Plenti Smashes Records with $383M Loan Originations in 3Q25

Exceptional Growth Across Lending Verticals

Plenti Group Limited delivered an outstanding trading update for the quarter ended 31 December 2024 (3Q25), highlighted by record loan originations of $383.3 million. This figure represents a 32% increase compared to the prior corresponding period and a 19% rise over the previous quarter, underscoring robust demand across all lending verticals, automotive, renewable energy, and personal loans.

The company’s loan portfolio expanded to $2.4 billion, a 16% increase year-on-year and a 5% rise from the prior quarter. Automotive loans led the growth with a 16% increase to $1.37 billion, supported by ongoing partnerships such as the subvention offering with Tesla. Renewable energy loans grew 26% to $323 million, driven by the GreenConnect platform facilitating record home battery installations. Personal loans surged 13% to $710 million, boosted by enhancements in Plenti’s proprietary credit technology that increased automated underwriting efficiency.

Strong Credit Metrics and Funding Advances

Credit performance remained a highlight, with annualised net credit losses improving to 103 basis points from 117 basis points in the prior quarter (excluding debt sales). The 90+ day arrears rate also improved slightly to 47 basis points. Plenti’s focus on prime credit customers is reflected in a weighted average Equifax credit score of 845, up marginally from 842 last quarter.

Funding initiatives further bolstered Plenti’s position. The company completed a $330 million asset-backed securities (ABS) transaction in November 2024, its third for the year, pushing total issuance beyond $1.1 billion for 2024 and $2.9 billion lifetime. This transaction attracted strong investor demand, lowering funding costs and reducing corporate capital requirements. Additionally, Plenti called its first ABS transaction early, repaying investors in full, signaling strong liquidity management.

NAB Partnership Gains Traction

The 'NAB powered by Plenti' (NPBP) car loan, launched in late September 2024 via the NAB mobile app, contributed $5.6 million to the loan portfolio by year-end. While volumes remain moderate, marketing efforts are set to intensify in the coming quarters, with Plenti and NAB anticipating gradual ramp-up in loan originations through 2025.

Outlook and Strategic Focus

CEO Adam Bennett emphasized the company’s momentum, noting that the quarter’s results reflect effective execution and the benefits of technology-driven partnerships. Plenti remains focused on scaling its core business and leveraging the NAB partnership to drive further growth. The company’s FY25 objectives include continued loan portfolio expansion towards $3 billion, sustained profitability growth, and efficiency improvements targeting a cost-to-income ratio below 24%.

With strong operational performance, improving credit metrics, and strategic funding initiatives, Plenti appears well-positioned to capitalize on market opportunities in fintech lending. However, the company’s ability to maintain growth while managing credit risk and integrating new partnerships will be critical to watch.