Wisr bolsters balance sheet with $50 million facility provided by global financial services firm Nomura
ASX-listed Wisr have provided a market update for the quarter ending 31 March 2024 (Q3FY24).
Wisr maintained moderated loan volume settings in Q3FY24 and intends to pivot to loan volume growth settings in Q4FY24 and beyond. The growth intention will be supported by additional balance sheet strength from the $50 million facility provided by Nomura which will accelerate the path to profitability and see the company through to a self-sustaining capital position.
For the quarter, Wisr recorded revenue of $23.1 million while Net Operating Cash Flow was $4.5 million.
Andrew Goodwin (pictured), Wisr’s Chief Executive Officer, said, “It’s an exciting time for the business as we roll off our last quarter of moderated loan volume settings. Notwithstanding a small decrease in loan book size, we delivered strong increases in front book yield and NIM to 13.16% (11.94% pcp) and 6.55% (4.92% pcp) respectively, while maintaining a high average credit score of 781.”
“The $50 million facility provided by Nomura is a pivotal moment for the business. The additional balance sheet strength provided by this facility will see Wisr well placed to pivot to loan volume growth settings in Q4FY24 and beyond, accelerating the path to profitability and seeing the Company through to a self-sustaining capital position. The facility is a testament to the debt market’s confidence in the Company, including the quality of the prime loan book, our technology, processes, and the strong risk and operational frameworks in place,” finished Goodwin.
