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Jacaranda Finance CEO and founder Daniel Wessels said the lender’s move into the prime space has come about naturally as the company “grows up”.
Mr Wessels said moving into the prime space would allow the company to offer personal loan solutions to a full spectrum of borrowers and increase relevance in the evolving personal loan space.
“This is a natural evolution of Jacaranda as a lender,” he said.
“We have been operating in the subprime and near-prime space for a number of years, and over time we’ve seen an increase in clean credit borrowers as traditional lenders rely heavily on credit scores and as digitally savvy consumers flock away from the inflexible nature of traditional lending and banking services.”
Mr Wessels said that in the short term, the lender will continue to use consumer data to launch new products and establish new partnerships.
“Yet, we’ll also continue to find ways of engaging with customers to their benefit,” he concluded.
[Related: Wisr launches vehicle lending product]