Wisr revenue up 65% as new loan originations top $300 million
Wisr has announce its revenue is up 65% on H1FY22 ($26.2M) to $43.2 million and new loan originations have reached $302 million.
Wisr CEO Anthony Nantes (pictured) said, “We’re the only lender in market with a dual-strategy of ethical lending supported by a financial wellness platform. With the cost of living and inflation hitting household budgets, tools in the suite of products that Wisr offers have the potential to help customers change habits and improve their holistic financial health. We launched a new product into our Financial Wellness Platform, a psychology-led money coaching app, “Wisr Today”, which applies research-proven, science-based interventions to help everyday Australians change their money habits. While only a soft launch, demand has been strong, with over 19K downloads since launch at the start of Q2FY23.”
“On the lending side of our business, positive Cash EBTDA and operating cash flow in Q2FY23 show Wisr’s operational flexibility when we decided to prioritise profitability over accelerating growth, which we’d been focussed on for 25 consecutive quarters. In H1FY23, we reduced our Cash EBTDA loss by 66% and delivered 65% revenue growth along with a 14% decrease in operating expenses, combined with the Company’s strong balance sheet, strengthened further with the $25M1 debt facility secured towards the end of Q2FY23.”
“After the half-end, we priced our inaugural Secured Vehicle Loan ABS deal, our third ABS deal, an incredible market validation of our business model, prudent treasury and underwriting capability and the quality of the widely recognised high-performing Wisr Team.”
“Wisr is well prepared for H2FY23, and we’re using the multiple levers available to us to absorb funding cost increases while still earning a healthy net interest margin. Should the predicted RBA cash rate increases continue in 2023, we can absorb any anticipated BBSW changes and navigate macroeconomic conditions with strong and safe fiscal management while focussing on sustainable profitability.”
