Molo benefits from ColCap’s depth of funding and mortgage product expertise
Digital mortgage lender Molo has announced that Australian firm ColCap has acquired an 80% shareholding in the company, following on from the strategic partnership that they entered into last year.
The London-based lender said the investment would allow them to benefit from ColCap’s depth of funding and mortgage product expertise to capitalise on its growth potential, while continuing to operate under the current management team as an independent company within the ColCap group.
ColCap could leverage Molo’s digital expertise and accelerate its international expansion into the £310 billion UK mortgage market. The Sydney-headquartered non-bank lender, which specialises in residential mortgage loans, aims to deliver its lending products and services into the UK mortgage market, as it has done in Australia.
🚨NEWS ALERT 🚨
— Molo (@molofinance) March 9, 2023
We are thrilled to announce, Australian mortgage lender ColCap has acquired an 80% shareholding in Molo. 🚀🎉
This follows on from the strategic partnership they entered last year 🇬🇧🤝🇦🇺
More details here: https://t.co/1ruYAuoPRH#fintechnews #mortgagelender pic.twitter.com/0v0kRVh8J5
“Molo has always been focused on using technology to simplify the mortgage process and make it more accessible to customers,” Francesca Carlesi (pictured), co-founder and chief executive at Molo Finance, stated in a post announcing the acquisition.
“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.”
Andrew Chepul, co-founder and chief executive at ColCap Financial, added that they were 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.”
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