Wisr achieves $150 million lending milestone as originations accelerate
ASX-listed neo-lender Wisr Limited (ASX: WZR) announces that a key lending milestone of $150 million in loans written has been achieved.
Mathew Lu, COO at Wisr said, “Wisr’s ongoing technology investment and daily focus on our customers has driven this sharp increase in originations. Our operational excellence and scalable technology have allowed us to increase the productivity of our team while delivering a 105% increase in daily settlements for the quarter to date when compared to the prior year. The tailwinds of momentum are in our favour, with the business now tracking towards a $150 million originations per annum run rate.”
With the Wisr’s new funding facility now operational, as announced on 18th November, there is an approximate tripling of the average margin on each loan written for Wisr compared to previous loan unit economics.
The $150 million mark was achieved with the initial $50 million taking 45 months to originate, the second $50 million taking more than 8 months and the most recent $50 million written in less than 6 months.
Andrew Goodwin, CFO said, “The demand from Australian consumers for fairer, smarter lending is only increasing. Our ability to offer loans through a purpose-led model is proving to be a real differentiator in the market. We see a long runway of growth and the loan book numbers Wisr is achieving certainly support this. The Company is also well capitalised with $10 million cash and $2.8 million liquid loan assets at 30 September 2019.”