Plenti has become the first Australian fintech to originate more than AUS$1bn (£550m) of loans.
The milestone comes as the Australian Securities Exchange-listed peer-to-peer lender revealed its loan originations were up 33 per cent during the first half of 2020.
Investors backed $167m of loans on the platform during six months to 30 September, Plenti said.
Growth in loan volumes was led by automotive lending, which comprised AUS$81.1m of lending.
Plenti, which previously used the RateSetter brand in Australia, recently unveiled its half-year results that showed revenues were up 41 per cent to AUS$26m, ahead of its forecast at the time of its initial public offering.
The company reported a net loss of AUS$3.4m, which was a better performance than the AUS$7.9m loss recorded for the same period last year.
Since inception, the company has attracted more than 55,000 borrowers and estimates it has funded more than AUS$1bn worth of loans for 14,000, 13,000 debt consolidations, 11,000 solar panels or batteries, 10,500 home improvement projects, 2,500 holidays and other consumer loan purposes.
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“This is a momentous achievement for the Plenti team,” Daniel Foggo, chief executive of Plenti, said.
“We have driven record loan originations for four consecutive months since June, despite the pressures all consumer lenders are facing in a subdued economic environment.
“Our unique mix of loan products and our desire to help customers make the most of their money is clearly speaking volumes to the Australian market.”
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