Wisr has reported record loan origination and operating revenue.

In its preliminary financial report commentary for the year ended 30 June 2020, Wisr said it has now reached A$245 million in total loan originations since inception, with $136 million of those new loans delivered in FY20. This was a 95 per cent increase on the almost $69 million in loans the previous year.

The total loan book was $169.4 million as at 30 June 2020, up from $75.6 million at the comparable point a year ago.

Anthony Nantes, Wisr's chief executive officer said, “FY20 has been a year of unquestionable success for Wisr. We’ve delivered significant growth across all of our key metrics and achieved major milestones.”

Much of this performance was attributed by Nantes to the company’s new off-balance sheet warehouse funding model, which went live on 15 November 2019. The Wisr Warehouse received an initial investment of $30.8 million from the Australian Office of Financial Management through its Structured Finance Support Fund.

The company said this more efficient funding has allowed it to achieve "core cash flow profitability" in H2FY20, increasing operating revenue by 136 per cent to $7.2 million, up from $3.0 million in FY19. (Core business profitability excludes growth-related operating expenses, public company costs, one-off costs and non-cash items.)

The company, in its commentary to the ASX, said it "turned a corner from an operating leverage perspective in Q4FY20 with a significant reduction in operating cash burn". In FY20 Wisr reported a cash EBTDA of minus $13.2 million and an accounting loss of $23.5 million.

The company has flagged the launch of a second credit product, aiming to enter the $33 billion dollar vehicle finance market in the first quarter of 2021 via secured vehicle loans. The company plans to fund these loans via the Wisr Warehouse, with potential for a dedicated facility at scale.