Lendi to merge with Aussie Home Loans

Lendi to merge with Aussie Home Loans

One of Australia's largest lending platforms, Lendi, is about to become even bigger following a proposed merger with Aussie Home Loans.

The Sydney-based company, which was co-founded in 2013 by David Hyman (pictured), is the major partner in the merger announced today by Commonwealth Bank of Australia (ASX: CBA).

CBA will hold a 45 per cent interest in the merged entity, while existing Lendi shareholders will retain 55 per cent.

CBA says the merger will bring together Aussie's "significant network, strong brand and deep experience in supporting customers with their property goals, with Lendi's leading technology and platform".

Lendi is Australia's number one home loan platform, bringing together technology and home loan specialist advice to help Australians compare, apply and settle the right home loan for their needs. Using smart technology, borrowers are able to search more than 2,500 loan products from more than 35 lenders on the Lendi platform.

"We believe the combined business will have a stronger platform to offer enhanced digital capabilities for Aussie brokers and a superior experience for customers," says CBA chief executive officer Matt Comyn.

The merger is expected to help both businesses expand their operations. Lendi is based in Sydney with offices in Melbourne, Brisbane and Perth, employing about 400 people.

The company was established by Hyman and his experienced start-up partners Sebastian Watkins, Martin Lam and Mark Kalajzich and currently manages over $7 billion in home loans on its platform.

Aussie Home Loans has been operating for 30 years and has a retail network of over 970 brokers and more than 210 stores across Australia.

"The role of digital technology in strengthening customer outcomes, compliance and operational agility is only growing in importance and by coming together with a robust and trusted business like Aussie, we will be able to drive even stronger outcomes for more homeowners and brokers alike," say Hyman, the Lendi CEO.

The deal is subject to a number of conditions including ACCC approval. Settlement is expected in mid-2021.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

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

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Cannon-Brookes launches shareholder campaign against AGL demerger

Cannon-Brookes launches shareholder campaign against AGL demerger

Australian billionaire and Atlassian co-founder Mike Cannon-Brookes...

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

The Australian economy is expected to receive a $244 million inject...

CVC finds Brambles takeover un-pallet-able, exits talks

CVC finds Brambles takeover un-pallet-able, exits talks

Just one day after reusable pallet, crate and container company Bra...

Clear Dynamics secures $35m to grow AI-enabled automated coding solution aieos

Clear Dynamics secures $35m to grow AI-enabled automated coding solution aieos

After increasing its customer base four-fold over the past 12 month...