Bendigo and Adelaide Bank Limited has agreed to provide a $25 million facility to fund existing and future loans in a new lender.
The wholesale funding agreement is between Bendigo and Adelaide Bank and peer-to-peer lender Wisr Limited (Wisr), formerly known as DirectMoney Limited (DirectMoney).
The bank aims to fund existing and future loans and increase Wisr’s consumer loan book capacity, as well as to improve its opportunities for revenue generation and operational performance.
The ASX-listed marketplace lender changed its name from DirectMoney in March 2018. It provides a platform to facilitate unsecured personal loans between funder investors and consumer borrowers.
CEO Anthony Nantes said that the agreement with Bendigo and Adelaide Bank “further diversifies [Wisr’s] funding mix and enhances the ability to support [its] immediate and long-term growth trajectory as opportunities to expand [its] partnership emerge”.
He added: “Wisr continues to deliver innovative technology solutions that provide investors with access to an outstanding asset class.
“We are excited to complete this agreement with a company which has the history, knowledge and capability of Bendigo and Adelaide Bank, as we continue to grow and target more opportunities within the $100 billion consumer finance market in Australia.”
The Bendigo and Adelaide Bank facility to fund consumer loans originated and serviced by the Wisr platform will reportedly become fully operational in the coming weeks.
[Related: Regional bank announces MD replacement]
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