Tech lending platform Wisr (ASX:WZR) released its March quarterly, noting new loan originations — its key metric for business performance — continued to climb.

The company’s latest trading update showed it booked $97.8m of new loans in the three months to March 31, up 17.8 per cent from the December quarter.

Wisr also extended its streak of quarterly growth in new loans to 19 consecutive months, the company said.

WZR shares edged higher to 23c following the announcement, bring the stock’s year-to-date gains to around 18 per cent.

Wisr quarterly makes it 19 straight wins

Wisr’s consistent growth metrics are representative of the broader trend in tech-based consumer lending, where a number of ASX-listed players are competing for market share in a sector undergoing some structural change.

Big banks are pulling back from the front lines, pivoting instead to a funding role for capital-light lending models.

The customer-facing role is being replaced by companies such as Wisr, who are looking to deploy tech solutions such as quick and intuitive online loan approvals to gain market share.

Wisr’s service also includes a savings app where customers can pool and allocate savings towards faster loan repayments.

Other players in the space include Plenti (ASX:PLT) and MoneyMe (ASX:MME) which, like Wisr, have reported consistent growth metrics and expanded funding facilities with major banks over the past 12 months.

The addressable markets on offer include personal loans as well as automotive finance, where Wisr flagged “strong results in limited channels” in the March quarter, booking $21.9m in new loans.

After 19 straight quarters of growth, the company’s loan book stood at $488.3m as at March 31.

Around $100m of the total has been written within the last five months, which Wisr CEO Anthony Nantes called a “step-change” amid the broader sector tailwinds.

“As more prime borrowers leave the banks, Wisr’s purpose-led model is attracting Australia’s most creditworthy customers who are looking for a smarter, fairer deal,” Nantes said.

Wisr said the average credit score for its customers is 771, which is consistent with a strong credit rating in line with credit reporting agency standards.

Looking ahead, Nantes flagged the automotive finance market as a key channel where Wisr can extract further growth, as the business scales towards its “medium-term target of a $1 billion loan book”.