The Wisr Ltd (ASX: WZR) share price is edging higher this morning after the neo-lender provided an update on its trading performance. At the time of writing, the Wisr share price is swapping hands for 21.5 cents, up 2.38%.
In comparison, the All Ordinaries Index (ASX: XAO) is currently slumping 0.92% lower for the day so far.
Quick take on Wisr
Founded in 2014, Wisr is an Australian non-bank lender that offers personal and business lending services. These include personal loans, financial products, and investment solutions, among other services.
According to Wisr, it offers consumers a more attractive option to traditional banks by delivering competitive interest rates and tailoring customer loans.
What's boosting the Wisr share price?
Investors appear to be excited about the company's recent accomplishments, sending the Wisr share price higher today.
According to this morning's release, Wisr continues to deliver exceptional growth on its books.
For the two months ending 28 February 2021, the company reported a loan volume of $58.8 million. This reflects an increase of 138% over the prior corresponding period in which $24.7 million was achieved.
The robust result for the start of 2021 came from a record $35.5 million monthly loan volume for February. Wisr highlighted that this is a 52% jump on the previous month of January which saw $23.3 million in loan volume.
Addressable market opportunity
In its investor day presentation, the company noted that the consumer lending market stood at $93 billion in November 2020. Of this, Wisr holds a mere 0.22% market share with its $207 million warehouse facility.
Over the medium term, the company plans to extend its loan book to $1 billion, and aggressively capture a larger slice of market share.
Wisr share price snapshot
The Wisr share price has accelerated by nearly 170% in the past 12 months and is up 13% year to date. The company's shares surged strongly in early 2020, reaching a 52-week high of 27.5 cents last July, before trending lower.
Based on valuation grounds, Wisr commands a market capitalisation of around $230 million, with close to 1.1 billion shares outstanding.
