Wisr loan originations up 281% in FY19

Wisr has reported that loan originations had nearly quadrupled in the “pivotal” 2019 financial year.

The publicly listed marketplace lender reported that loan originations in FY19 totalled $68.9 million, up 281 per cent from the $18.1 million recorded in FY18.

In the preliminary results, disclosed on the ASX, Wisr also said it gained more than 60,000 customers in FY19, across its personal loans, WisrCredit, and WisrApp products. It noted that it had invested more than $2 million to build and launch its “ecosystem of products”.

Operating revenue also increased, by 91 per cent year-on-year, from $1.6 million to $3 million in FY19.

However, full-year net loss was $7.5 million, up 19 per cent from a loss of $6.2 million in FY18.

Loan asset impairments and write-offs increased by 195 per cent to $236,000, attributed to $108,000 over provision write-back in FY18.

Over 90-day delinquencies in the quarter ending in June 2019 was 1.55 per cent, compared to 2.14 per cent in June 2018.

Wisr said it is in a “strong position” for FY20, with net assets standing at $16.8 million as of 30 June 2019. This was helped by the lender raising $15 million in the second half of the financial year.

Anthony Nantes, CEO at Wisr, described FY19 as a “pivotal year”.

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Source: Wisr loan originations up 281% in FY19 – Mortgage Business