Wisr
Australian online lender making car and personal loans, listed on the ASX.
On the record
Checkpoint: FY26 full year Cash NPAT result and confirmation H2FY26 profitability held without a new raise
The call
Wisr's lending model works and is growing fast, but it is the smallest of three nearly identical ASX lenders and its balance sheet stays thin.
Wisr lends money to everyday people outside the traditional bank system. It has genuine legal protections (a credit license, funding agreements, and its own way of judging who gets a loan) that keep pure AI startups and retreating banks from simply replacing it overnight. But Wisr is half the size of Plenti and one-quarter the size of MoneyMe, its two closest competitors on the Australian stock exchange, who own the same protections at much larger scale. Wisr's profit margins are shrinking, its balance sheet is fragile (it just raised emergency cash at a weak stock price), and it only recently turned profitable, whereas its bigger rivals already got there. The one thing that could rescue the picture: if Wisr stays profitable through the rest of 2026 without needing more emergency cash raises, and if lending costs stay reasonable, then size and time might let it grow into the competition.
Why
01
AI pressure: None apparent. AI underwriting tools help Wisr price risk and cut costs rather than replace its lending business outright. Could AI do the core job? Unlikely.
02
Bigger players: Plenti and MoneyMe. Both rivals run the same credit licence, funding, and data model at a bigger book size, $3.1B and $2B versus Wisr near $1B. Could a giant copy it? Probably.
03
What protects it. Its credit licence, warehouse funding lines, and six completed ABS deals worth $1.48B keep it lending at scale others cannot easily copy.
What would change this call
Wisr's H2FY26 Cash NPAT result lands around August 2026. Shows whether profitability is sustained or another shortfall follows Q2's narrow gain.
Any further equity raise below A$0.031/share within the next year. Would confirm balance-sheet fragility and continued reliance on dilution to fund operations.
Plenti's and MoneyMe's next loan-book growth figures versus Wisr's reported growth. Indicates whether Wisr is closing the scale gap or falling further behind same-shape rivals.
Any further equity raise below A$0.031/share within the next year. Would confirm balance-sheet fragility and continued reliance on dilution to fund operations.
Plenti's and MoneyMe's next loan-book growth figures versus Wisr's reported growth. Indicates whether Wisr is closing the scale gap or falling further behind same-shape rivals.
Key numbers
- Market cap around A$31-35M
- Loan book crossed $1B, up 29% YoY
- Raised $11.4M at $0.031/share to repay debt
Named risks
- Balance-sheet fragility with market cap in low tens of millions and history of dilutive raises.
- Net interest margin compression, down 37bps YoY as of Q3FY26.
- Potential bank restrictions on non-bank access to consumer credit-report data.
- Heavy reliance on warehouse funding and periodic ABS issuance exposed to rate/spread shocks.
- Smallest of three ASX-listed near-identical peers, both larger rivals growing faster.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Plenti Group (ASX:PLT) | losing to | Plenti's $3.1-3.2B loan book and $27.3M Cash NPAT (up 97% YoY) dwarf Wisr's $1,003.4M book, Apr 2026 |
| MoneyMe (ASX:MME) | losing to | MoneyMe surpassed $2B loan book and returned to profitability by 22 Jul 2026, outscaling Wisr |
| Major Australian banks (CBA, Westpac, NAB, ANZ) | gaining on | Wisr says banks are retreating from unsecured/vehicle lending, a tailwind cited 12 May 2026 |
| Major Australian banks (credit data access) | contesting | Banks weighing restrictions on non-bank access to credit-report data since May 2024, unresolved by mid-2026 |
Questions people ask
- Is Wisr profitable in 2026?
- Wisr achieved Cash NPAT profitability in Q2FY26 (quarter to Dec 2025), reported 25 Feb 2026, and guided to full H2FY26 Cash NPAT profitability. It followed a $11.4M dilutive equity raise at $0.031/share in Nov 2025 used partly to repay $7.5M of corporate debt.
- Who is Wisr's biggest competitor?
- Plenti Group (ASX:PLT) is Wisr's closest rival, with a loan portfolio of $3.1-3.2B and Cash NPAT of $27.3M (up 97% YoY) versus Wisr's $1,003.4M book as of Apr 2026. MoneyMe (ASX:MME) also surpassed $2B in loans and returned to profitability by Jul 2026.
- Is investing in or joining Wisr risky?
- Wisr completed a dilutive equity raise of up to $11.4M at just $0.031/share in Nov 2025 to repay a $7.5M debt facility, and its net interest margin compressed 37 basis points year over year as of Apr 2026, signaling balance-sheet fragility despite growth.
- Could AI replace Wisr's loan officers?
- Wisr's AI-powered credit decision engine auto-approved 84% of loans as of Q3FY26 (Apr 2026), and AI agents built with Dataiku save senior assessors an estimated 20-30 hours per month, but its credit licence, warehouse funding and ABS relationships cannot be replicated by AI alone.
- Is Wisr growing its loan book?
- Yes, Wisr's loan book crossed $1 billion for the first time in Q3FY26 (to Mar 2026), up 29% to $1,003.4M, with quarterly originations up 68% to a record $186.1M, prompting the company to upgrade FY26 origination growth guidance to 50%+ on 29 Apr 2026.
- What happened with Wisr's leadership in 2023?
- Wisr terminated CEO Anthony Nantes in August 2023 and replaced him with Andrew Goodwin. Chairman John Nantes temporarily recused himself from the board around the same time over conflict-of-interest concerns, per company disclosures.
Timeline
- 2026-05-22Wisr prices sixth ABS transaction, $354M, first combining prime vehicle and personal loan assets
- 2026-05-12Wisr presents market share data: 3.3% personal loans, 0.5% vehicle loans, at Shaw and Partners conference
- 2026-04-29Wisr loan book crosses $1 billion, up 29% YoY; FY26 origination growth guidance raised to 50%+
- 2026-02-25H1FY26 results: loan book up 23% to $928.5M, revenue up 14% to $51.5M, Cash NPAT profitable in Q2FY26
- 2025-12-10Dataiku publishes case study on Wisr's AI agents saving assessors 20-30 hours per month
- 2025-11-07Wisr completes $11.4M equity raise at $0.031/share to repay $7.5M debt facility
- 2025-08-27FY25 results: loan originations grow 101% to $422M, exceeding upgraded guidance
- 2024-05-20AFR reports major banks may restrict non-bank lenders' access to credit-report data
- 2023-08-31CEO Anthony Nantes terminated, replaced by Andrew Goodwin; chairman recuses over conflict
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Wisr Annual Report FY25
- Investor information and updates (2026-03-17)
- Project Phoenix ASX Release (2025-11-07)
- WZR Stock Price & Overview
- Wisr FY25 Results ASX Release (2025-08-27)
- Wisr H1FY26 Results ASX Release (2026-02-25)
- Wisr Q3FY26 Market Update ASX Release (2026-04-29)
- ASX Release: Wisr launches $350M ABS transaction (2026-05-22)
- WZR Q1FY26 Company Update Presentation
- Wisr Shaw and Partners Conference Presentation (2026-05-12)
- WZR Q3FY26 Company Update Presentation
- How Wisr Uses AI Agents for Faster, Value-Driven Lending Decisions (2025-12-10)