Australian listed-lender Wisr jumps nearly 20% after A$33.5m stock market raise

By Oliver Smith on Thursday 23 January 2020

Alternative Lending

Alternative lender aims to use the capital to develop its main retail lending offering.

Australian listed-lender Wisr jumps nearly 20% after A$33.5m stock market raise
Image source: Wisr.

Marketplace lender Wisr, previously known as DirectMoney, has seen its shares leap over 19% since announcing a successful share placement last week.

Wisr raised A$33.5m on 15 January in order to develop its main retail lending offering, CEO Anthony Nantes said:

Wisr will use the proceeds of the Placement to support the scaling of the core lending business, the ongoing development of our ecosystem of category-defining products, continue to attract the best talent from across industries in Australia and strengthen the balance sheet.”

The group currently lends to consumers between A$5,000 and A$50,000 at rates which it says are 5% lower than the country’s four main banks: ANZ, CBA, Westpac and NAB.

Nantes called the raise “a clear validation of Wisr’s strategy and vision to provide Australians with a smarter, fairer alternative when it comes to their personal finances, and our approach to redefining what a consumer lending company can be.”

Earlier this month Wisr also reported strong second-quarter results, and lifted its full-year originations target to A$54.9m, a 90% hike on its FY19.

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