Street Talk Alceon tips unicorn status for fintech disruptor Sarah Thompson, Anthony Macdonald and Tim Boyd
Jan 16, 2020 — 5.42pm
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Boutique fund manager Alceon loves Wisr, an ASX-listed startup which is encouraging people to reduce their overall borrowings.
The raising was done at a 20 per cent discount to the last trading price, and for Alceon that’s an attractive opportunity to scale up its investment, and increase its stake to about 10 per cent of the consumer lender.
Alceon's support of Anthony Nantes-led Wisr over the past two years has secured it the largest allocation in the upcoming placement, which will be used to seed its co-investment fund. AFR
In a presentation to investors obtained by Street Talk, Alceon said it expects Wisr to be the next ASX-listed fintech to acquire unicorn status, and predicts that it will exceed a $1 billion valuation within three years.
If Alceon's right, it will represent a return of over six times compared with the company’s enterprise value of $160 million.
It comes less than three months after Wisr told the market that National Australia Bank would provide an initial $50 million debt warehouse program - which may be scaled up to $200 million.
At the time, NAB cited its "belief" in Wisr's business model of creating "financial wellness", as it tries to reduce over-indebtedness.
WZR Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
