Personal lending fintech reveals FY22 results

These loans range from personal and asset loans to business loans. 

LoanOptions.ai’s partners are said to include Money3, ANZ, Bank of Queensland, Westpac, SocietyOne, Wisr, NAB, Grow and Latitude Financial Services. 

According to LoanOptions.ai’s internal figures, over the 2022 financial year, the fintech funded $37 million worth of loans for its clients, with an average loan size of $40,200.  

This figure is reported to have increased by $12 million year-on-year. 

More than half of these loans (55.6 per cent) were consumer loans, with the remaining (44.4 per cent) for business. 

Further, the fintech has said that its loan contacts increased by more than 330 over this same period, reaching more than 900 at last financial year’s conclusion.  

LoanOptions.ai’s total revenue also lifted by $1.1 million compared to last financial year, hitting a sum of $2.85 million over this 12-month period. 

Speaking of the results, LoanOptions.ai founder and chief executive Julian Fayad commented that fintech reached these results despite facing a range of obstacles.

“We overcame all the challenges in the market including the pandemic, lockdowns, restrictions, rapidly rising interest rates, lender appetite changes, plummeting consumer confidence, closed borders, small businesses going into survival mode, natural disasters, a federal election and more,” Mr Fayad said. 

Mr Fayad added that he was proud of his team, proud of “how much money we saved our clients”, and proud that the fintech “assisted many small businesses get back on track after lockdowns and challenging market conditions”. 

He concluded that he believes that the fintech’s next financial year “is going to be very exciting for a number of reasons”, and that “whatever comes our way, as usual we will be ready”.

The fintech’s reported growth mirrors previous calls made on the emerging significance of technology in the lending space. 

Last month, while speaking at a press conference, Andrew Walker, the founder and CEO of the technology provider and lender Nano Digital Home Loans (Nano), highlighted the value of speed in the lending space. 

Nano has partnered with AMP Bank in developing a digital home loan for the non-major bank, which is expected to be released sometime this quarter. 

“Customers want more. They can do everything online and COVID-19 has exacerbated that digital trend,” Mr Walker said. 

“And it’s quite clear now that speed is the battleground.”

Mr Walker later elaborated that this new battlefield will be customer experience and “speed in time of process as a proxy for cost”.

[Related: Open banking opens the door for conversation trigger points: NextGen]