Plenti hits $1 billion achievement in loans originated

By Edil Corneille

Sydney-based technology-led lending and investment business Plenti Group announced that it has bolted past the competition to nab its achievement of being the first FinTech consumer lender to originate over $1 billion in loans. The announcement comes hot off the heels of Plenti’s half year results, where the newly listed company told markets it had exceeded prospectus forecasts with loan originations up 33 per cent and its loan book up 42 per cent from H1 FY20.

Commenting on the milestone, Plenti CEO Daniel Foggo said, “This is a momentous achievement for the Plenti team. We have driven record loan originations for four consecutive months since June, despite the pressures all consumer lenders are facing in a subdued economic environment. Our unique mix of loan products and our desire to help customers make the most of their money is clearly speaking volumes to the Australian market”

“Plenti’s record originations stem from our proprietary technology platform, Venus. By deploying Venus and its unparalleled credit decisioning and customer experience capabilities, we have successfully disrupted the markets we operate in. Our automotive loans, for example, allow creditworthy customers to access funds within hours, so they can get on with their plans.”

The company mentioned that since its inception, it has maintained a strict dedication to prime borrowers, attracting over 55,000 borrowers. Plenti estimates it has funded loans for over 14,000 vehicles, 13,000 debt consolidations, 11,000 solar panels or batteries, 10,500 home improvement projects, 2,500 holidays, and a range of other consumer loan purposes.

Reflecting on the company’s growth in 2020, the company’s press release mentioned, “With these outstanding results, we have secured pole position to become Australia’s leading fintech consumer lending scale-up. By pioneering a highly diverse funding model and product suite, we have found the sweet spot to deliver consumers better value. Reaching $1 billion in loans funded is a significant milestone that our team can be proud of, although it is also only a stepping stone to where we want to take Plenti.”