Molo acquired by Australian mortgage lender ColCap Financial
The deal will see ColCap expand its A$12.4bn mortgage portfolio into the UK.
UK digital mortgage lender Molo has been acquired by Sydney-based non-bank lender ColCap, eight months after the two companies entered into a partnership that would see ColCap enter the UK market via a strategic investment in Molo.
Today it was announced that this investment has been expended into a controlling 80 per cent stake in Molo, which will see the fintech become part of the ColCap group.
ColCap, formerly Columbus Capital, was founded in 2006 as a non-bank Australian mortgage lender and today has a lending portfolio of over A$12.4bn.
“This transaction marks the start of an important new chapter for Molo, allowing us to expand our reach and accelerate our growth,” said Francesca Carlesi,Molo’s CEO and co-founder, who will remain in place along with the existing management team following the transaction.
“Molo has always been focused on using technology to simplify the mortgage process and make it more accessible to customers.”
“Together we will continue to innovate our products and deliver exceptional levels of customer service.”
Financial details of the deal were not disclosed by either party, however, Molo has originated over £270m of buy-to-let lending since it launched in 2018.
“Through a combination of Molo’s digital distribution capabilities and ColCap’s funding and mortgage product structuring expertise, we look forward to making significant inroads into the UK’s large addressable market," said ColCap’s CEO and co-founder Andrew Chepul.