Wisr Warehouse funding facility upsized to $350m
ASX-listed Wisr announce that on the back of an accelerated Q2FY21 of new loan originations ($83.8m), revenue growth and loan book quality metrics, the Wisr Warehouse loan funding facility has been increased to $350m, subject to finalisation of legal documentation.
The increased facility limit reflects the strong support from Wisr’s incumbent senior bank and mezzanine funders, on the back of continued strong credit performance.
Under the Wisr Warehouse funding model, the Company delivered a material increase in revenue through significantly improved loan unit economics in Q2FY21 ($5.9m), representing a 350% increase on Q2FY20 and a 43% increase on Q1FY21.
Andrew Goodwin, CFO at Wisr said, “Through the strong support from our funders, in just over a year of the Wisr Warehouse going live, we have delivered an exceptional 350% growth in quarterly revenue (Q2FY21 compared to Q2FY20), rapidly scaled our personal loan originations quarter-on-quarter and entered the $51B 1 vehicle finance market via our new secured vehicle product.”
“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 0.79% at 31 December 2020), validates our lending model and risk governance. The superior loan unit economics underpinned by the Wisr Warehouse, is delivering significant operating leverage as revenue continues to grow strongly in-line with the growth of our loan book,” finished Mr. Goodwin.
