The lender will continue to operate under its current management team
ColCap Financial has acquired the remaining 20% of shares in Molo Tech, making the digital mortgage lender a wholly-owned subsidiary of the Australian-based company.
Molo, founded in London in 2018, has been a pioneer in digital mortgage lending, leveraging proprietary technology to offer quicker and more efficient access to mortgage loans online.
ColCap, headquartered in Sydney, is a privately-owned non-bank lender specialising in residential mortgage loans. Founded in 2006, the company manages a loan portfolio exceeding AUD 15 billion. It operates in Australia and the UK under various brands, including Origin Mortgage Management Services, Granite Home Loans, Homestar Finance, and Molo.
The latest purchase of shares follows ColCap’s initial acquisition of an 80% stake in Molo in March 2023, as part of ColCap’s strategy to expand its footprint in the UK and Australian mortgage markets. The two companies have been in a strategic partnership since 2022.
Despite the acquisition, Molo will continue to operate under its current management team and focus on digital origination of innovative mortgage products in the UK. The company aims to leverage ColCap’s funding resources and mortgage product expertise to drive growth.
“Our acquisition of Molo marks a significant milestone in ColCap Group’s strategic direction, fusing UK industry expertise with ColCap’s established strength and unwavering support for the UK leadership team,” said Andrew Chepul (pictured right), co-founder and chief executive of ColCap.
“With complete ownership and our longevity and experience as an organisation, we are dedicated to propelling Molo towards its full potential under the guidance of Matt Kimber (pictured left) as Molo’s CEO and Esther Morley as ColCap UK’s executive director and COO.”
Kimber said the further strengthening of their relationship with ColCap presents many exciting opportunities for Molo.
“With ColCap’s support, we will further enhance the service we provide to our customers and brokers,” he added. “Our recent expansion into non-resident and expat buy-to-let lending shows our commitment to product innovation – and this is just the beginning. We are eager to enhance our offering to customers and brokers by introducing even more innovative lending solutions and further streamlining the mortgage process.”
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