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Marketplace lender joins aggregator panel

by Reporter5 minute read
Wisr, Connective, join, handshake

Wisr has become the latest lender to join the panel of Connective, enabling brokers to access its unsecured personal loans.

ASX-listed lender Wisr (formerly known as DirectMoney) has announced that it has joined Connective’s panel of lenders, which it says has enabled the marketplace lender to “significantly expand one of its personal loan origination channels”.

Wisr said that the 3,000 Connective brokers will now be able to submit applications for unsecured personal loans between $5,000 and $50,000 through Wisr’s Broker Portal, and will receive additional support from the lender’s business development manager and broker support team.

“With new approaches to loan application, digital document processing, streamlined loan approval and API integration, Wisr is committed to developing strong and sustainable relationships with its broker partners,” the marketplace lender said.

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Wisr CEO Anthony Nantes said that the broker channel is "an important part" of the lender’s growth strategy, and that joining Connective’s lender panel “further strengthens [its] aim of becoming a true alternative in the Australian lending industry”.

“We look forward to introducing the Wisr brand to thousands of new brokers in the coming months,” Mr Nantes added.

Brent Starrenberg, head of asset finance at Connective, added: “We are very pleased to welcome Wisr to the Connective platform. This is another example of how Connective offers its broker network access to industry leading lenders such as Wisr.”

Last month, the marketplace lender announced that it had seen personal loan originations increase by 136 per cent in the second half of the 2018 financial year, compared to the first half, with the number of new customers rising by 118 per cent over the half.

Additionally, Wisr revealed that it achieved a 66 per cent quarter-on-quarter (QoQ) growth in loan origination value and 40 per cent QoQ growth in loan origination volume in Q4 FY2018. This is up from the 42 per cent QoQ growth in originated loans recorded in Q3 FY2018.

“It is the second successive quarter that Wisr has achieved record loan origination growth,” the lender wrote in its disclosure to the ASX in July.

Wisr, which recently appointed a former Commonwealth Bank executive to the role of COO, claimed that its average loan amount also rose by 17 per cent QoQ to $22,670 by the end of Q4 FY2018.

Towards the end of May, Wisr extended its personal loan limit from $35,000 to $50,000 due to “increased borrower demand, strong institutional lender support and continued improvement to loan evaluation”.

This followed the lender’s announcement that Bendigo and Adelaide Bank had agreed to provide a $25 million facility to fund existing and future loans.

“We are writing more loans, and higher-quality loans, than ever before as more Australians look for choice when accessing consumer finance,” Mr Nantes said last month.

Other lenders to be added to Connective’s panel in recent months included OnDeck, GetCapital and GoGetta.

[Related: Lender sees personal loan originations double]

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