- Consumer lender Wisr (WZR) is celebrating today after launching its second major competitive product
- Today, the financials stock revealed it’s getting into the secured vehicle finance game — a space Wisr believes is worth around $33 billion
- Wisr customers can already use the lending service to borrow between $5000 and $50,000, but now they can also use Wisr to buy a new ride
- It seems the service is already gathering traction — in its pilot phase, Wisr’s product won the RateCity Gold Award for New Car Loan Lender
- On the back of today’s announcement, Wisr shares have tacked on nearly nine per cent to trade for 21.3 cents per share
Consumer lender Wisr (WZR) is celebrating today after launching its second major competitive product.
Today, the financials stock revealed it’s getting into the secured vehicle finance game — a space Wisr believes is worth around $33 billion.
Wisr customers can already use the service to borrow between $5000 and $50,000, but now they can also use Wisr to buy a new ride.
At this stage, users can apply for a vehicle loan between $5000 and $60,000, payable across three, five, and seven-year terms.
It seems the service is already gathering traction — in its pilot phase, Wisr’s product won the RateCity Gold Award for New Car Loan Lender.
Interestingly, Wisr is also Australia’s first publicly listed neo-lender — meaning the business doesn’t have brick-and-mortar branches, and all lending activity is conducted entirely online.
Wisr Chief Anthony Nantes predicts the launch will set the company up for the future.
“As others retreat from the automotive finance market, we’re seizing the opportunity as a disruptive new entrant, levering our experience and capability to underwrite personal loans, as well as the Wisr brand, market-leading technology, and consumer reach,” Anthony commented.
“With strong results from FY20 just announced, we are now expanding the company’s product mix to attract more prime credit quality customers, increase the total addressable market and transform customers’ ability to own and maintain their vehicle,”
In its preliminary full-year results, released last week, Wisr tabled 136 per cent revenue growth compared to the previous financial year. Despite this, the company’s unaudited results reveal it’s more than tripled its losses over FY20, blowing out to $23.5 million.
On the back of today’s announcement, Wisr shares have tacked on nearly nine per cent to trade for 21.3 cents per share at 3:38 pm AEST.