Australian lender Wisr has raised $35m through the placement of around 181 million ordinary shares, as part of its strategy to boost growth.
The five-year-old company has issued the shares priced at 18.5¢ per share.
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Wisr provides small loans to consumers at interest rates based on their risk profile.
The firm also provides a credit score comparison service.
It plans to use the proceeds from the placement of shares to expand its product offerings as well as bolster its balance sheet.
Wisr CEO Anthony Nantes said: “We are very pleased with the strong support we have received for the capital raise. The result is a clear validation of Wisr’s strategy and vision to provide Australians with a smarter, fairer alternative when it comes to their personal finances, and our approach to redefining what a consumer lending company can be.”
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By GlobalDataThe share placement will be issued in two tranches. The first tranche, involving 92 million shares, is expected to be issued next week, while the second tranche, involving the remaining shares, will be issued following approval of shareholders. A meeting of the shareholders is scheduled in March.
The company plans to allow eligible shareholders to increase their shareholding through a share purchase plan (SPP), the price of which will be kept the same as the placement.
Through the SSP offer, it intends to raise another $1.5m.
Shaw and Partners served ass lead manager for the placement, which was supported by Blue Ocean Equities.
