The neo-lender has announced that its loan originations has surpassed $150 million, with its annual origination run rate also accelerating.
Wisr announced that it has surpassed $150 million in loans written, citing investments in technology and improved customer service as contributors to its growing loan book.
According to the non-bank lender, it took the company 45 months to hit $50 million in loan originations, eight months to hit the second $50 million, and just six months to write the third $50 million, taking the total to $150 million.
Further, the company said it is now approaching a $150-million originations per annum run rate.
Matthew Lu, COO at Wisr, said organisational changes had sparked growing consumer demand.
“Wisr’s ongoing technology investment and daily focus on our customers has driven this sharp increase in originations,” he said.
“Our operational excellence and scalable technology have allowed us to increase the productivity of our team while delivering a 105 per cent increase in daily settlements for the quarter to date when compared to the prior year.
“The tailwinds of momentum are in our favour, with the business now tracking towards a $150 million originations per annum run rate.”
Wisr CFO Andrew Goodwin said: “The demand from Australian consumers for fairer, smarter lending is only increasing. Our ability to offer loans through a purpose-led model is proving to be a real differentiator in the market.
“We see a long runway of growth, and the loan book numbers Wisr is achieving certainly support this.
“The company is also well capitalised with $10-million cash and $2.8-million liquid loan assets at 30 September 2019.”
The announcement comes days after Wisr revealed its $50-million debt warehouse facility, funded by NAB, has gone live, which is set to triple the average margin on every loan written for Wisr compared with previous loan unit economics.
According to Wisr, the new facility meets the company’s objectives to: increase debt capacity to fund growth, diversify funding partners to offset risks, improve overall margins, and improve specific loan unit economics.
[Related: $50m NAB-funded warehouse facility goes live]
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Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
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