First fintech consumer lender hits $1bn in loans originated

A company is celebrating having just passed the $1bn milestone in loans originated by the group, highlighting the fact it’s the first fintech consumer lender to reach the marker; according to the chief executive, the achievement is in part thanks to its broker partners.

Plenti CEO David Foggo dubbed the moment a “momentous achievement” for the group, which offers both personal and automotive loans to consumers.

“We have driven record loan originations for four consecutive months since June, despite the pressures all consumer lenders are facing in a subdued economic environment Our unique mix of loan products and our desire to help customers make the most of their money is clearly speaking volumes to the Australian market,” he said.

Plenti, formerly operating as RateSetter, recently released its half year results, showing that loan originations were up 33% and its loan book up 42% from H1 FY20. The growth was largely driven by automotive lending, which was up 323% on the prior corresponding period.

According to Foggo, the group’s broker relationships and broker distribution were a “vital component” of Plenti’s record half year outcome.

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Source: First fintech consumer lender hits $1bn in loans originated