Milestone Update: $1 Billion in Consumer Loans Funded
We've become the first Australian fintech to originate $1 billion in consumer loans. And we're just getting started.
Today we bolted past the competition to nab a historic achievement for Australia becoming the first fintech to originate over $1 billion in consumer loans.
The landmark announcement comes hot off the heels of our half year results, where we told markets we had exceeded prospectus forecasts with loan originations up 33% and our loan book up 42% from H1 FY20.
Commenting on the milestone, our 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 our inception, we have maintained a strict dedication to prime borrowers, attracting over 55,000 borrowers. Over this time we have 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 our exceptional growth in 2020, Daniel reiterated that “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.”
