Stephen is the Founder and Chief Executive Officer of Credible
Credible is an online loan marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances.
Stephen has led Credible’s strategy and execution since inception, raising more than US$100 million in capital, launching the Student Loan, Personal Loan, Credit Card and Mortgage Marketplaces, and growing the Credible team to more than 300 people.
Prior to founding Credible, Stephen was an Investment Banker at J.P. Morgan, an Investment Director at M.H. Carnegie & Co, and a Co-founder of Quickcharge Media.
In this fireside chat Stephen and Dean explained the story of Credible, which has just listed on the ASX.
“We started in 2012, we began in student loans. We’re like Expedia but for consumer finance. We give borrowers the ability to see options from multiple lenders. As distinct from a lead-gen site, we’re helping the borrower through 90% of the process. Students were paying off debt without debt-based pricing.
“There was mass consumer confusion and people getting ripped off paying 8 percent interest rates when Libor was at 30 bps.”
Dean Dorrell, who backed Credible from the beginning, added that he was still very suspicious of the banks. “I think they think about fintech as a threat. But we’ve seen that banks are starting to see that fintechs have a competitive advantage in speed and the people they can hire. I think it’s still a number of years before banks will buy them.”