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
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
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
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 (News - Alert) 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.
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 firstname.lastname@example.org,
or call (415) 894-9219.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171207005084/en/
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