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Australian peer to peer lending service provider Wisr (ASX: WZR) has opened up over 4% this trading session, on the back of an ASX release which outlined strong second quarter financials, including $31.6 million in new loans in Q2 FY20 (a 36% increase when compared to the previously comparable period, Q1 FY20), meaning total loan originations have now reached $163.8 million. H1 FY20 originations are now up 90% and 35% when compared to H1 FY19 and H2 FY19 respectively.
Australian peer to peer lending service provider Wisr (ASX: WZR) has rallied over 4% after announcing strong quarterly financial results, including 36% growth in loan origination when compared to last quarter. (Credit: twitter.com)
Wisr is an Australian fintech marketplace lender, offering peer to peer lending services. Wisr a holding company for subsidiaries of Wisr Investment Management, Wisr Credit Management and Wisr Loans Servicing. The stock has a market capitalization of 202.50 million and is now trading for $0.24 per share. It has rallied over 700% since March 2018, when the Company officially rebranded from DirectMoney to Wisr. Furthermore, the share price has spiked over 60% spike in the past two weeks alone.
The future also looks positive for Wisr, with the introduction of a new funding facility last quarter. The facility can supposedly triple the average margin to Wisr on each loan written. CEO Anthony Nantes commented on an FY20 outlook for the fintech company, mentioning that:
the Company is at an exciting juncture with an aim to further accelerate growth
and saying that:
2020 is shaping up to be another big year as Wisr continues to scale loan originations, deliver category defining products and partnerships, and provide Australians with a smarter, fairer alternative when it comes to their personal finances.
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