- Consumer lending business Wisr (WZR) spiked today after reporting record new loans over the September quarter
- The company recorded $61.9 million in new loan originations over the September quarter
- This is 47 per cent higher than the loan originations over the June quarter of 2020 and a record-breaking 166 per cent higher on the September quarter in 2019
- On top of this, Wisr’s average credit score of 732 for the September quarter is the highest in company history
- Wisr CEO Anthony Nantes says the fact that the company was able to deliver consistent quarter-on-quarter growth over the COVID-19 pandemic is a validation of its business model
- Shares in Wisr closed a neat 10.81 per cent higher this afternoon at 20 cents each
Consumer lending business Wisr (WZR) spiked today after reporting record new loans over the September quarter.
The company said it recorded $61.9 million in new loan originations, which is a 47 per cent boost on the June quarter’s $42.2 million and a 166 per cent increase on the same time period last year.
To put this into perspective, the company has now originated $306.7 million in total loans since it was born in 2018.
On top of this, Wisr’s average credit score of 732 for the September quarter is the highest in company history. For reference, the average Australian credit score is 600.
According to the company, this credit performance reinforces the prime nature of Wisr’s loan book and customer credit quality.
Wisr CEO Anthony Nantes said the company has an unblemished record of quarter-on-quarter growth.
“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,” Anthony said.
He said the company is delivering a smarter alternative to personal finance, which is where consumers are turning in light of COVID-19 economic turmoil.
“After delivering 47 per cent quarter-on-quarter growth in new loan originations, we still have a small but rapidly growing market share with significant room to scale,” he said.
“Our new secured vehicle product has also significantly increased the total addressable market for Wisr, providing entry to $33 billion dollars of annual vehicle finance,” Anthony explained.
And investors seem impressed with the quarterly numbers, too. Wisr shares closed a neat 10.81 per cent higher this afternoon at 20 cents each. The company has a $224.54 million market cap.