- An “enormous level of anger and frustration”
Credit manager believes many feel marginalised
- Comyn pushes back on BPNL claims
Zip Co and Afterpay companies accuse banks of forcing customers to close their BNPL accounts. The head of Australia's largest bank says that's baloney
- Lenders tighten mortgage scrutiny as lockdowns drag on
Property buyers could find that qualifying for a mortgage is harder this week
Non-bank lender Wisr’s record revenue intake in the quarter to the end of June gave the company its first positive cash flow result, a year ahead of internal predictions.
Positive operating cash flow was recorded for June, but the exact figure wasn’t reported, according to The Australian.
The results “demonstrate the effectiveness of the Wisr business model,” Wisr CEO Anthony Nantes told investors Thursday.
Fourth-quarter operating revenue hit a record $9.7 million, a 231% increase from the previous corresponding period’s $2.9 million, The Australian reported.
New loan originations rose to a record $123 million during the quarter, which marked Wisr’s 20th consecutive quarter of growth. Total originations were $611 million at the end of June.
“It’s an incredible credit to the Wisr team for delivering 20 consecutive quarters of growth and a maiden cash flow break-even month on the back of an exceptional 234% revenue growth compared to the same period last year,” Nantes said. “This milestone result should give the market confidence around our market-leading unit economics and our ability to deliver a highly profitable business as we continue to scale.”
Nantes said that millions of Australians are being introduced to Wisr for the first time, setting the stage of an “exciting period of growth” in coming years.
“Wisr has a unique voice and position in the market, and our aspirations are significantly bigger than our medium-term target of a $1 billion loan book,” Nantes said.
The company recently completed a $55 million capital raise and launched a consumer and personal loans asset-backed securities transaction, The Australian reported.
“These two transactions put Wisr in an incredibly strong position to extend our technology advantage and aggressively grow lending market share in the years ahead,” Nantes said.
Ryan Smith is currently an executive editor at Key Media, where he started as a journalist in 2013. He has since he worked his way up to managing editor and is now an executive editor. He edits content for several B2B publications across the U.S., Canada, Australia, and New Zealand. He also writes feature content for trade publications for the insurance and mortgage industries.
LinkedIn | Email