Wisr, an ASX listed marketplace lender this week announced a $33.5 million raise through a share placement. The company says the funds will be used to accelerate growth and the continued roll out of its products.
Wisr is a “neolender”, a non-bank offering marketplace lending and credit score comparison services. The fintech platform offers small to medium loans at rates based on borrowers’ individual risk profile, claiming they can be up to five per cent less than the big four for borrowers with strong credit.
The new placement, managed and arranged by Shaw and Partners and supported by Blue Ocean Equities, is for approximately 181 million ordinary shares at 18.5c per share, to be issued in two tranches, one next week and the other after a shareholder meeting in March, according to the company.
The Wisr board has also resolved to offer eligible shareholders the opportunity to participate in a share purchase plan offer to raise $1.5 million.
“We are very pleased with the strong support we have received for the capital raise,” said Wisr CEO Anthony Nantes.
“The result is a clear validation of Wisr’s strategy and vision to provide Australians with a smarter, fairer alternative when it comes to their personal finances, and our approach to redefining what a consumer lending company can be.
“Wisr will use the proceeds of the placement to support the scaling of the core lending business, the ongoing development of our ecosystem of category-defining products, continue to attract the best talent from across industries in Australia and strengthen the balance sheet.”