Neolender Wisr (ASX: WZR) has continued its ascension up the ranks of one of Australia’s fastest growing tech companies with the wellness of their customers driving quarterly revenue up 275% while being acknowledged by Deloitte as one of Australia’s fastest growing tech companies.
The recognition comes with Wisr coming in at #19 in the Deloitte Technology Fast 50 Awards while also climbing 200 spots to #167 in the Deloitte Tech Fast 500 APAC ranking.
This was further validated by Wisr’s workplace culture being acknowledged in the AFR Best Places to Work Financial Services category at #6.
All of these accolades however are irrelevant without financial performance to match where the Company continues to deliver in spades, reporting $7.5 million revenue for the quarter ended 31 March 2021, a 275% year-on-year increase and 27% increase on the December quarter.
Key to the neolender’s growth is loan originations where fintech continues to grow its market share through discounted interest rates under its wholly-digital model. This resulted in $97.8m in new loan originations for the quarter, a 17% increase on the December quarter and a 151% increase on the previous corresponding March quarter. Besides interest rates, Wisr secures revenue from loan setup fees and late payment fees.
“This quarter’s results continue the trajectory of revenue growth from previous quarters, delivering an exceptional 275% growth in revenue compared to this same period last year,” said Wisr CEO, Anthony Nantes.
“From day one we’ve realised that part of our competitive advantage will be our ability to attract and retain Australia’s top talent by building an exceptional place for our people to work. It’s pleasing to see the external recognition this quarter for this deliberate strategy through being recognised by the AFR as one of Australia’s best places to work.”
“We’re disrupting the outdated consumer credit model with a superior alternative: a highly automated digital lending experience based on market-leading UX, delivered alongside a customer platform that actually improves financial wellness.”
Financial wellness continues to be core to Wisr’s operations where the rising fintech takes additional steps not taken by some of the popular Buy-Now-Pay-Later companies. These steps have ensured the Company has industry-low delinquency rates where just 0.83% of its loan book are in 90+ days arrears. This is down from the 1.53% at the same time last year.
“As more borrowers leave the banks, there is a huge opportunity in front of us to grow market share inline with our risk appetite. By building a differentiated brand and proprietary Financial Wellness Platform that is a highly valuable asset and our best channel for loan acquisition, we’re delivering a clear competitive advantage that opens up a number of potential revenue models,” said Nantes.
The Company accredits its Financial Wellness Platform for spearheading its leading customer acquisition costs where it is “70% more cost effective as a loan acquisition channel compared to the established competitive channels”.
While its Australian accolades are leading the ‘wellness’ of Wisr shareholders and employees foreign soil could soon be on the agenda following Wisr’s strategic investment in European fintech platform Arbor last month.
*Owners of this website are WZR shareholders
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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