Plenti is targeting a AUS$1bn (£540m) loanbook by the end of this year.
The Australian Securities Exchange-listed peer-to-peer lender has revised its expectations for loanbook growth and says it expects to reach its AUS$1bn target by the end of December 2021, three months earlier than anticipated.
It comes as the Australian platform reported recorded quarterly originations for the three months to the end of September 2021 of $256.4m, up 140 per cent annually.
A monthly record of AUS$95.5m of loans were also backed through the platform in September.
Its loan portfolio is currently 110 per cent larger compared with the same period last year at AUS$915m.
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Lending was up by a quarter each annually for car and renewable energy loans, while personal loans rose seven per cent.
The company also expects to reach an operating profit by the end of this year.
“Plenti has achieved strong growth despite Covid-induced lockdowns,” Daniel Foggo, chief executive of Plenti, said.
“This strong growth along with the high level of operational leverage from our technology-led business model has accelerated our targeted timeframes for achieving a one-billion-dollar loan book and reaching profitability, now targeted by end December 2021.
“I am incredibly proud of each member of the Plenti team for their relentless focus on delivering faster, fairer loans to our partners and customers, while continuing to drive towards our mission of building Australia’s best lender.”
Plenti completed its first securitisation in August, which it says has reduced its funding costs.
The company previously used the branding of former UK peer-to-peer lender RateSetter and listed on the Australian Securities Exchange in September 2020.