Online loan marketplace Credible has raised $50m in its IPO on the Australian Securities Exchange.
This investment marks the biggest tech IPO on the ASX this year. Before the IPO, some of the potential investors showing interest in the company were spread across Australia, Hong Kong and Singapore.
San Francisco-based Credible is a marketplace to help borrowers access personal loan offers from multiple venders, all in real-time. Through the app, users can search for student loan refinancing, private student loans, personal loans and credit cards. Initially the company had been solely targeted to student loans, but broadened its offerings.
To date, the company has helped around 665,000 consumers to create accounts and take out over $1bn in loans.
Capital from the round will be used to support development, grow its customer base and to expand on its partnerships with financial institutions.
Credible chairman Ron Suber said, “Credible is doing for lending what Expedia and Kayak have done for travel,” Suber said. We go beyond lead generation to create value for both consumers and lenders by building deep integrations throughout the ecosystem. Everybody wins.”
This investment follows on from the company’s $10m Series B, which it closed in order to support the development of its technology. The round was led by Regal Funds Management and also saw participation from Carthona Capital and Ron Suber.
Marketplace lending companies have seen a recent flux in funding, with a string of recent transactions completed. Earlier this week digital mortgage platform Maxwell Financial Labs secured $3m; while last week, consumer lending solution MoneyMe bagged $120m in debt and online lender Lendable scored $300m in loans.
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