Plenti Group claims to be first fintech consumer lender to reach $1 billion in loans funded
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Plenti Group (ASX:PLT) released half yearly results this morning and has originated over $1 billion in loans.
It claims to be the first fintech consumer lender to reach this milestone.
Plenti Group is the newest fintech lender on the ASX having only listed in September. It has three core integrals – car loans, personal loans and loans for renewable energy projects.
For the six months ended on September 30, it made $167 million in loan originations. This was a record and up 33 per cent on the prior corresponding period.
On top of this Plenti made revenues of $26 million, up 41 per cent on the prior corresponding period.
It also claims it has funded loans for 14,000 vehicles, 11,000 solar panels or batteries and 10,500 home improvement projects.
On top of all this, the company reported momentum continued in October with originations reaching $37.2 million – a fourth straight record month.
Plenti Group CEO Daniel Foggo said the milestone was a momentous achievement particularly in light of the competitive environment and pressuring consumer sentiment.
As COVID-19 broke out, lending stocks plunged because investors feared a credit crunch. But lending volumes have recovered and the changes to responsible lending laws have been a further boost.
“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,” Foggo said.
“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.”
Plenti shares slightly rose this morning but are still below the $1.66 price it listed at.