Goodwin said.
With unrestricted cash of $28.4m, boosted by the Nomura facility, Wisr is well-positioned for ongoing growth.
The company maintains two warehouses with a total commitment value of $650m and an undrawn capacity of $220m.
Wisr said its commitment to customer service is evident in its net promoter score of +78.
The Wisr App has facilitated $9m in round-ups on customer debt and $26.4m in extra loan repayments.
Additionally, the Debt Bustr initiative launched in May aims to help Australians consolidate and simplify personal debt.
Goodwin expressed confidence in Wisr’s strategic direction.
“With the $50m facility provided by Nomura settled during the quarter, Wisr is positioned to continue growing loan originations at attractive unit economics and scale the business to profitability and a self-sustaining capital position,” he said.
Interested parties can see Andrew Goodwin discuss the update in a video interview here.
For more detailed information, Wisr will release its FY24 results on August 28.
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