The Wisr Ltd (ASX: WZR) share price is trading slightly higher on Friday after the company released an upbeat first-quarter trading update.
At the time of writing, the Wisr share price is up 1.79% to 28.5 cents.
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Wisr hits another quarter of growth
Wisr was pleased to deliver its 21st consecutive quarter of loan growth, originating $132 million of new loans in the September quarter. That's up 113% on 1Q21.
Similarly, the Wisr Warehouse Loan Book balance surged 239% against the prior corresponding period to $451 million.
The company's total loan originations sat at $743 million as of 30 September. That is up 142% compared to a year ago.
The company believes it's well-positioned to continue its strong growth trajectory. It is also confident it can reach its medium-term goal of a wholly owned $1 billion loan book.
Management commentary
Speaking on the milestone that's possibly driving the Wisr share price today, CEO Anthony Nantes said:
Twenty-one straight quarters of new loan growth is a fantastic achievement. Looking to the next quarter and beyond into H2, there is such a massive runway of growth ahead of us in the markets of auto finance and personal loans as lockdown restrictions start to lift; consumer demand will only grow. Combined with our new $225 million Wisr Secured Vehicle Warehouse coming into effect in Q2 FY22, we're in an incredibly strong position to continue to deliver sustained growth.
A range-bound Wisr share price
The Wisr share price has largely been range-bound ever since its $50 million capital raising back in June.
New shares under the placement were offered at 25 cents. That's a massive 21.9% discount to Wisr's last closing price before the capital raising.
Not only were institutional investors offered a significant discount, but the raise itself represented 18.2% of the company's existing shares on issue.
The Wisr share price has since tested lows of around 25 cents, but struggled to hold above 31 cents.
