"We look forward to making significant inroads into the UK’s large addressable market."
Australian mortgage lender, ColCap, has acquired an 80% shareholding in digital mortgage lender, Molo.
ColCap’s investment follows the strategic partnership it entered into with Molo last year.
ColCap is now seeking to offer lending products and services in the UK, leveraging Molo’s digital expertise whilst accelerating its international expansion into the £310 billion UK mortgage market.
ColCap, founded in 2006, is a privately owned non-bank financial institution specialising in mortgage lending. It currently has a loan portfolio of over A$11 billion.
Molo will continue to operate under the current management team as an independent company within the ColCap group.
ColCap’s co-founder and CEO, Andrew Chepul, said: “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."
Molo’s co-founder and CEO, Francesca Carlesi, added: “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.”
