Wisr chief executive, Anthony Nantes. Photo: Supplied
Wisr, the Australian neo-lender, reported a revenue haul of $12.1 million in the first quarter of the 2022 financial year, up 195% on the first quarter of 2021, spurred by vehicle lending and an uptick in personal finance demand.
It was the 21st straight quarter of growth for the non-bank lender, which secured a new record of $132 million in loan growth through the June quarter, pushing the firm’s total originations up to $743 million.
Wisr chief executive Anthony Nantes said the results have the company on track to crack $50 million for the year ahead, as the market’s appetite for secured vehicle loans continues to grow.
“We’re seeing our secured vehicle loan product continue to deliver, with 31% growth for the quarter, reinforcing the huge opportunity ahead of us in the auto finance market,” Nantes said.
Nantes said Wisr has ramped up its efforts to meet the demand, with the October roll-out of a new secured vehicle warehouse supported by major backers, NAB and Revolution Asset Management.
The deal saw NAB step in as a senior funder, and Revolution as a mezzanine funder, which in effect allowed Wisr to transfer its $127 million loan book with an 8-9% yield, to make way for $127 million more in a bid to boost capacity.
“With our new $225 million Wisr secured vehicle warehouse coming into effect in Q2FY22 and backed by two of Australia’s most prominent funding partners, we’re in the driver’s seat, ready to crank that engine up,” he said.
The firm has already started to see early signs of accelerated demand for personal finance, too. Nantes predicts that personal loans could offer Wisr sizable momentum heading into 2022 off the back of eased lockdown restrictions.
“We expect to see increased demand in the personal finance market as lockdown restrictions start to lift and consumer demand naturally rises in the personal loan categories that had been impacted by COVID-19, creating a strong tailwind for us as we head into 2022,” Nantes …….