To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Wisr closed its institutional placement on Wednesday (2 June), raising $50 million through the issue of 200 million new shares at 25 cents each.
The placement shares represent 18.2 per cent of the issued capital in the company.
Chief executive Anthony Nantes commented that the placement result showed “significant support for the Wisr business model and forward outlook”.
“The proceeds of this capital raising will allow Wisr to build a company of significant size, scale and impact in the Australian market,” Mr Nantes said.
“We are very excited for what’s ahead in FY22 and beyond.”
The lender will also be conducting a retail raise, offering a share purchase plan to shareholders under the same 25 cent price.
Wisr also reported that it had originated $77.1 million in new loans for the two months up to 31 May – a 234 per cent surge compared with its $23.1 million total for the same period the year before.
There had been $42.1 million in loans originated in May, compared with $13.8 million the year before. April saw $35 million, more than tripling from $9.3 million a year prior.
“Our growth to date had us in prime position to aggressively grow market share, as we scale towards our medium-term target of a $1-billion loan book,” Mr Nantes said.
The board is also set to see a revamp of its governance structure, with the addition of two new independent directors in the 2022 financial year.
[Related: Wisr new loan originations up 17%]