- Wisr (WZR) sees revenue skyrocket 280 per cent over the 2021 financial year
- The neo-lender says it achieved several milestones during the period, which accelerated revenue and new loan originations growth
- In September last year, the company began offering secured vehicle loans, marking the launch of its second major competitive product to market
- WZR is well-funded with $64 million in unrestricted cash as at June 30
- On Thursday, shares were up 8.93 per cent to 30.5 cents apiece
Australian neo-lender Wisr (WZR) has reported a 280 per cent increase in operating revenue over the 2021 financial year (FY21).
Revenue rose to $27.2 million for the year, up from just $7.2 million in FY20.
The company said the period encompassed several milestone achievements, which accelerated its revenue and loan originations growth.
Specifically, WZR saw new loan originations rise to the tune of 169 per cent, from $135.9 million in the previous financial year to $365.8 million.
As a result, the company’s total loan originations clocked in at $611 million as at June 30.
Meanwhile, strategic milestones for the period were headed by the launch of WZR’s second major competitive product to market.
The company began offering secured vehicle loans in September, 2020 — marking its entrance into the multi-billion-dollar auto finance market.
Wisr CEO Anthony Nantes said the growth in revenue was an exceptional result.
“Now with our second major competitive product, secured vehicle loans, in market, there remains a huge opportunity for Wisr to grow market share by attracting Australia’s most creditworthy customers with a smarter, fairer deal, underpinned by an exceptional customer experience that actually improves a customer’s financial wellbeing,” he said.
Looking ahead, Wisr said it was well-capitalised with $64 million in unrestricted cash at the end of June, thanks to a strongly supported $55 million capital raise completed in the same month.
On Thursday, shares were up 8.93 per cent to 30.5 cents apiece at 1:12 pm AEST.