Wisr

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Wisr
FoundedAustralia (2006)
FounderDavid Doust
Headquarters,
Area served
Australia
Key people
Anthony Nantes, John Nantes
ProductsFinancial services
Number of employees
30
Websitehttps://www.wisr.com.au/

Wisr (ASX: WZR) is an Australian non-bank lender[1] offering consumer lending services. It was known for being the first company of its type to be publicly listed in Australia. In March 2018, DirectMoney launched a major company re brand to Wisr following its official name change from DirectMoney.[2]

History[edit]

The company began operating in October 2014, and had originated $6m in personal loans by March 2015.[3] Seed funding of $500,000 was provided by Eaglewood Capital Management and Liberum in May 2014.[4]

Initial funding of loans came through wholesale investment raising, with retail investors being allowed to invest in the platform in late May 2015 from a minimum amount of $50,000.[5][6]

From 9th of August 2017 DirectMoney's funding model changed from its original Peer-to-Peer model to a wholesale funding model.[7]

On 15 June 2020, it was proposed that the DirectMoney Personal Loan Fund (ARSN 602 325 628) would be wound up on or before 30 June 2020.[8] The Fund was wound up on 30 June 2020 with capital being returned to investors.

Listing[edit]

On 13 July 2015 Wisr listed on the Australian Securities Exchange through a reverse takeover of Basper Ltd, raising $AU11.2m at 20c per share.[9]

See also[edit]

References[edit]

  1. ^ "Wisr than the big banks?". The Eureka Report. Retrieved 14 August 2019.
  2. ^ "asx.com.au/asxpdf/20150713/pdf/42zs1pbn2xlt2q.pdf" (PDF). Australian Stock Exchange. Retrieved 14 July 2015.
  3. ^ "Peer-to-peer lender DirectMoney set to list on ASX". The Australian. Retrieved 10 July 2015.
  4. ^ "Banking disrupter Stephen Porges to lead P2P lender DirectMoney". Sydney Morning Herald. Retrieved 10 July 2015.
  5. ^ "Peer-to-peer lender DirectMoney set to list on ASX". The Australian. Retrieved 10 July 2015.
  6. ^ "DirectMoney Launches Retail Fund". Alt Fi. Retrieved 10 July 2015.
  7. ^ "DirectMoney closes funding deal" (PDF). ASX. Retrieved 9 August 2017.
  8. ^ "Proposed Winding-up of DirectMoney Personal Loan Fund" (PDF). One Investment Group. Retrieved 1 July 2020.
  9. ^ "DirectMoney float price falls after initial spike". The Age. Retrieved 14 July 2015.