Credible has raised a total of AUD $67m (USD $50m) in an initial public offering on the Australian Securities Exchange (ASX), making it the largest tech IPO on the ASX this year.
It was previously reported last month that the firm was seeking $67m on the ASX, as part of a deal which put the company’s market capitalisation at $306.6m.
Credible has now stated that the funds will be used to accelerate development of the company’s technology platform, deepen its partnerships with financial institutions, and grow its customer base.
Several fintech lenders have gone public in Australia in recent years, including ZipMoney and DirectMoney, which raised A$5m and A$11.2m respectively.
"The ASX is an attractive alternative to private funding for growth-stage companies with an Australian nexus," commented Credible CEO Stephen Dash. "This is another round of capital, not an end game.”
After launching in the US as an online marketplace for student loans and student loan refinancing, Credible has since broadened its offerings to include personal loans and a credit card product.
The platform maintains that the marketplace approach “can be applied to any financial product that requires consumers to make complex choices that are difficult to evaluate”, and so believes the future is bright.
“The IPO is a strong validation of our business model. We see significant opportunities for growth in both our existing and potential future offerings,” said Dash.
Credible’s chairman Rob Suber also weighed in on the raise, saying that the IPO highlighted a strong investor appetite for high-growth fintech companies.
He added: “Credible is doing for lending what Expedia and Kayak have done for travel. We go beyond lead generation to create value for both consumers and lenders by building deep integrations throughout the ecosystem. Everybody wins.”
To date, the platform has approximately 665,000 registered users, and has completed more than $1bn in loans.
