- Digital lending specialist Wisr (WZR) has seamlessly transitioned to at-home work in the midst of the Covid-19 pandemic
- The company trialled fully-remote operations on March 12 to some encouraging results
- On this day, Wisr processed a record number of loan originations with zero staff in head office
- As such, the company said it is yet to see any tangible impact on its business from the coronavirus
- Importantly, the company is in the final stages of settling a healthy $36.5 million capital raise this week
- Shares in Wisr have increased by almost 38 per cent today, currently worth 9.1 cents each
Digital lender Wisr (WZR) is joining the list of tech companies seamlessly transitioning to at-home work as Covid-19 quarantines employees.
The fintech company said as it stands, it has yet to see any “tangible impact” on its business from the coronavirus pandemic.
In fact, the company tested out its ability to operate fully remotely on March 12 to some encouraging results. Wisr processed a record day of loan originations on this day, without a single member of staff in head office.
Wisr CEO Anthony Nantes said the company’s business model allows it to rapidly adjust to changes in the Australian economic outlook like the ones brought about by the virus.
“We have demonstrated our ability to work remotely without impact to the business, as the wellbeing of our staff remains paramount, and we will continue to leverage our market-leading technology, purpose-driven business model and strong partnerships to build a sustainable business that positively impacts everyday Australians,” Anthony said.
Wisr warned investors, however, that it’s not necessarily in the clear. While the business has not been impacted yet, the company is considering changing up its credit policy and other strategies as existing and potential customers face a variety of difficulties during this volatile economic period.
Nevertheless, Wisr is still on track to reach 15 to 20 per cent quarter-on-quarter growth for the end of March, with roughly $31.6 million in loans written from the start of the year to March 13.
Importantly, the company has some solid cash in the bank moving forward. The second tranche of a $36.5 million share placement will be settled this week, to be added to the existing $10.2 million cash-on-hand from the end of December 2019.
With a predicted $4.35 million in spending from January until the end of March 2020, this means Wisr has multiple years of operating leeway tucked away for when it’s needed.
Today’s market update has put Wisr on the podium as one of the day’s top gainers. At lunchtime AEDT, shares in the small-cap fintech company have increased by over a third of their value, up 37.88 per cent to trade for 9.1 cents each.