Wisr Limited (ASX:WZR) CEO, Anthony Nantes talks about the fintech’s rapid loan growth, its automated approvals technology, customer experience and strategy.
Rachael Jones: Hello I’m Rachael Jones for the Finance News Network. Joining me today from Wisr (ASX:WZR) is CEO, Anthony Nantes. Anthony, welcome to FNN.
Anthony Nantes: Thanks Rachael.
Rachael Jones: First up Anthony, could you start by giving us an introduction to your company?
Anthony Nantes: Wisr is Australia’s first neo-lender and we’re really a purpose led organisation, with a vision to bring financial wellness to all Australians. We do that by building out anecosystem with apps, tools, products and services that provide Aussies with a smarter, fair and wiser alternative in consumer finance.
Rachael Jones: You’ve seen some impressive growth in the loan acquisition space. What’s been driving this?
Anthony Nantes: We believe we have the best personal loan product in Australia. And what we’re starting to see is Australians really wake up to the fact, they have genuine alternatives in consumer finance, as opposed to just going back to the Big Four. I think our commitment to financial fairness and financial wellness for Australians, is really starting to resonate in the current environment as well.
Rachael Jones: Some of Wisr’s non-personal loan products have also been making an impact. What can you tell me about this?
Anthony Nantes: We launched WisrCredit for example in October of last year. And already, we’re seeing thousands of Australians come to that platform, which is Australia’s only credit score comparison engine. That platform’s enabled thousands of Australians to start to experience the Wisr ecosystem, as part of their journey in financial wellness.
Rachael Jones: Has the Royal Commission had any effect on your business?
Anthony Nantes: Whist we weren’t directly part of the Royal Commission, we kept a keen eye on it, as a lender in this space. The rallies we’ve had are a genuine commitment to response for learning, since the day we started the company. What the Royal Commission has done is really highlight to most Australians, how they should be looking to alternatives, when thinking about consumer finance. More than one third of our customers, who come to Wisr are actually coming off a Big Four style product, over to us. And we’re seeing genuine opportunity on the back of the Commission, as we start to grow our brand in Australia.
Rachael Jones: Now let’s talk about financials. What were some of the highlights of your quarterly results?
Anthony Nantes: Firstly, more Australians than ever are choosing Wisr. Our loan originations were up 437 per cent half on half, and our revenue was up 56 per cent. But beyond that, what we’re seeing is a take up right across our ecosystem, with thousands of customers coming to the platform, as we start to really build out the brand in Australia. We would also demonstrate an efficiency how we’re scaling, with reduced marketing spent half on half, whilst loan origination growing at over 400 per cent.
Rachael Jones: To the last question now. What can we expect in terms of news flow over the next 12 months?
Anthony Nantes: Wisr will continue to grow, continue to expand out its ecosystem. Our Wisr app has just been recently launched. And we’re looking to acquire customers on that at a rapid rate, which will really add value into our ecosystem model. It’s the first app of its kind in the world that allows customers to pay down a bit of extra debt, every single day, on top of the small purchases they’re already making. We’re really excited to see how this app rolls out in the coming months, as well as the continued steady growth right across our core business.
Rachael Jones: Anthony Nantes, thanks for the update.
Anthony Nantes: Thanks Rachael.