Fintech Plenti plants roots in the Adelaide CBD

Last updated 29 Sept, 2022

There is plenty to be excited about in the Adelaide CBD following a national consumer lender’s decision to break into the South Australian market.

Plenti Group Limited, a fintech lender with a head office is in Sydney, provides Australians with faster, fairer loans through smart technology. 

Its proprietary technology platform allows them to provide creditworthy customers — whose preferences are changing — with automotive, renewable energy and personal loans to help bring their big ideas to life. 

Since establishment in 2014, the company's loan originations have grown consistently, supported by diversified loan products, distribution channels and funding, and underpinned by exceptional credit performance and continual innovation. 

Plenti listed on the ASX in September 2020 has now moved 60 staff into Pirie House.

It is the company’s second Australian office and there are plans to boost that number to 80 workers as the company expands its SA home towards the end on 2022.

After a period of rapid growth Plenti was renting desks at Pirie House’s co-working space ‘The Hub’ as it tried to find a permanent home. 

However, it made the decision to permanently occupy an entire level of office space in the same building.

Plenti Chief Executive Officer Daniel Foggo says opening in Adelaide was a natural choice for its second office.

"When it came time for Plenti to open a second office, Adelaide was a natural choice. Its broad talent pool, leading universities and vibrant employment market is a natural fit for our growing business,” Mr Foggo says.  

“We're delighted to now be providing our Adelaide team with a modern and spacious environment, situated in the heart of a bustling Adelaide.

"We look forward to investing more in Adelaide and to sharing the benefits with its great local talent". 

Plenti was the finance provider for the South Australian Home Battery Scheme.

About 40,000 South Australian households had access to $6,000 in State Government subsidies, administered by Plenti, to help pay for the installation of a home battery system.

In June, Plenti announced the expansion of its partnership with AGL to deliver more affordable solar where eligible Australians could receive subsidies of up to $1,500 for the installation of home batteries.

"We were first attracted to build a presence in Adelaide by the South Australian's government's commitment to accelerating clean energy technologies, and in particular the role we won in delivering the Home Battery Scheme,” Mr Foggo says.

AEDA supported the business with the opening of its new office, offering location assistance and inclusion in its Welcome to Adelaide program that connects new businesses with CBD offerings.

The Adelaide Economic Development Agency (AEDA) works with small and large-scale businesses as they choose to open their doors or relocate to the CBD and North Adelaide through its Welcome to Adelaide program.

AEDA’s Business and Investment Team collaborates with your organisation as part of the initiative to create a customised pack to assist with the transition into the city.

Over the past six months, more than 700 workers have received the Welcome to Adelaide packs, which include introductory offers at locations such as UParks, Adelaide Aquatic Centre, Rundle Mall, and the North Adelaide Golf Course.

Plenti is the latest in a string of companies relocating to the city, joining Jigsaw disability support services, Perks Accountants & Wealth Advisers, Accolade Wines, Microsoft, Nokia, Google and Accenture all choosing to grow their business from Adelaide.