Credible Raises $50 Million in Australian IPO
07 December 2017 - 11:15PM
Business Wire
Unique approach to $13 trillion U.S. consumer
finance market drives success of offering
Credible, the consumer finance marketplace that empowers
millennials to make smarter financial decisions, has raised $50
million (A$67 million) in an initial public offering on the
Australian Securities Exchange (ASX).
The offering -- the largest tech IPO on the ASX this year --
will allow Credible to accelerate development of the company's
technology platform, deepen its partnerships with financial
institutions, and grow its customer base.
Credible, which is targeting the $13 trillion U.S. consumer
finance market, chose a listing on the ASX to fund the company's
next phase of growth because it will provide more flexibility to
pursue new opportunities, said CEO Stephen Dash.
"The ASX is an attractive alternative to private funding for
growth-stage companies with an Australian nexus," Dash said. "This
is another round of capital, not an end game.”
After launching Credible.com as the first multi-lender
marketplace to provide instant, personalized rates for student
loans and student loan refinancing, Credible broadened its
offerings to include personal loans and credit cards. Dash said the
marketplace approach can be applied to any financial product that
requires consumers to make complex choices that are difficult to
evaluate.
Dash called the IPO “a strong validation of our business model.
We see significant opportunities for growth in both our existing
and potential future offerings.”
The IPO highlights strong investor appetite for high-growth
fintech companies, said Ron Suber, Credible's chairman.
On an eight-day roadshow leading up to the IPO, Suber said
potential investors -- including those in Australia, Hong Kong and
Singapore -- were impressed with Credible's executive leadership
team, the scale of the consumer finance marketplace opportunity,
and Credible’s differentiated position in this market.
“Credible is doing for lending what Expedia and Kayak have done
for travel,” Suber said. “We go beyond lead generation to create
value for both consumers and lenders by building deep integrations
throughout the ecosystem. Everybody wins.”
Credible’s marketplace approach has been well-received by
millennials, who have annual buying power of $200 billion and value
the transparency, simplicity, and immediacy the company provides.
To date, approximately 665,000 consumers have created Credible
accounts, enabling them to evaluate their options and take out more
than $1 billion in loans.
About Credible
As a marketplace that empowers consumers to discover financial
products and services that are the best fit for their own, unique
circumstance, Credible is fiercely independent and committed to
delivering fair and unbiased solutions for millennials. Credible's
integrations with lenders and credit bureaus allow consumers to
access real rates through a neutral platform, without sharing their
information until they're ready to proceed with an offer. The
Credible platform provides an unrivaled customer experience, as
reflected by hundreds of positive Trustpilot reviews and a
TrustScore of 9.5/10. For more information, news media may email
press@credible.com, or call (415) 894-9219.
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CredibleMatt Carter, 415-894-9219press@credible.com