Global wealth manager Skybound Capital has acquired 60 per cent of Western Australian fintech Fair Go Finance for $20 million.
Skybound says the acquisition of the majority stake in Fair Go from its parent company, Frankfurt-listed MyBucks, is part of its strategy to expose itself further to the Australian market.
Fair Go was founded in 2008 and provides fast online credit and personal loans to its customers.
Managing director and CEO of Skybound Capital Australia Jeremy Thorpe, who is also a director of Fair Go, says the business was selected for investment due to its strong performance over the last five years.
"Fair Go Finance shares our ideologies and values to empower customers. They are focused on developing innovative financial technology that will provide simple, transparent and fast access to online credit products and services," says Thorpe.
"The partnership brings new opportunities for us locally, with investments in debt and equity, and the implementation of a new business strategy leveraging the understanding of the Australian consumer credit market."
CEO of Fair Go Finance Paul Walshe says the investment will fuel the group's expansion into new markets, and build upon its tech innovations to evolve the company further.
"This investment will enable us to pursue new avenues of finance technology and growth opportunities quicker, given Skybound's access to global capital markets," says Walshe.
"Over the last five years, the team has worked incredibly hard to build a reputation for responsible lending, a technical foundation and significant data assets to support our growth plans. This investment will see us targeting new markets and diversifying our products as opportunities arise."
"As a company we have a vision to be a market leader in online credit and this investment will assist in making that achievable."
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support