Revenue growth pushes Wisr (ASX:WZR) share price higher

The Wisr (ASX:WZR) share price is up 2.7% today as the neo lender announced strong growth in its quarterly report. We take a closer look.

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The Wisr Ltd (ASX: WZR) share price is climbing today as the company announced a positive quarterly report for the period ending 31 December 2020. Shares in the neo lender are currently trading 2.7% higher at a price of 19 cents.

Wisr is a small cap Australian fintech company that operates in the marketplace lending industry. The company’s app aims to help people pay down debt and enables users to compare credit scores. It also has recently launched a vehicle lending product

Why the Wisr share price is flying higher

In today’s release, the company advised its Wisr Warehouse funding model continued to drive growth for the company. As such, Wisr saw strong 43% growth on last quarter as revenue increased to $5.9 million. This means that revenue is now up an impressive 350% since this time last year.

New loan originations also grew, up 35% on the previous quarter at a record of $83.3 million. Total loan originations now stand at $390.5 million.

Wisr remains strongly funded with $29 million in cash and liquid loan assets.

Management comments

Wisr CEO Anthony Nantes welcomed the results, saying:

With all the foundations now firmly in place, our very strong exit run rate and continued improvements in all key metrics has us well placed to deliver a highly profitable business as we scale towards our medium-term target of a $1B loan book.

Wisr continues to attract Australia’s most creditworthy customers with our purpose-led business model, headlined by rates lower than a big bank, with no monthly or early repayment fees and the only app in Australia to help customers pay their loan down faster.

About the Wisr share price

The Wisr share price has underperformed the market in recent times, dropping 22% in the last six months. In comparison, the All Ordinaries Index (ASX: XAO) has more than 14% over the same period.

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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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