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Credible Labs to start trading on the ASX after raising $66 million

The company has already originated more than US$1 billion in loans through its marketplace.
a bottle containing coins and a plant
The consumer loans startup was founded in 2012

Credible Labs Inc (ASX:CRD) will start trading on the ASX from today after raising $66 million from an initial public offering (IPO) , at $1.21 per share.

The consumer loans startup was founded in 2012 as a marketplace for student loans, but has since expanded to more lucrative areas of personal loans and credit cards.

Credible’s marketplace approach provides personalised rates for borrowers from multiple lenders.

The company has already signed up 650,000 users and has originated more than US$1 billion in loans through its marketplace.

Credible plans to use the proceeds of the IPO to further develop the company’s technology platform, add more partnerships and continue to grow its customer base.

There have been significant advances in consumer technology over the last decade, and financial institutions are increasingly willing to embrace products that improve outcomes for consumers.

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