The Sydney-based fintech company is yet another to make major gains through the pandemic.
Experiencing a jump of over 260% since March, the Wisr Ltd [ASX:WZR] share price recovered nicely from March lows, on the back of excellent figures.
With the WZR share price trading at 23.5 cents at the time of writing, the company looks primed for a strong end to 2020.
What’s happening at Wisr?
Sitting squarely in the fintech space, Wisr have been massively impacted by the COVID-19 pandemic.
These changes were a positive for the company though. With many people at home and looking for lending solutions, Wisr became an even more popular option for those looking to borrow capital:
- Delivering 136% revenue growth
- Growing loan originations by 95%
- Driving core business profitability, while continuing to invest in growth initiatives that will deliver sustained benefits
- Growing the number of Australians entering the Wisr Ecosystem by 389%, setting the company up for significant growth in the years to come.
This incredible growth allowed the company to have $38 million in cash as at 30 June 2020.
The COVID-19 pandemic in market terms, looks to be a problem of two sides, those that have been savaged and those that have made a killing.
Wisr is absolutely in the latter.
Where to from here for Wisr?
The company have a lot on their plate and some big plans going forward.
With plans to continue growing their market share, along with the offering of a new credit product and entering the $33 billion secured vehicle finance market.
The future is looking exciting for Wisr.
The price reached a peak of 28 cents back in July but has since fallen back a bit.
The most recent move up took place on declining volume, indicating the commitment to go higher in the short term may not be there just yet.
If the price continues to fall, then the levels of 22 and 19 cents may become the focus.
For Wisr to be considered bullish, the price would need to break above the level of 28 cents set back in July.
For Money Morning
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