Updates27 January 20225 minute read

Q3FY22 update: Plenti delivers 135% year-on-year growth

Our Q3 FY22 results are out, showing record loan originations of $307 million, a 135% increase over the prior period. Read the full report for more highlights.

  • Record quarterly loan originations of $307.6 million, 135% above prior corresponding period (PCP) and 20% above prior quarter
  • Loan portfolio increased to $1.1 billion at 31 December 2021, 118% above PCP and 21% above prior quarter
  • Assumed leadership position amongst fintech consumer lenders, after becoming the first to reach a $1 billion consumer loan portfolio and fund over $100 million in a month
  • Successful strategic launch into the fast-growing electric vehicle (EV) market with an EV specific loan offering to help more Australians transition to EV ownership
  • Secured highly efficient EV funding after establishing a second automotive warehouse facility, with Westpac as senior debt funder and the Clean Energy Finance Corporation (CEFC) providing mezzanine finance
  • Run-rate annual revenue of $97 million based on December revenue of $8.05 million, up 88% on PCP
  • Cash NPAT profitability achieved in October, with positive trajectory in subsequent months
  • Exceptional credit performance maintained and 90+ day arrears declined to 20 basis points at 31 December 2021
  • Automotive loan origination growth of 25% on prior quarter reflected gains in market share, driven by Plenti’s investments in technology, and the continued strengthening of its sales and distribution capabilities. Further growth in Plenti’s consumer automotive lending was supported by the rollout of its commercial automotive loan offering to additional broker partners, and the launch of its suite of innovative EV finance products and tools in November
  • Renewable energy finance growth of 8% on prior quarter was a strong result in light of household solar and battery supply constraints during the period. This growth was driven by increased finance penetration with existing merchant partners and the accreditation of over 50 new merchant partners. Additionally, Plenti is successfully executing its strategy of partnering with large energy retailers, having entered into a partnership with Energy Australia to deliver a bundled energy solution, and recently being appointed by AGL to provide interest-free finance to its residential solar and battery customers, following a competitive tender process; and
  • Personal lending growth of 16% on prior quarter reflected a strengthening of demand for personal loans as well as the benefits of Plenti’s multi-channel customer reach. In particular, Plenti continued to expand its presence in the broker channel, increasing its active broker base and on-boarding over 200 new broker partners, by leveraging its technology-led broker offering and the strength of its industry relationships.  

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Written byTeam Plenti
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