- Neo-lender Wisr (WZR) has upgraded its warehouse funding facility to $250 million on the back of strong growth in Q1 FY21
- The non-bank lending company delivered a 358 per cent increase in revenue during the September quarter, compared to the same period last year
- It also went cashflow positive in 2H FY20, after the initial $50 million Wisr Warehouse went live in November 2019
- The company expects this new funding facility will become available once final legal documentation is signed off on
- Shares in WZR ended the week trading flat at 22 cents each
Wisr (WZR) has upgraded its warehouse funding facility to $250 million on the back of strong growth in the last quarter.
The Australian neo-lender delivered a 358 per cent increase in revenue during the September quarter, compared to the same period last year.
It also went cashflow positive in the second half of the 2020 financial year, after the initial Wisr Warehouse went live with a $50 million commitment in November 2019.
The non-bank lender said the new upgrade also reflected the support it had been given by incumbent senior bank and mezzanine funders and the Australian Office of Financial Management.
“Through the strong support from our funders, in less than a year of the Wisr Warehouse going live, we have delivered 215 per cent growth in recent quarterly revenue, rapidly scaled our personal loan originations quarter-on-quarter and entered the $33 billion vehicle finance market via our new secured vehicle product,” CFO Andrew Goodwin said.
“The compelling loan unit economics underpinned by the Wisr Warehouse, has us well placed to continue rapidly growing our loan book, while maintaining strong credit metrics,” Andrew added.
Wisr has advised that the upgraded warehouse funding facility will become available once final legal documentation is signed off on.
Shares in WZR have ended the week trading grey at 22 cents each.