Wisr Limited Overview
Wisr is a small-cap Australian non-bank consumer lender that originates prime, fixed-rate unsecured personal loans and secured vehicle loans, funded off its own balance sheet through bank-provided warehouse facilities and AAA-rated (senior tranche) asset-backed securitisations. At 30 June 2026 its loan book was A$1,084M (61% personal loans, 39% secured vehicle), with a weighted-average Equifax score of 807, 90+ day arrears of 1.01% and FY26 net losses of 1.38% — credit metrics firmly at the prime end of the non-bank spectrum. The company describes itself as an "automation-first fintech" and "sophisticated lender", distributing primarily through a panel of more than 13,500 brokers alongside direct channels and a consumer app/financial-wellness ecosystem. After eight years of statutory losses, a 2023 governance crisis and a deliberate FY24 volume contraction, Wisr delivered its first full-year Cash NPAT profit (A$1.0M) in FY26 and guides to at least A$5.0M in FY27. It remains thinly capitalised (net assets A$41.4M) relative to a billion-dollar book.
What the company does
Wisr is a balance-sheet consumer lender. It originates loans to Australian consumers, sells them into special-purpose funding trusts (three revolving warehouse facilities and a series of term securitisations), retains the equity/first-loss position in those trusts, and earns the spread between the fixed customer interest rate (plus amortised establishment fees) and the trust funding cost. Because Wisr consolidates its funding trusts, the full loan book (A$1,080.4M of loan receivables at 30 June 2026, net) and associated borrowings (A$1,136.0M) sit on its statutory balance sheet.
The two lending products are:
Unsecured personal loans: fixed-rate, amortising loans used for debt consolidation, home improvement, travel, vehicles and other purposes. Book at Jun-26: A$664.8M (+24% YoY). FY26 originations A$415.3M (+53%).
Secured vehicle loans (SVL): fixed-rate car loans secured over the vehicle. Book at Jun-26: A$419.2M (+45% YoY). FY26 originations A$280.0M (+86%).
Surrounding the lending products is a consumer-facing ecosystem built during 2018–2021: the Wisr App (originally a round-ups-to-pay-down-debt tool, now also the loan servicing app), Wisr Credit Scores / WisrCredit (launched in August 2018 as a multiple-bureau credit score comparison service), financial-wellness content, and the proprietary "Wisr Score" data algorithm referenced in the FY22 Annual Report. Management frames these as customer acquisition, retention and engagement assets rather than standalone revenue lines.
Business and revenue model
| Revenue component | Description | Disclosure status |
|---|---|---|
| Interest income on loans | Fixed customer rate over ~4-year average loan life | Primary revenue line (reported revenue FY26 A$108.8M) |
| Establishment fees and broker commissions | Recognised on an effective-interest-rate basis within loan yield | Included in revenue/yield; not separated in sources retrieved |
| Interest on cash | Interest received on investments and cash (FY26 cash-flow line A$1.9M) | Disclosed in cash-flow statement |
| Management fees | Historic off-balance-sheet management fees (FY25 A$1.0M; FY26 nil) | Discontinued |
| Subscription / licensing | — | Not applicable |
The model is effectively 100% "financial product" revenue (interest and fee income). There is no product-sale, subscription or licensing revenue. The economic engine is: Portfolio yield (FY26 11.00%) − funding cost = Net Interest Margin (FY26 5.27%) − net credit losses (1.38%) = Risk-Adjusted Margin (3.89%) − operating costs (cost-to-income 28%) − corporate debt cost = Cash NPAT.
A central feature is interest-rate hedging: each loan is written at a fixed rate, while warehouse and ABS funding is priced over one-month BBSW. Wisr executes monthly interest-rate swaps with NAB and Barclays to convert variable funding into fixed cost matched to loan term, effectively locking in NIM at origination (FY26 Company Update). The mark-to-market on these swaps flows through other comprehensive income and has produced large non-cash swings (e.g., a A$14.1M fair-value loss in H1FY24; a A$10.1M OCI gain in FY26).
Value chain position
Wisr sits at the origination, credit decisioning, servicing and collections stages of the consumer credit value chain, and acts as sponsor/residual holder in its securitisation programme. It outsources: (a) senior and mezzanine funding to warehouse banks (NAB-backed WH1; secured-vehicle WH2; Barclays WH3) and ABS investors; (b) much of distribution to brokers and aggregators; (c) credit-bureau data (Equifax scores are the reported portfolio metric). It insources credit policy, technology (proprietary platform, AI-powered decision engine), servicing and collections.
Customer types and end markets
Customers: Prime Australian consumers. FY26 average new loan size A$35,576 (FY25 A$33,787); weighted-average book credit score 807 (Equifax, at application). Customer NPS +82 at FY26 (Q1FY26: +76).
End markets: Australian personal loan market (~A$12B annual originations; Wisr share 3.5%) and Australian secured vehicle lending market (~A$46B annual originations; Wisr share 0.6%) per FY26 Company Update management estimates. Geographic exposure: Australia only.
Company's own description vs. independent characterisation
The company currently describes itself as "a purpose-built Australian fintech lender" that "powers people's progress towards what matters most to them", with its proprietary platform combining digital lending with financial tools (FY25 and FY26 releases). Earlier messaging (2021) called Wisr "Australia's first neo-lender" focused on financial wellness.
Independent characterisation: Stripped of the fintech framing, Wisr is a sub-scale, prime-focused, securitisation-funded consumer finance company whose competitive edge is execution (cost per loan, credit decisioning speed, broker service levels) rather than a structural moat. The ecosystem assets (app, credit scores) have, on available evidence, become secondary to broker-led origination. Its economics are now credibly positive at the Cash NPAT line, but statutory results remain loss-making because of upfront ECL provisioning on a fast-growing book, non-cash amortisation and share-based payments.
Strategy
Stated strategy (FY26 Company Update)
| Horizon | Timeframe | Themes (paraphrased from company) | Status |
|---|---|---|---|
| Horizon 1 — Scale core and deliver profitability | 1–2 years | Achieve and grow cash profitability; enhance existing lending products; expand broker and direct distribution; drive AI use cases, automation and operating leverage | "We are here" |
| Horizon 2 — Scale the core, expand distribution, verticals and products | 2–3 years | Continue scaling the core given large TAM; deepen customer engagement and retention; expand proprietary and partner distribution; enter new customer segments and verticals; embed finance into everyday experiences | Future |
| Horizon 3 — A platform business delivering network effects | 3+ years | One platform powering multiple products; diversify revenue beyond lending; compounding customer lifetime value; brand differentiation and loyalty | Aspirational |
Wisr frames its strategy as "Three horizons of progress", building towards "a purpose-led platform that grows enterprise value over time":
FY27 priorities are described as mutually reinforcing: investment in AI → automation → streamlined processes and consistent underwriting → distribution → increased volume and revenue → operating leverage.
Strategic initiatives in last 24 months
| Initiative | Date | Description / target |
|---|---|---|
| Pivot back to origination growth | From Q4FY24 | Ended FY24 volume moderation; FY25 originations +101%, FY26 +65% |
| Third warehouse (WH3, Barclays) | May 2025 | A$267M commitment; diversifies funder base beyond domestic banks |
| ABS programme expansion | Q1FY26, May 2026 | Freedom Trust 2025-1 (A$250M) and Momentum Trust 2026-1 (A$354M); first mixed-asset and first EU/UK risk-retention compliant deal |
| Capital optimisation | Nov 2025 | A$10.6M equity raise; refinance of A$50M corporate facility with FC Capital at materially lower margin; A$7.5M debt repayment |
| AI and automation programme | FY25–FY27 | AI-powered decision engine; automated income verification; new AI tools for underwriting, settlements, servicing and collections |
| Arrears management platform | FY25–FY26 | Credited with reducing 90+ day arrears to 1.01% and net losses to 1.38% |
| Hedging programme | Ongoing | Monthly swaps with NAB and Barclays to lock NIM at origination |
| Broker distribution | Ongoing | 13,500+ brokers on panel; #1 non-bank personal lender in The Adviser broker vote |
Sustainability/ESG commitments: none quantified in sources retrieved. Cost programmes: no formal named programme; cost-to-income target was <29% for FY26 (achieved 28%).
Medium-term targets and guidance
| Guidance item | FY26 target | FY26 actual | FY27 guidance | FY28 |
|---|---|---|---|---|
| Loan origination growth | 40%+ (upgraded to 50%+ in Q3) | 65% | Not quantified | — |
| Revenue growth | 15%+ | 19% | Not quantified | — |
| Cost-to-income ratio | <29% | 28% | Not quantified | — |
| Cash NPAT | Profitability in H2FY26 | H2 A$1.7M; FY A$1.0M | At least A$5.0M | "Substantial" growth expected |
Source: FY25 results (Aug 2025), Nov 2025 raise announcement, Q3FY26 update, FY26 Company Update.
Products & Services
Flagship offerings: the Wisr Personal Loan (61% of book) and Wisr Secured Vehicle Loan (39%). No credit cards, BNPL, deposits, mortgages or business lending products are offered on the evidence reviewed. Horizon 2 strategy flags new customer segments, verticals and embedded finance — no such product has yet been launched.
Product Portfolio
| Product / platform | Category | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|---|
Wisr Personal Loan (unsecured) | Lending | Fixed-rate, amortising unsecured loan; uses include debt consolidation, renovation, travel; average FY26 new loan size across products A$35,576; settled via broker or direct | Prime consumers; average book Equifax score 807 | Lending since 2018 (DirectMoney P2P loans from 2015) | — |
Wisr Secured Vehicle Loan (car loan) | Lending | Fixed-rate loan secured on the vehicle; lower yield and lower loss profile than PL; book A$419.2M at Jun-26 | Prime consumers buying new or used vehicles, predominantly via brokers | Launched circa FY22 (first SVL ABS Feb 2023) | — |
Secured personal loans | Lending | Listed by reference sources as a product category; may be marketed within the secured vehicle range | Prime consumers | — | — |
Wisr App | Servicing / engagement | Loan servicing app; originally round-ups that apply spare change to debt; product features to facilitate extra repayments added FY24 (A$11.3M of additional repayments attributed in H1FY24) | Wisr loan customers and app users | Launched Mar 2019; won 2024 WeMoney Best Mobile Experience award | Free |
Wisr Credit Scores / WisrCredit | Engagement / acquisition | Credit score comparison and monitoring service using positive credit reporting data | Consumers seeking credit health insight | Launched Aug 2018 | Free |
Wisr Score | Proprietary data algorithm | Proprietary data algorithm referenced in FY22 Annual Report supporting credit/financial-wellness assessment | Internal / customers | Disclosed FY22 | Not applicable |
Financial Wellness Platform (FWP) | Engagement | FY23 Annual Report asserted that the FWP improves loan customers' financial health | Customers | FY23 | Free |
AI-powered decision engine | Internal platform | Automated credit assessment; FY26 presentation shows 82% and 48% automation metrics relating to automatically assessed loans and automated verification steps (pairing ambiguous in extracted text) | Internal | Ongoing; new AI tools for underwriting, settlements, servicing and collections cited in FY26 | Not applicable |
Automated income verification and arrears management platform | Internal platform | Digital initiatives cited for improving arrears (90+ days down to 1.01% at Jun-26) | Internal | FY25–FY26 | Not applicable |
Broker platform / panel access | Distribution | 13,500+ brokers on panel; named The Adviser's #1 non-bank lender for personal loans (broker vote) | Finance and mortgage brokers | Ongoing | Broker commission (amortised in yield) |
Financial Narrative
Income statement (statutory and key non-IFRS)
Sources: FY22 Annual Report (revenue, loss, ECL); FY23 Annual Report; S&P Global data via StockAnalysis (FY22–FY24 finance expense and pre-tax income); FY26 Company Update (FY25–FY26 statutory P&L; FY23–FY26 key metrics table for EBITDA and Cash NPAT, with signs reconstructed as Risk-Adjusted Margin less operating costs less corporate facility costs). Gross profit and operating income are not meaningful line items for a lender; net interest income is presented instead.
Revenue CAGR: FY22–FY26 (4 years): 16.3%. FY21–FY26 (5 years, FY21 revenue A$27.2M): 32.0%.
Company-defined unit economics (management accounts)
Source: FY26 Company Update, "Key financials and metrics" (Aug 2026).
Statutory expense detail: notes and sources
Source: FY26 Company Update statutory income statement. Signs for loss and FY25 OCI reconstructed from the totals and narrative (FY25 derivative position was a A$3.0M liability; FY26 a A$6.4M asset).
Statutory NPAT to Cash NPAT bridge: notes and sources
Source: FY26 Company Update. FY26 non-cash finance costs were elevated by accelerated amortisation of set-up costs on the refinanced corporate facility.
Half-year Cash NPAT trajectory
Source: FY26 Company Update chart (signs reconstructed; H1FY26 derived as FY26 A$1.0M less H2FY26 A$1.7M).
EPS and dividends
Basic and diluted EPS: not available in sources retrieved; given statutory losses of A$6.7M–A$19.9M on a share count exceeding one billion, basic EPS has been a fraction of one cent negative in every year. Wisr has never paid a dividend. (MarketBeat displays an 11.11% dividend yield for WZR; this conflicts with company filings and is treated as a data error.)
Balance sheet
Source: FY26 Company Update statutory balance sheet. Short/long-term split of borrowings is not available in sources retrieved; securitisation borrowings amortise with the underlying loans (average loan life circa 4 years) and the corporate facility is a 3-year bullet maturing circa November 2028. Goodwill: nil disclosed. Working capital is not a meaningful concept for a consolidated securitisation lender.
Longer-run liquidity series (management):
Source: FY26 Company Update.
Cash flow: notes and sources
Source: FY26 Company Update. Free cash flow is an analyst calculation (operating cash flow less PP&E and technology capex) and excludes loan-book funding, which is treated by Wisr as an investing outflow.
Ratios (analyst calculations from disclosed figures)
ROIC, current ratio, net debt/EBITDA, interest coverage and cash conversion cycle are not meaningful for a consolidated securitisation lender (funding costs are cost of goods sold; current/non-current classification of amortising trust debt is not representative). On a recourse basis, corporate debt of A$27.5M against FY26 company EBITDA of A$5.6M equates to ~4.9x; FY27 guidance implies this falls materially.
Commentary on trends, inflections and drivers
Hyper-growth phase (FY20–FY22). Revenue went from A$7.2M (FY20) to A$27.2M (FY21) to A$59.4M (FY22) as the company moved loans onto its own warehouse and captured full interest economics rather than off-balance-sheet fees. Losses widened in absolute terms (FY22 pre-tax loss A$19.9M) because IFRS 9 requires lifetime-expected-loss provisioning at origination (FY22 ECL expense A$16.4M on rapid book growth) and because the business invested heavily in marketing, headcount and the ecosystem.
Funding shock and retrenchment (FY23–FY24). The 2022–2023 RBA hiking cycle lifted BBSW-linked warehouse costs; statutory finance expense jumped from A$18.8M (FY22) to A$46.2M (FY23) and A$53.7M (FY24). Management moderated originations from A$611M (FY22) to A$495M (FY23) and just A$210M (FY24), repriced the front book (H1FY24 average origination rate 13.43% vs 11.54% a year earlier), and cut operating costs from A$33.9M to A$26.5M. The book shrank from A$931M to A$770M and FY24 net losses peaked at 2.40% with arrears at 1.58%. The governance crisis of August–November 2023 overlapped this period.
Return to growth and profitability (FY25–FY26). With a repriced, higher-quality book (average score 804→807), a third warehouse and cheaper ABS funding (fifth deal at 1.39% over BBSW; sixth at 1.48% blended across a larger, mixed structure), Wisr doubled originations in FY25 and grew them a further 65% in FY26. NIM dipped in FY26 (5.27%) due to SVL mix, but net losses fell to 1.38%, lifting RAM to 3.89%. Opex grew only 7% against 19% revenue growth, taking cost-to-income to 28%. The November 2025 equity raise and refinance cut corporate interest from A$6.1M to A$4.6M. The net result was a A$6.3M swing in Cash NPAT, from A$(5.3)M to A$1.0M.
Why statutory remains negative. In FY26, A$13.9M of ECL expense was booked against A$12.8M of actual net losses (provisioning for 32% book growth), plus A$2.6M D&A, A$2.0M non-cash finance costs and A$1.2M share-based payments. Statutory profitability will lag Cash NPAT for as long as the book grows rapidly, a structural feature rather than a sign of credit deterioration — provision coverage actually fell from 2.56% to 2.05%.
Capital adequacy. Net assets of A$41.4M support A$1.1B of loans (3.5% equity/assets). Most of the leverage is non-recourse trust debt, and Wisr's true capital at risk is its residual equity in the trusts, but the thin consolidated equity base and A$128.8M of accumulated losses mean the company has repeatedly needed equity (Nov 2025 raise at A$0.03) and has limited buffer against a credit shock.
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Group Structure
| Layer | Entity / structure | Function |
|---|---|---|
Listed parent | Wisr Limited | ASX-listed holding company; corporate debt borrower (HeadCo facility) |
Operating company | Wisr Finance Pty Ltd (formerly DirectMoney Finance Pty Ltd) | — |
Warehouse WH1 | Wisr Warehouse (personal loans; originally NAB-backed) | Revolving funding, 55% drawn at Jun-26 |
Warehouse WH2 | Secured vehicle warehouse | Revolving funding, 75% drawn at Jun-26 |
Warehouse WH3 | Barclays-funded warehouse (mixed PL/SVL) | Revolving funding, 53% drawn at Jun-26 |
Term ABS | Independence Trust 2023-1 (SVL), Freedom Trust 2023-1 (PL), Freedom Trust 2025-1 (PL), Momentum Trust 2026-1 (mixed) | Outstanding term deals at Jun-26; Freedom Trusts 2021-1 and 2022-1 called |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY25 | FY26 |
|---|---|---|
Personal loan book (AUD Mn) | 535.4 | 664.8 |
Secured vehicle loan book (AUD Mn) | 288.6 | 419.2 |
Total loan book (AUD Mn) | 824.0 | 1,084.0 |
Personal loan share of book (%) | 65 | 61 |
Secured vehicle share of book (%) | 35 | 39 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Personal loan originations (AUD Mn) | 319 | 161 | 271 | 415 |
Secured vehicle originations (AUD Mn) | 176 | 49 | 151 | 280 |
Total originations (AUD Mn) | 495 | 210 | 422 | 695 |
Personal loan YoY growth (%) | — | -50 | 68 | 53 |
Secured vehicle YoY growth (%) | — | -72 | 208 | 86 |
SVL share of originations (%) | 36 | 23 | 36 | 40 |
Income Statement and Margin Analysis (%)
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Revenue (AUD Mn) | 59.4 | 91.9 | 93.8 | 91.6 | 108.8 |
Revenue YoY growth (%) | 118 | 55 | 2 | -2 | 19 |
Statutory finance expense (AUD Mn) | 18.8 | 46.2 | 53.7 | 55.9 | 67.5 |
Net interest income, statutory (AUD Mn) | 40.6 | 45.7 | 40.1 | 35.6 | 41.3 |
ECL provision expense (AUD Mn) | 16.4 | 22.3 | 18.2 | 10.9 | 13.9 |
Statutory loss before tax (AUD Mn) | -19.9 | -13.2 | -8.2 | -7.3 | -6.7 |
Statutory net profit after tax (AUD Mn) | -19.9 | -13.2 | -8.2 | -7.3 | -6.7 |
Pre-tax margin (%) | -33.5 | -14.3 | -8.7 | -7.9 | -6.2 |
Company EBITDA (AUD Mn) | — | -0.4 | -2.3 | 0.8 | 5.6 |
Cash NPAT (AUD Mn) | — | -2.7 | -4.8 | -5.3 | 1.0 |
Cash NPAT margin (%) | — | -2.9 | -5.1 | -5.8 | 0.9 |
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View Subscription PlansMargin Analysis and Margin Analysis (%)
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Finance costs excl. corporate facility (AUD Mn) | 43.8 | 49.1 | 48.0 | 60.2 |
Net interest margin (AUD Mn) | 48.0 | 44.7 | 43.5 | 48.6 |
Net loan losses (AUD Mn) | 14.5 | 20.4 | 14.3 | 12.8 |
Risk-adjusted margin (AUD Mn) | 33.5 | 24.2 | 29.2 | 35.8 |
Operating costs (AUD Mn) | 33.9 | 26.5 | 28.4 | 30.3 |
Corporate facility finance costs (AUD Mn) | 2.3 | 2.5 | 6.1 | 4.6 |
Portfolio yield (%) | 10.17 | 10.90 | 11.20 | 11.00 |
Portfolio NIM (%) | 5.61 | 5.23 | 5.46 | 5.27 |
Portfolio RAM (%) | 3.92 | 2.85 | 3.67 | 3.89 |
Net losses, % of average receivables | 1.70 | 2.40 | 1.79 | 1.38 |
90+ day arrears, % of closing receivables | 1.25 | 1.58 | 1.40 | 1.01 |
ECL provision coverage (%) | 2.63 | 3.18 | 2.56 | 2.05 |
Cost-to-income ratio (%) | 37 | 28 | 31 | 28 |
Weighted average credit score | 794 | 794 | 804 | 807 |
Income Statement
| Metric | FY25 | FY26 |
|---|---|---|
Revenue (AUD K) | 91,571 | 108,842 |
Employee benefits expense (AUD K) | 17,114 | 17,926 |
Marketing expense (AUD K) | 862 | 652 |
Customer processing expense (AUD K) | 3,874 | 4,705 |
Other expense (AUD K) | 6,558 | 7,066 |
Finance expense (AUD K) | 55,938 | 67,520 |
Depreciation and amortisation (AUD K) | 1,753 | 2,575 |
ECL provision expense (AUD K) | 10,921 | 13,876 |
Share-based payment expense (AUD K) | 1,810 | 1,237 |
Loss before income tax (AUD K) | -7,260 | -6,715 |
Cash flow hedge fair value movement, OCI (AUD K) | -15,823 | 10,078 |
Total comprehensive income (AUD K) | -23,083 | 3,362 |
Income Statement — Statutory NPAT
| Metric | FY25 | FY26 |
|---|---|---|
Statutory NPAT (AUD K) | -7,260 | -6,715 |
Add back ECL provision expense in excess of net losses (AUD K) | 3,370 | 1,165 |
Add back share-based payments (AUD K) | 1,810 | 1,237 |
Add back depreciation and amortisation (AUD K) | 1,753 | 2,575 |
Add back non-cash finance costs (AUD K) | 678 | 2,022 |
Add back non-cash hedge accounting expense (AUD K) | 1,087 | 667 |
Cash NPAT (AUD K) | -5,302 | 951 |
Key Financials
| Metric | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 |
|---|---|---|---|---|---|
Cash NPAT (AUD Mn) | -4.4 | -3.0 | -2.3 | -0.7 | 1.7 |
Financial Analysis
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Dividends per share (AUD cents) | 0 | 0 | 0 | 0 | 0 |
Balance Sheet
| Metric | FY25 | FY26 |
|---|---|---|
Cash and cash equivalents (AUD K) | 43,641 | 83,910 |
of which unrestricted cash (AUD K) | 14,100 | 16,600 |
Loan receivables (AUD K) | 813,083 | 1,080,407 |
Derivative financial instrument assets (AUD K) | 0 | 6,375 |
Intangible assets (AUD K) | 9,375 | 11,087 |
Right-of-use assets (AUD K) | 3,723 | 2,965 |
Total assets (AUD K) | 871,405 | 1,186,384 |
Borrowings, total (AUD K) | 833,267 | 1,136,034 |
of which corporate facility drawn (AUD K) | 35,000 | 27,500 |
Derivative financial instrument liabilities (AUD K) | 3,036 | 0 |
Lease liabilities (AUD K) | 4,264 | 3,617 |
Total liabilities (AUD K) | 844,690 | 1,145,033 |
Net assets / total equity (AUD K) | 26,715 | 41,351 |
Issued capital (AUD K) | 146,157 | 157,234 |
Accumulated losses (AUD K) | -122,205 | -128,820 |
Key Financials (FY23–FY26)
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
Unrestricted cash (AUD Mn) | 21.7 | 28.4 | 14.1 | 16.6 |
Undrawn corporate facility (AUD Mn) | 0 | 15.0 | 15.0 | 22.5 |
Drawn corporate facility (AUD Mn) | 25.0 | 35.0 | 35.0 | 27.5 |
Cash Flow
| Metric | FY25 | FY26 |
|---|---|---|
Net cash from operating activities (AUD K) | 13,693 | 13,561 |
Payments for plant and equipment (AUD K) | 129 | 142 |
Payments for technology assets (AUD K) | 2,021 | 3,442 |
Free cash flow before loan book growth (AUD K) | 11,543 | 9,977 |
Net movement in customer loans (outflow, AUD K) | -73,926 | -276,413 |
Net warehouse and term deal borrowings (AUD K) | 44,094 | 308,906 |
Equity issued net of costs (AUD K) | 0 | 10,036 |
Dividends paid (AUD K) | 0 | 0 |
Share buybacks (AUD K) | 0 | 0 |
Net change in cash (AUD K) | -18,722 | 40,269 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY25 | FY26 |
|---|---|---|
Return on average equity, statutory (%) | — | -19.7 |
Return on average assets, statutory (%) | — | -0.65 |
Cash NPAT return on average equity (%) | — | 2.8 |
Total borrowings / equity (x) | 31.2 | 27.5 |
Corporate (recourse) debt / equity (x) | 1.31 | 0.67 |
Net debt incl. securitisation (AUD Mn) | 789.6 | 1,052.1 |
Equity / total assets (%) | 3.1 | 3.5 |
Revenue / average assets (asset turnover, x) | — | 0.11 |
Revenue by Region and Revenue by Region (%)
| Region | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Australia revenue (AUD Mn) | 59.4 | 91.9 | 93.8 | 91.6 | 108.8 |
Australia share of revenue (%) | 100 | 100 | 100 | 100 | 100 |
Rest of world revenue (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Revenue by Region
| Metric | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|
Revenue (AUD Mn) | 25.0 | 26.4 | 27.4 | 30.0 |
Originations (AUD Mn) | 146.8 | 164.3 | 186.1 | 198.1 |
Closing loan book (AUD Mn) | 868 | — | 1,004 | 1,084 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Current price (Oct 2026) | ~A$0.030 | InvestSMART |
Market capitalisation | ~A$53M | InvestSMART |
FY26 performance (1 Jul 2025 – 30 Jun 2026) | A$0.027 → A$0.0185 (−31.5%); high A$0.042, low A$0.013 | InvestSMART |
FY27 to date | A$0.018 → A$0.030 (+66.7%) | InvestSMART |
Calendar 2025 | A$0.027 → A$0.031 (+14.8%) | InvestSMART |
~1-year (Oct 2025 → Oct 2026) | A$0.033 (27 Oct 2025 release price) → A$0.030 (approx. −9%) | InvestSMART |
Nov 2019 reference | A$0.145 | InvestSMART announcement archive |
2015 listing price | A$0.20 | The Age |
Share Price
| Metric | 2015 | 2019 | 2025 | 2026 |
|---|---|---|---|---|
Reference share price (AUD) | 0.200 | 0.145 | 0.031 | 0.030 |
Valuation Multiples
| Multiple | Wisr | Basis |
|---|---|---|
P/E (statutory) | n/m | Statutory loss |
Price / FY26 Cash NPAT | ~53x | A$53M / A$1.0M |
Price / FY27 guided Cash NPAT | ~10.6x | A$53M / A$5.0M floor |
Price / book | ~1.28x | A$53M / A$41.4M net assets (Jun-26) |
Market cap / loan book | ~4.9% | A$53M / A$1,084M |
EV/EBITDA, EV/Sales | n/m | Enterprise value distorted by A$1.1B of consolidated non-recourse trust debt |
Peer reference | Plenti trades on a positive Cash NPAT multiple with A$3.1B book; MoneyMe priced ~A$0.06–0.07 (Aug 2026) with statutory losses | — |
Broker / Provider Details
| Broker / provider | Analyst | View | Source |
|---|---|---|---|
Shaw and Partners | Larry Gandler | — | Simply Wall St |
MST Financial Services | Lafitani Sotiriou, Joseph Licciardi | — | Simply Wall St |
TipRanks aggregate | — | Latest rating "Buy", price target A$0.07 (as of Oct–Nov 2025) | TipRanks |
Simply Wall St narrative fair value | — | A$0.145–A$0.15 (community/model estimate, not broker consensus) | Simply Wall St (2026) |
Capital Markets
| Item | Detail |
|---|---|
Dividend history | Nil since listing |
Dividend policy | No dividend expected while the company is building capital and using carried-forward tax losses (analyst inference) |
Corporate credit ratings (Moody's/S&P/Fitch) | None — Wisr Limited is unrated |
Structured finance ratings | Moody's Aaa on senior tranches of all six ABS deals (e.g., Momentum Trust 2026-1: Class A and A-X totalling A$277M, 78% of structure) |
Corporate facility | A$50M senior secured (FC Capital), 3-year bullet from Nov 2025 (maturity circa Nov 2028); A$27.5M drawn |
Warehouses | WH1, WH2, WH3 total commitments A$887M (Jun-26), A$364M undrawn; revolving terms and renewal dates not disclosed in sources retrieved |
Term ABS outstanding | Independence Trust 2023-1, Freedom Trust 2023-1, Freedom Trust 2025-1, Momentum Trust 2026-1 (all 100% drawn); amortise with collateral; Freedom Trusts 2021-1 and 2022-1 called |
Capital Markets Data
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
ABS issued in calendar year (AUD Mn) | 225 | 250 | 200 | 200 | 250 | 354 |
Cumulative ABS issuance (AUD Mn) | 225 | 475 | 675 | 875 | 1,125 | 1,479 |
Analyst Conclusions
Management guidance
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FY27 Cash NPAT of at least A$5.0M (five-fold increase on FY26 A$1.0M), driven by origination and book growth, operating leverage, cost discipline and AI/automation productivity.
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FY28 Cash NPAT expected to "grow substantially".
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No quantified FY27 targets for originations, revenue or cost-to-income were identified in sources retrieved.
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The company notes guidance will be reviewed under continuous disclosure obligations.
Consensus expectations
No published broker consensus was retrieved. Implied expectations: maintaining FY26 exit run-rate (Q4FY26 revenue A$30.0M ≈ A$120M annualised) plus continued book growth would put FY27 revenue in the A$125M–A$135M range if book growth of 20–30% continues — an analyst illustration, not a forecast or consensus.
Bull case
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Operating leverage is real and accelerating. H2FY26 Cash NPAT of A$1.7M versus H1 of A$(0.7)M, with cost-to-income at 28% and opex growing at one-third the rate of revenue, supports the ≥A$5.0M FY27 guide and potentially upside.
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Funding costs structurally lower. ABS margins have compressed from 2.58% (2023 SVL deal) to 1.39–1.48%, the corporate facility margin was cut, and EU/UK-compliant structures open a deeper investor base — expanding NIM on new vintages once the SVL mix stabilises.
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Valuation asymmetry. At ~A$53M, the market capitalises a A$1.1B prime book at under 5% of loans, ~10.6x the FY27 guidance floor, with A$97.9M of tax losses that would shelter profits for years — a profile that could attract a strategic acquirer or rerate toward Plenti-style multiples.
Bear case
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Statutory profitability remains distant. Despite Cash NPAT positivity, FY26 statutory loss was A$6.7M; continued rapid growth means ECL front-loading keeps statutory losses alive, limiting retained-earnings accretion to an already thin equity base.
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Capital constraint and dilution. Equity of A$41.4M (3.5% of assets) and unrestricted cash of A$16.6M leave little buffer; the business has required equity at progressively lower prices (A$0.03 in Nov 2025), and further growth beyond warehouse equity releases may need more.
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Credit and rate cycle exposure. FY24 demonstrated how quickly losses can rise (2.40%) and growth can stall when funding costs jump; FY26 saw a 118bp rise in three-year swaps, and any unemployment shock would hit a book that has grown 32% in a year (unseasoned vintages).
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| Q1FY27 market update | Late Oct 2026 | Originations run-rate vs Q4FY26 A$198.1M; quarterly Cash NPAT; NIM trajectory |
| 2026 AGM | Nov 2026 | Board expansion; reaffirmation of FY27 guidance; remuneration votes |
| H1FY27 results | Feb 2027 | H1 Cash NPAT relative to ≥A$5.0M full-year guide; statutory loss narrowing |
| Seventh ABS transaction | Likely H1–H2 CY2027 | Pricing vs 1.48% WA margin; offshore participation |
| Warehouse renewals / upsizes | Ongoing | Commitments vs A$887M; undrawn capacity vs growth needs |
| Credit metrics | Quarterly | 90+ arrears vs 1.01%; net losses vs 1.38%; provision coverage vs 2.05% |
| Capital management | Ongoing | Any further equity raising; corporate facility drawdowns |
| Competitive moves | Ongoing | Bank partnerships, peer pricing in PL and SVL |
| Regulatory developments | Ongoing | Responsible lending, broker remuneration, cyber/privacy reforms |
Concluding analyst verdict
Wisr has completed the hardest part of its turnaround. Three years after a governance crisis that removed both its CEO and its chair, and after a deliberate FY24 contraction that shrank originations by more than half, the company has rebuilt itself as a disciplined, prime-focused, securitisation-funded consumer lender. FY26 was the proof point: originations up 65% to A$695M, the loan book through A$1B, revenue up 19% to A$108.8M, net losses down to 1.38%, cost-to-income at 28% and — for the first time — a full-year Cash NPAT profit. Funding has become a strength rather than a constraint, with six Aaa-senior ABS deals, a third warehouse from Barclays and a cheaper corporate facility.
The investment debate now centres on capital and scale rather than viability. Wisr's consolidated equity of A$41.4M is very thin against A$1.19B of assets, the company still reports statutory losses because IFRS 9 front-loads provisions on a fast-growing book, and it remains roughly one-third the size of its most successful listed peer, Plenti, which earns more than twenty-five times Wisr's Cash NPAT. The FY27 guide of at least A$5.0M is credible given the H2FY26 run-rate and visible operating leverage, but delivering it while growing the book requires stable credit, open funding markets and no new equity at depressed prices.
On balance, the risk-reward appears favourable but speculative. At roughly A$53M the stock is priced at around 1.3x book and about 10.6x the FY27 cash profit floor, with nearly A$98M of tax losses providing latent value. The upside case rests on sustained execution and a possible strategic rerating or corporate interest; the downside case rests on a credit or funding shock exposing the thin capital base. Investors should treat Wisr as a high-beta, execution-dependent turnaround with improving fundamentals, monitoring quarterly arrears, funding margins and any capital-raising signals closely.
All figures in AUD unless stated. Non-IFRS measures (Cash NPAT, EBITDA, NIM, RAM, loan book) are company-defined; see FY26 Company Update footnotes. This document is research, not investment advice.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles / background | Education / age |
|---|---|---|---|---|
Andrew Goodwin | Chief Executive Officer | CEO since 16 Aug 2023; CFO 1 May 2017 – Aug 2023 | Led ABS programme as CFO (Freedom Trust 2021-1, 2022-1) | Not disclosed in sources retrieved |
Matthew Lewis | Chief Financial Officer | Since circa Dec 2024 | Led Nov 2025 corporate facility refinance | — |
Joanne Edwards | Chief Operating Officer | Appointed Aug 2023 (role change recorded Dec 2024) | Presented H1FY24 results alongside CEO | — |
Florian Ruff | Head of Funding and Treasury | n/v | Led Freedom Trust 2025-1 and Momentum Trust 2026-1 | — |
Company Secretary | Vanessa Chidrawi (as of 2022 releases) | Current status n/v | — | — |
“—” = not publicly disclosed.
Board of Directors
| Name | Role | Appointed | Background | Independence |
|---|---|---|---|---|
Matthew Brown | Independent Non-Executive Chair | NED 13 Sep 2021; interim chair Aug 2023; chair from Nov 2023 AGM | Former MD Macquarie Capital; former CFO and executive director of LiveTiles; MD of Alluvion Capital; NED of Thinxtra, EncompaaS Software, Upwire (as of 2021) | Independent |
Cathryn Lyall | Non-Executive Director | 1 Jan 2022 | 34+ years in Australian/UK financial services incl. CME, NASDAQ, LSE; NED DB UK Bank Ltd 2014–2017; co-founder Seed Money Australia; NED FinTech Australia (as of 2022) | Independent |
Kate Whitney | Non-Executive Director | Apr 2022 | 25+ years consumer marketing; former Director of Digital at Pernod Ricard (Australia and US); former GM Marketing at David Jones | Independent |
Major Shareholders
| Holder | Stake / activity | Source / date |
|---|---|---|
Regal Partners Limited | Became substantial holder via Nov 2025 placement (84.7M shares at up to A$0.041 on 14 Nov 2025, plus 20.5M on 18 Nov 2025) | Simply Wall St insider data |
Acorn Capital Limited | On-market buyer in 2025 (4.6M shares Apr 2025; 13.6M Aug 2025) | Simply Wall St |
Alceon Liquid Strategies Pty Ltd | Seller of 4.95M shares Nov 2025 | Simply Wall St |
Unnamed substantial holder | "Becoming" and "ceasing to be" substantial holder notices both lodged 23 Feb 2026 | ASX announcements list |
Individual insiders (directors/executives) | ~10.4% of shares (approx. 177.9M) | Simply Wall St (date n/v) |
Top 20 shareholders | ~38.9% combined | Simply Wall St |
Competitive Landscape
Key Competitors
| Competitor | Type | Overlap with Wisr | Scale indicator (latest available) |
|---|---|---|---|
Plenti Group (ASX: PLT) | Listed non-bank fintech lender | Personal loans, automotive (incl. "NAB powered by Plenti"), renewable energy loans | Loan portfolio A$3.1B; revenue A$312M; Cash NPAT A$27.3M (FY to 31 Mar 2026) |
MoneyMe (ASX: MME) incl. SocietyOne | Listed non-bank fintech lender | Personal loans, Autopay car loans, credit cards | Loan book A$2.08B; gross revenue A$248.8M; statutory NPAT A$(40.1)M; normalised NPAT A$(4.1)M (FY Jun-26) |
Harmoney (ASX: HMY) | Listed digital personal lender (AU/NZ) | Unsecured personal loans | — |
Latitude Financial (now private) | Consumer finance | Personal loans, vehicle, cards | — |
Pepper Money (ASX: PPM) | Non-bank lender | Asset finance (auto), personal loans | — |
Liberty Financial (ASX: LFG) | Non-bank lender | Motor finance, personal loans | — |
Solvar (ASX: SVR, formerly Money3) | Non-bank auto lender | Secured vehicle loans (more near-prime) | — |
Firstmac / Angle Auto Finance / Allied Credit | Private non-banks | Car finance via brokers | — |
NOW Finance | Private non-bank | Personal loans | — |
Major banks (CBA, NAB, Westpac, ANZ) and captive auto financiers (e.g., Toyota Finance, Macquarie Leasing) | Banks / captives | Personal loans; vehicle loans | Banks' share of PL/SVL market down from 73% (Jun-20) to 58% (Jun-25) per Wisr |
“—” = not publicly disclosed.
Peer Comparison FY2026
| Metric | Wisr (FY Jun-26) | Plenti (FY Mar-26) | MoneyMe (FY Jun-26) |
|---|---|---|---|
Loan book (AUD Mn) | 1,084 | 3,110 | 2080 |
Loan book growth (%) | 32 | 22 | 34 |
Originations (AUD Mn) | 695 | 1,868 | 1,230 |
Revenue (AUD Mn) | 108.8 | 312 | 248.8 |
Revenue growth (%) | 19 | 20 | 20 |
Cash / normalised NPAT (AUD Mn) | 1.0 | 27.3 | -4.1 |
Statutory NPAT (AUD Mn) | -6.7 | — | -40.1 |
Cash NPAT margin on revenue (%) | 0.9 | 8.8 | -1.6 |
Net credit losses (%) | 1.38 | — | 2.4 |
