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Wisr hails ‘first profitable quarter’

by Fabian Cotter11 minute read

Non-bank lender Wisr has grown its loan book by 62 per cent and recorded its first profitable quarter, it has announced.

Personal lender Wisr has released its financial results for the second quarter of the financial year 2023 (2Q23), flagging strong growth.

The results show that its prime loan book (warehouse, securitised, and balance sheet) totalled $916 million by the end of December 2022, an increase of 62 per cent on the prior comparative period (pcp).

It originated $116 million in 2Q23, its largest origination quarter ever, despite the December quarter typically being a quieter lending time due to the summer holidays.


As at 31 December 2022, the personal lender had originated a total of $1.5 in loans.

On-balance sheet 90+ day arrears were at 1.07 per cent and the average credit score of borrowers was 772, it confirmed.

Touted as its “first profitable quarter”, the NAB and Goldman Sachs-backed consumer lender suggested its strong cost control and other strategic decisions made by Wisr management in 1Q23 had “delivered a material cash EBTDA profit and strong positive operating cash flow quarter".

It returned a maiden positive cash EBTDA of $0.5 million and positive operating cash flow of $1.5 million for the quarter.

Other highlights flagged by Wisr included:

  • quarterly revenue was up to $22.0 million — a 56 per cent increase on pcp 2Q22 ($14.1 million);
  • it had a strengthened the balance sheet by securing an additional $25 million debt facility; and
  • “material progress” had been made towards securing a new warehouse facility with “another Big Four bank”, with credit approval received.

Ultimately, the non-bank lender said it was “well capitalised” with a cash balance of $58.0 million, including unrestricted cash and cash equivalents of $27.0 million as at 31 December 2022.

'Prudently moderated our growth', says Wisr CEO

Wisr chief executive Anthony Nantes commented on the result: “This quarter is a significant milestone in the Company’s progression as we deliver our first profitable quarter.

“We’ve delivered both positive Cash EBTDA and strong operating cash flow through a range of management decisions focussing on near-term, sustainable profitability.

“We have demonstrated a material reduction in operating expenditure while still growing our loan book 62 per cent on pcp and revenue 56 per cent on pcp.

“We’ve prudently moderated our growth to navigate these uncertain economic conditions and protected our margins by lifting yield.”

Mr Nantes further explained that, towards the quarter’s end, Wisr strengthened the balance sheet with an additional $25 million debt facility.

He highlighted that the Wisr Financial Wellness app platform passed 704,000 profiles and was “well on track” to reach its 1 million profile goal.

“Through our proprietary Financial Wellness Platform, we’re more than just a lender and know that financial health is a top stressor for many Australians,” Mr Nantes explained.

“Financial health tools have become even more important for everyday consumers who are experiencing heightened inflation and cost of living pressures.

“In this last quarter, we launched a new product into our Financial Wellness Platform and ecosystem with the ‘world-first psychology-led’ money coaching app Wisr Today, which applies ‘research-proven, science-based interventions’ to help everyday Australians ‘change their money habits.”

He added that while it had only a ‘soft launch’, demand had been strong with over 19,000 downloads since launch at the start of Q2.

Delivering a profitable business

In summing up the current result and how Wisr will move forward, Mr Nantes explained now that the company has delivered its profitable maiden quarter, its focus iwould be on sustainable long-term profitability.

“In this quarter, we have demonstrated that not only can we deliver a profitable business, but also innovate with global-level quality at rapid speed with a new product, Wisr Today,” he concluded.

“We have the resources and capability to safeguard the business and a strategy and platform that is setting us up to be a company of significant size and scale, with a genuine competitive advantage in the years to come.”

[Related: Wisr obtains additional $25m facility]

anthony nantes


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