ASX-listed fintech lender Wisr bolsters its balance sheet and returns to growth
ASX-listed fintech lender Wisr have announced its positive Financial Results for the year ended 30 June 2024 (FY24).
Wisr strengthened its balance sheet through an enlarged $50 million corporate facility from global financial services group Nomura in May 2024 and returned to growth. The pivot back to growth settings delivered Q4FY24 run rate loan originations of circa $67.5 million (pro forma), a 30% increase on the prior quarter. With a bolstered balance sheet and improvements to customer and partner experience, Wisr is well-placed to achieve its goals in FY25 and beyond.
Wisr FY24 highlights include operating revenue increasing by 2% to $93.8 million (FY23: $91.9m) and operating expenses decreasing by almost 20% to $26.5 million (FY23: $32.8m).
Total new loan originations of $210 million (FY23: $495m) were the result of deliberate moderation of loan origination volume for the majority of FY24.
Wisr’s loan book of $770 million (FY23: $931M) was also driven by moderated loan volume settings.
Commenting on the results, Andrew Goodwin, Wisr’s Chief Executive Officer, said, “We were very pleased to strengthen our balance sheet through an enlarged $50 million corporate facility from Nomura in May 2024 and commence the transition to growth. The pivot back to growth settings delivered quarterly run rate loan originations for Q4FY24 of approximately $67.5 million, a 30% increase on the prior quarter. The momentum we saw in Q4FY24 has carried forward into FY25 with increased application flow, greater loan origination volume and larger average loan sizes.”
“In preparation for the pivot to growth, we prioritised key actions that would not only serve our customers but would position ourselves effectively once the macroeconomic environment became more conducive to growth. These included uplifting Wisr’s technical capabilities to improve collections strategies, broker experience and the functionality of the Wisr App as well as putting measures in place to ensure prudent cost management and capital preservation. We remained committed to our mission as a purpose-led business and also introduced new features for customers including Debt Bustr which allows Australians to consolidate and simplify their personal debt with Wisr.”
“Our intention in FY25 is to continue focusing on loan volume growth at attractive unit economics and to scale the business towards profitability and a self-sustaining capital position. The combination of a bolstered balance sheet, our proprietary technology, prime loan book, and robust risk and operational frameworks means that Wisr is well positioned to achieve these goals,” Goodwin concluded.
