The Wisr Ltd (ASX: WZR) share price is soaring today after the company provided an update on its loan origination. At the time of writing, the Wisr share price is trading 7.89% higher at 20.5 cents.
The fintech is Australia's first neo lender. Wisr offers a unique form of personal lending compared to services provided by the major banks. It claims to offer more competitive interest rates by tailoring loans to meet customer needs and eliminating early repayment penalties and annual fees.
The company also boasts the country's only credit score comparison service.
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Wisr displays impressive growth
The Wisr share price is on the move after the company delivered record growth results for Q1. New loan originations were $61.9 million, a 47% increase on Q4 FY20 and a 166% increase on Q1 FY20. The increase takes the company's total loan originations since inception to $306.7 million, with the most recent $50 million coming in during the last three months.
Furthermore, the average customer credit score of 732 is the highest average in the company's history. This also compares very favourably to the average Australian credit score, which is 600 according to data supplied to Wisr by Equifax. The impressive credit performance reinforces the strong nature of the company's loan book, and customer credit quality.
About the Wisr share price?
Despite having delivered 47% quarterly growth in new loan originations, it would appear that Wisr still has room to grow. This, in part, is thanks to the recently added vehicle financing product, which opens up a potential addressable market that may be worth up to $35 billion, according to a report published by The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Today's rise in the Wisr share price would have been a welcome boost to shareholders who have watched shares in the neo-lender fall 28% since the start of the financial year, excluding today.
Anthony Nantes, CEO of Wisr was also pleased as he stated:
We're excited for the quarter ahead, as Wisr's business model and commitment to the financial wellness of customers is strongly resonating in-market and driving record growth in all key financial metrics.
The Wisr share price is trading 7.8% higher so far this year.
