Wisr NAB warehouse program
Consumer finance company Wisr has established a debt warehouse program, with funds provided by NAB. Wisr announced yesterday that it had completed an initial A$50 million of funding under the program, which has a maximum funding size of $200 million.Wisr originated $68.9 million of loans during the 2018/19 financial year - an increase of 281 per cent over the previous year. Its revenue rose 91 per cent to $3.04 million.It made a loss of $7.7 million. Wisr chief financial officer Andrew Goodwin said in a statement that the new facility met the company's objectives of increasing debt capacity to fund its growth, while diversifying its funding partners.Goodwin said the facility would improve the company's margin.Until now the bulk of the company's fund raising has been through equity issues. In March it raised $15 million through a placement to "new and existing institutional, sophisticated and professional investors".