Wisr launches secured vehicle lending product
By Edil Corneille
Wisr, a Sydney-based company, announced today the launch of its second major competitive product into the market, secured vehicle finance, following a successful pilot program in FY20. Wisr mentioned that the new product provides it with an entry into the $33 billion dollar consumer vehicle finance market, thereby immediately expanding its addressable market opportunity.
The Wisr Warehouse will support the growth of this product, allowing the product to deliver significant revenue for the company from the launch.
Wisr CEO Anthony Nantes enunciated, “Our new secured vehicle product will set Wisr up for future growth in a significant market. As others retreat from the automotive finance market, we’re seizing opportunity as a disruptive new entrant, levering our experience and capability to underwrite personal loans, as well as the Wisr brand, market-leading technology, and consumer reach.”
“We have already received the Rate City Gold Award for the New Car Lending category in February (2020), which is a great result from our pilot, and we expect with the full launch of our second credit offering, it can be a major contributor to our loan book originations and accelerate our revenue growth in FY21.”
Nantes continued, “With strong results from FY20 just announced, we are now expanding the Company’s product mix to attract more prime credit quality customers, increase the total addressable market and transform customers’ ability to own and maintain their vehicle.”
“Wisr aims to be the market leader in our chosen markets and the secured vehicle product is another opportunity to deliver exceptional customer experiences and a business model that is fairer, truly innovative, scalable, purpose-led and built to deliver long-term shareholder value.”
The product is said to be a natural evolution for the current Wisr product set. In January, the neo-lender and FinTech company raised $33.5 million in commitments through an ordinary share placement of approximately 181 million.
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage