The neo-lender has reported a 36 per cent increase in loan originations in Q2FY20 when compared to the previous quarter, bringing its total loan originations figure to $163.8 million.
Wisr has announced it achieved $31.6 million in new loans originated in the second quarter of the 2020 financial year (Q2FY20), an increase of 36 per cent when compared to the previous quarter.
Further, the lender noted that its originations for the first half of the financial year (1HFY20) hit $54.9 million, an increase of 90 per cent when compared to the corresponding period in the previous year (1HFY19), and a 35 per cent increase on the second half of the 2019 financial year (H2FY19).
The latest figures brought Wisr’s total loan originations to $163.8 million as of 31 December 2019.
Commenting on the results, Wisr CEO Anthony Nantes said: “This is a fantastic achievement for Wisr as the company continues to grow its core lending business, while redefining what a consumer lending company can be.”
Mr Nantes noted the significance of the launch of Wisr’s $50-million NAB-funded warehouse facility, which was made live and operational in November 2019.
According to Wisr, the funding facility was created to increase debt capacity to fund growth, diversify funding partners to offset risks, improve overall margins and improve specific loan unit economics.
“With the announcement last quarter of a new funding facility that approximately triples the average margin to Wisr on each loan written, the company is at an exciting juncture with an aim to further accelerate growth,” Mr Nantes said.
He continued: “2020 is shaping up as another big year for Wisr as we continue to drive our strategy to scale loan originations, deliver category-defining products and partnerships, and ultimately provide Australians with a smarter, fairer alternative when it comes to their personal finances.”
[Related: $50m NAB-funded warehouse facility goes live]
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.
APRA has given the green light to BNK offloading its mortgage agg...
The weekly round-up of the biggest news stories from across Momen...