The app is the first in Australia to round-up spare change with a focus on credit card or mortgage debt reduction.
The app can be used by customers of most Australian banks and the app links a user’s everyday transaction account.
It rounds up purchases to the nearest dollar and then uses those excess funds to pay off a nominated debt, which can be a credit card or mortgage held with any financial institution in Australia.
For example, if a coffee costs $3.50, a user will be charged $4.00 and the balance will be used to pay down debt.
Wisr’s CEO Anthony Nantes said “With so many Australians struggling with debt, we know that every little bit can help, and the clever Wisr App uses some of the most forward-thinking behavioural economic theories as a basis to assist people in making extra micro repayments to any credit card or mortgage debt.
“Wisr is truly committed to the financial wellness of Australians, and the launch of Wisr App is another step forward in our contribution to helping people better tackle their finances everyday.
“We have been overwhelmed by the response to Wisr App through its early release phases.
“It has obviously tapped into an important and unmet need and we look forward to helping thousands more Australians as we expand the reach of Wisr App with its official launch.”
The Wisr app is only part of the company's business model
Wisr was formerly known as DirectMoney Limited, which was a peer-to-peer (P2P) lender but in January 2017, a new strategy to pivot away from P2P was released.
Today Wisr provides personal loans, the country’s only credit comparison service with Wisrcredit.com.au, apps, content and other products that use technology to provide better outcomes for borrowers, investors and everyday Australians.