Newly listed DirectMoney (ASX:DM1) has expanded its mortgage and real estate related personal loan channel through strategic partnerships with mortgage providers, Loan Market and Finsure.
This allows the company, which is chaired by former SAI Global and Aussie Home Loans chief Stephen Porges, to grow its customer base and consolidate a position as partner of choice for unsecured personal loans in these sectors.
Loan Market has secured over $47 billion in home loans since it was founded in 1995 while aggregation business Finsure has established a loan book of over $10 billion.
DirectMoney raised $11.2 million through its initial public offering priced at $0.20.
The company connects borrowers and savers directly with its warehouse model enabling loans to fund immediately rather than the 3-10 days for “classic P2P” lenders.
Its product uses scalable technology with marginal cost for adding capacity.
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