The fintech lender has announced the launch of a secured vehicle finance product, which will be available through broker channels.
The product, which is the second into market for Wisr, is available for amounts from $5,000 to $60,000, on three-, five- and seven-year terms.
According to Wisr, the launch of the product, which has followed a pilot program in the 2020 financial year, provides it with an entry point into the $33-billion consumer vehicle finance market.
The Wisr warehouse will support the growth of the product.
Commenting on the launch of the product, Wisr CEO Anthony Nantes said that he expects the launch of the lender’s second credit offering to contribute significantly to its loan book originations and boost revenue growth in FY21.
“As others retreat from the automotive finance market, we’re seizing opportunity as a disruptive new entrant, leveraging our experience and capability to underwrite personal loans, as well as the Wisr brand, market-leading technology and consumer reach,” Mr Nantes said.
Wisr recently published its results for the fourth quarter of the 2020 financial year, in which it reported an operating revenue of $2.9 million, up 17 per cent from the previous corresponding period.
A key driver of this revenue performance was a surge in new loan originations, which rose by 92 per cent, from $21.9 million in the previous corresponding period to $42.2 million.
This origination growth drove a 19.7 per cent increase in its loan book from $141.5 million to $169.4 million.
“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,” Mr Nantes said.
[Related: Wisr originations jump 90%, profit falls]
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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