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Key Summary:
- Plenti Group (ASX: PLT) is a fintech lender rapidly scaling its renewables and automotive loan business.
- New CEO Adam Bennett is executing a transformation strategy rooted in his corporate “5-step change” philosophy.
- Plenti has a landmark EV financing agreement with Tesla, and NAB-powered car loans, driving future growth.
- Strong profit growth: Plenti reported a 260% increase in cash net profit after tax, with a diversified loan book.
- Plenti is integrating generative AI to improve efficiency and scale its lending operations.
Why Plenti’s Growth Strategy Is Exciting
In the fintech lending space, Plenti is differentiating itself with a strong focus on renewable energy, EV finance, and technology-driven scale. Under the leadership of new CEO Adam Bennett, the company is executing a transformation that could significantly expand its market footprint.
Plenti’s Transformation & Leadership
Adam Bennett jokes that he is now in the fifth chapter of his corporate life, four months after taking over as chief executive of fintech lender Plenti. His fourth chapter, after stints as CEO of NSW Land Registry Services and various executive roles at NAB, came to a climax last year when he published his first book titled “Great Change: The Way to Get Big Strategy Done”.
The book, that Bennett quips was penned on planes, buses, trains and “over a few schooners” at Sydney’s Manly 16ft Skiff Sailing Club, details how to implement strategy and drive measurable change using the philosophy of the Tao Te Ching and Japanese martial arts combined with real-world stories, delivering a practical, 5-step process for success.
“I’m applying my book absolutely to what I'm doing now,” Bennett says. “The book is really about why transformation is hard … It talks about corporate personalities and how they think about change … especially entering your first 90 days running a business. So starting at Plenti has been a good opportunity for me to put all of that into practice.”
How Plenti Is Scaling Its Lending Business
Plenti was launched a decade ago, then known as RateSetter Australia, to disrupt the banking industry through peer-to-peer lending, where investors lend their money to borrowers via an online platform, bypassing traditional banks. Over time, it has shifted to being funded by wholesale facilities in addition to marketplace funding platforms.
Its more recent growth has been driven by:
- Car loans, including a major EV financing deal with Tesla and the “NAB powered by Plenti” car and EV loan.
- Household renewable energy loans, particularly for solar and battery systems, via its GreenConnect platform.
Plenti’s Performance & Financial Strength
“This is a complex business but in some ways it’s a relatively simple business,” says Miles Drury, CFO. Plenti recently announced a 260% increase in half-year cash net profit after tax to $5.5 million, and materially reduced its cost-to-income ratio from 29% to 24%.
As of 30 September 2024, Plenti’s diversified loan portfolio reached $2.3 billion, with its renewable energy loan book up 28% year-on-year, reflecting strong demand via GreenConnect. Its share price has more than doubled in the past year.
Why Technology & Culture Matter for Plenti’s Future
Bennett is not just driving growth, he’s embedding his transformation philosophy in Plenti’s DNA. The firm is scaling profitably by combining disciplined strategy, strong tech infrastructure, and a culture of autonomy:
- They’re leveraging generative AI to improve customer operations and back-office efficiency.
- The leadership believes that Plenti’s entrepreneurial spirit, paired with smart processes and scale, will help it become a household fintech brand.
- The firm envisions long-term growth in EV finance, renewables, and consumer loans, while maintaining tight operational leverage.
If you’d like to explore fintech lending exposure or invest in Plenti (ASX: PLT), contact a Morgans Adviser about how it fits into your portfolio strategy.
About Plenti Group Ltd (ASX: PLT)
Plenti Group Limited engages in the fintech lending and investment business in Australia. The company offers personal, car, renovation, wedding, legal fee, motorcycle, funeral, education, jet ski, moving costs, and dental loans; green, holiday, debt consolidation, and EV loans, as well as engages in auto refinancing activities. It also provides automotive and renewable energy related loans. Plenti Group Limited was founded in 2014 and is headquartered in Sydney, Australia.
Board and Management
- Mary C. Ploughman, Chairman & Independent Non-Executive Director
- Susan Margaret Forrester, Non-Executive Director
- Stephen Roy Benton, Non-Executive Director
- Daniel Foggo, Co-Founder, Non-Executive Director
- Peter William-Edward Behrens, Non-Executive Director
- Adam Bennet, CEO
- Miles Drury, CFO
- Glenn Riddell, Co-Founder
- Ben Milson, Co-Founder
- Simon Cordell
- Georgina Koch, General Counsel
FAQs
- What is Plenti Group (ASX: PLT)?
Plenti is an Australian fintech lender offering personal, car, EV, and renewable energy loans. - How is Plenti contributing to EV adoption?
Plenti has struck a financing agreement with Tesla and offers NAB-powered EV and car loans. - What is Plenti’s renewable energy lending strategy?
Plenti uses its GreenConnect platform to finance solar and battery installations for households, helping drive clean energy adoption. - How profitable is Plenti currently?
Plenti reported a 260% increase in half-year cash NPAT to $5.5 million, with strong growth in its loan book.
- What risks should investors consider with Plenti lending?
Plenti faces credit risk, borrower default risk, and liquidity risk. Investors should review Plenti’s Product Disclosure Statement.
