Wisr Warehouse funding facility upsized to $250 million
Wisr announce that on the back of accelerating loan originations growth and continued strong loan book performance, the Wisr Warehouse loan funding facility has been increased to $250 million, subject to finalisation of legal documentation.
The Wisr Warehouse went live in November 2019 with an initial $50 million commitment and has grown rapidly since. The increased facility limit reflects the strong support from Wisr’s incumbent senior bank and mezzanine funders, together with the recently announced funding from the Australian Office of Financial Management.
Under the Wisr Warehouse funding model, the Company achieved core cash flow profitability in H2FY201, delivering significantly improved unit economics and operational leverage, including 358% revenue growth in Q1FY21 (compared to pcp Q1FY20).
Andrew Goodwin, CFO at Wisr said, “The outstanding performance of the Wisr loan book, and our market leading ability to attract Australia’s most creditworthy customers as demonstrated by our 90+ day arrears of 1.01%, makes Wisr’s loan receivables highly sought after in the market. Through the strong support from our funders, in less than a year of the Wisr Warehouse going live, we have delivered 215% growth in quarterly revenue (Q1FY21 versus Q2FY20), rapidly scaled our personal loan originations quarter-on-quarter and entered the $33 billion dollar2 vehicle finance market in Q1FY21 via our new secured vehicle product.”
“The compelling loan unit economics underpinned by the Wisr Warehouse, has us well placed to continue rapidly growing our loan book, while maintaining strong credit metrics,” finished Goodwin.
1. Core business profitability excludes growth opex, Public Company and one-off costs and non-cash items
2. Includes consumer and commercial lending segments. ABS 5601.0 LTM to Dec-19, and ABS 5671.0 LTM to Nov-18; ABS discontinued ABS 5671.0 in Nov-18.