A fintech lender has achieved a record quarter of new loan origination growth for the three months ending 30 September 2020.
Wisr generated $61.9m in loan originations over the period, a 47% increase on the quarter before and a 166% increase on the previous corresponding period.
“We have an unblemished record of delivering quarter-on-quarter growth, and it’s pleasing to see that growth accelerating,” said Anthony Nantes, Wisr CEO.
“Delivering consistent quarter-on-quarter new loan growth throughout COVID-19, combined with the quality of customers we’re attracting is a strong validation of our business model, consumer proposition and technology platforms.
“For millions of Australians, COVID-19 has put personal finance front-of-mind and they are looking for a smarter alternative, which Wisr is delivering.”
In total, the group’s loan originations have now surpassed $306m as of 30 September.
Earlier in that month, Wisr launched its second major product as it broke into the secured vehicle finance market.
The group’s new vehicle finance offering is available for amounts from $5,000 to $60,000 for 3, 5 and 7-year terms; it will be facilitated through direct customer, partnership and broker channels.
“After delivering 47% quarter-on-quarter growth in new loan originations, we still have a small but rapidly growing market share with significant room to scale. Our new secured vehicle product has also significantly increased the total addressable market for Wisr, providing entry to $33bn dollars of annual vehicle finance,” Nantes said.
“We’re excited for the quarter ahead, as Wisr’s business model and commitment to the financial wellness of customers is strongly resonating in-market and driving record growth in all key financial metrics.”