Fintech lender Wisr has announced that, subject to finalisation of legal documentation, the Wisr Warehouse loan funding facility is to be increased to $350 million.
The lender said that the increased facility limit reflected the “strong support” from Wisr’s incumbent senior bank and mezzanine funders, on the back of continued strong credit performance.
According to the lender, it had recently seen “an accelerated Q2FY21 of new loan originations” totalling $83.8 million, alongside revenue growth and stronger loan book quality metrics.
Under the Wisr Warehouse funding model, the company delivered a material increase in revenue through significantly improved loan unit economics in Q2FY21 ($5.9 million), representing a 350 per cent increase on Q2FY20 and a 43 per cent increase on Q1FY21.
Andrew Goodwin, CFO at Wisr, said: “Through the strong support from our funders, in just over a year of the Wisr Warehouse going live, we have delivered an exceptional 350 per cent growth in quarterly revenue (Q2FY21 compared with Q2FY20), rapidly scaled our personal loan originations quarter-on-quarter and entered the $51-billion vehicle finance market via our new secured vehicle product.
He continued: “The superior loan unit economics underpinned by the Wisr Warehouse is delivering significant operating leverage as revenue continues to grow strongly in line with the growth of our loan book.”
Wisr first announced that it had secured an initial $50-million debt warehouse facility from National Australia Bank in October 2019 to support the scaling of its personal loan originations.
The debt warehouse program became live and operational in November 2019 (Q2FY20) and had the potential to upsize to $200 million, with a possible extension of the two-year period.
[Related: Wisr warehouse facility upsized to $250m]
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.