Consumer finance marketplace Credible 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. Mr. Dash said the marketplace approach can be applied to any financial product that requires consumers to make complex choices that are difficult to evaluate.
“(It’s) a strong validation of our business model. We see significant opportunities for growth in both our existing and potential future offerings.”
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.