Molo Finance is pleased to announce Australian mortgage lender ColCap has acquired an 80% shareholding in Molo.
This follows “on from the strategic partnership with Molo and ColCap entered into last year.”
The investment will “allow Molo to benefit from ColCap’s depth of funding and mortgage product expertise to capitalize on its growth potential while continuing to operate under the current management team as an independent company within the ColCap group.”
Whilst, ColCap will “leverage Molo’s digital expertise and accelerate its international expansion into the £310 billion UK mortgage market.”
Speaking about the equity, Francesca Carlesi, CEO and Co-Founder at Molo said:
“Molo has always been focused on using technology to simplify the mortgage process and make it more accessible to customers. This transaction marks the start of an important new chapter for Molo, allowing us to expand our reach and accelerate our growth. Together we will continue to innovate our products and deliver exceptional levels of customer service.”
Andrew Chepul, CEO of ColCap adds:
“We are excited to welcome Molo to the ColCap group. 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.”
As noted in the update, Molo is a digital mortgage lender in the UK, “established specifically to improve customers’ experience in obtaining a mortgage, leveraging technology to deliver simpler and faster online mortgage lending to make homeownership easier for everyone.”
Since launching in 2018, Molo has “originated over £270 million of buy-to-let loans and aims to bring its fast, simple, and efficient digital process to the wider residential mortgage mark.”
Molo is “regulated by the UK’s Financial Conduct Authority.”
As mentioned in the announcement, ColCap is “a Sydney-headquartered privately owned leading non-bank lender specialising in residential mortgage loans.”
ColCap was “founded in 2006 and currently has a loan portfolio in excess of $12.4 billion.”
ColCap lends primarily “through wholesale, retail, and broker distribution channels under the Origin Mortgage Management Services (Origin), Homestar Finance (Homestar), Granite Home Loans (“Granite”) and brands respectively.”
They primarily “operate in Australia but have recently commenced lending in the UK under the Molo brand.”