Neo-lender raises $4m in capital
A neo-lender has raised more than $4million from shares, saying the investment acknowledges the transformation of the business. Wisr, which has also released its figures for the last financial year, provides personal loans and technology products to help borrowers. It will use the funds to take a more innovative approach on how loans are funded and to potentially increase margins. The capital will also assist in helping the company’s ongoing growth initiatives as part of its customer acquisition and retention strategy. Commenting on the capital raise, Anthony Nantes, chief executive officer, said, “We are delighted with the strong support we received from the capital raise. “This investment acknowledges the transformation […]
Fintechs tell Labor a credit report delay will entrench bank power
Labor’s push to delay a law requiring the major banks to put more customer data into credit reports will entrench the big four’s market dominance and keep the cost of personal loans unnecessarily high, five of the nation’s leading marketplace lenders have said. In a letter to shadow treasurer Chris Bowen, the CEOs of SocietyOne, RateSetter, MoneyPlace, Harmoney and WISR said a further delay to mandating big bank participation in the ‘comprehensive credit reporting’ (CCR) regime will “continue to entrench a fundamental competitive imbalance between the big four and other lenders”. The letter is a response to Mr Bowen’s move last week to call for a delay to CCR by […]
