Wisr has reported new loan originations of $97.8 million over the quarter until Q3FY21, bringing its total loan originations to $488.3 million as at 31 March.
According to the lender, new loan originations increased by 17 per cent on Q2FY21, when it reported originations of $83.8 million (with total loan originations at $390.5 million).
It also reported that new loan originations have increased by 151 per cent on the third quarter of the 2020 financial year, when new loan originations totalled $38.9 million and total loan originations stood at $202.7 million.
Wisr said that the most recent $100 million was written in less than five months, with the company stating that it is scaling towards the “medium-term target” of a $1 billion loan book.
The lender recorded an average credit score of 771 in Q3FY21, which it said was the company’s highest average score.
Wisr attributed the performance to the prime nature of its loan book, customer credit quality and lending model, and said the score provides it with the ability to seize additional market share, and increase profitability through the review of the lender’s credit decisioning.
Commenting on the results, Wisr CEO Anthony Nantes said that it has marked 19 consecutive quarters of loan origination growth.
“Additionally, we’ve delivered yet another significant and material step-change in our new loan origination,” Mr Nantes said.
“As more prime borrowers leave the banks, Wisr’s purpose-led model is attracting Australia’s most creditworthy customers who are looking for a smarter, fairer deal,” he said.
“Our new-to-market secured vehicle product has also significantly increased the total addressable market for Wisr and is delivering ahead of expectations. There is still a long runway of growth ahead for us in that market, and we’re excited about the business we can build in that space.”
Wisr launched the secured financial product in September last year, which is available for personal loan amounts from $5,000 to $60,000, on three-, five-, and seven-year terms.
The launch followed a pilot program in the 2020 financial year, and the Wisr warehouse has supported the growth of the product.
Wisr’s warehouse loan funding facility was increased to $350 million, which it said reflected the “strong support” from its incumbent senior bank and mezzanine funders.
[Related: Wisr sees 36% increase in loan originations]