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Wisr kicks off FY21 with 47% loan growth

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Reporter 1 minute read

The lender has reported a sharp increase in lending volumes over the first quarter of the 2021 financial year.

Wisr has published its financial results for the first quarter of the 2021 financial year (1Q21), recording a 47 per cent spike in lending volumes, from $42.2 million in 4Q20 to $61.9 million.

When compared with the previous corresponding period, Wisr’s lending volumes have increased 166.8 per cent from $23.2 million.  

Since launching, Wisr has originated $306.7 million in loans.

Reflecting on the quarterly result, Wisr CEO Anthony Nantes said the lender has continued to gather momentum, despite the economic impact of the COVID-19 pandemic.

“We have an unblemished record of delivering quarter-on-quarter growth, and it’s pleasing to see that growth accelerating,” he said.

“Delivering consistent quarter-on-quarter new loan growth throughout COVID-19, combined with the quality of customers we’re attracting, is a strong validation of our business model, consumer proposition and technology platforms.

“For millions of Australians, COVID-19 has put personal finance front of mind, and they are looking for a smarter alternative, which Wisr is delivering.”

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Looking ahead, Mr Nantes said Wisr would continue to explore growth opportunities, pointing to the lender’s recent entry into the secured vehicle finance space.

“After delivering 47 per cent quarter-on-quarter growth in new loan originations, we still have a small but rapidly growing market share with significant room to scale,” he added.

“Our new secured vehicle product has also significantly increased the total addressable market for Wisr, providing entry to $33 billion of three annual vehicle finance.

“We’re excited for the quarter ahead, as Wisr’s business model and commitment to the financial wellness of customers is strongly resonating in-market and driving record growth in all key financial metrics.”

In August, Wisr released its preliminary FY20 results, reporting a 135 per cent increase in operating revenue, from $3 million in FY19 to $7.2 million in FY20.

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The earnings boost was underpinned by a spike in new loan originations, up 96 per cent, from $69 million in FY19 to $136 million.

[Related: Wisr launches vehicle lending product]

Wisr kicks off FY21 with 47% loan growth
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