18 November 2020: Technology-led lending and investment business Plenti Group Limited (ASX:PLT) has bolted past the competition to nab an historic achievement for Australian fintech: the first fintech consumer lender to originate over $1 billion in loans.
The landmark announcement comes hot off the heels of Plenti’s half year results, where the newly listed company told markets it had exceeded prospectus forecasts with loan originations up 33% and its loan book up 42% from H1 FY20.
Commenting on the milestone, Plenti CEO Daniel Foggo said, “This is a momentous achievement for the Plenti team. We have driven record loan originations for four consecutive months since June, despite the pressures all consumer lenders are facing in a subdued economic environment. Our unique mix of loan products and our desire to help customers make the most of their money is clearly speaking volumes to the Australian market”
Growth in loan volumes has been led by automotive lending, which comprised $81.1 million for the half, up 323% on the prior corresponding period.
“Plenti’s record originations stem from our proprietary technology platform, Venus. By deploying Venus and its unparalleled credit decisioning and customer experience capabilities, we have successfully disrupted the markets we operate in. Our automotive loans, for example, allow creditworthy customers to access funds within hours, so they can get on with their plans.”
Since inception, the company has maintained a strict dedication to prime borrowers, attracting over 55,000 borrowers. Plenti estimates it has funded loans for over:
- 14,000 car loans;
- 13,000 debt consolidation loans;
- 11,000 solar panels or battery loans;
- 10,500 home improvement loans;
- 2,500 holiday loans; and
- A range of other personal loans including weddings, medical procedures, and investments.
Reflecting on the company’s exceptional growth in 2020, “With these outstanding results, we have secured pole position to become Australia’s leading fintech consumer lending scale-up. By pioneering a highly diverse funding model and product suite, we have found the sweet spot to deliver consumers better value. Reaching $1 billion in loans funded is a significant milestone that our team can be proud of, although it is also only a stepping stone to where we want to take Plenti.”
Plenti (ASX:PLT) is a technology-led lending company which is empowering customers to make the most of their money.
Plenti has funded over $1bn in car, renewable energy and personal loans, leveraging its proprietary technology platform to deliver simple digital experiences.
Plenti manages the funds of more than 20,000 retail, institutional and Government investors, by investing in one of the world’s largest asset classes, consumer credit. It also funds secured automotive loans through warehouse funding arrangements.
Plenti is regulated by ASIC and holds an Australian financial service licence (number 449176) as well as an Australian credit licence (number 449176). Investing is not without risk. Please read the Product Disclosure Statement for the Plenti Lending Platform before deciding to invest.
To find out more about Plenti, or to enquire about investing or borrowing, please visit the Plenti website at www.plenti.com.au.