OurMoneyMarket, Australia’s first hybrid marketplace lender, has raised $4m in new capital to support ambitious growth plans and has established a strategic partnership in the growing Southeast Asian market.
The major participants in the capital raising were N2N Connect Bhd (KLSE: N2N), which has a market cap of approx. $160 million and backed by Nikkei Inc. (manager of the Japanese Stock Index, Nikkei 255), and the Asia based family office YK Capital Pte Ltd, which invests in a wide range of tech companies.
OurMoneyMarket’s executive team includes two ex-NAB wholesale finance bankers, Adam Sutherland, Founder & CEO, and Crystal Anderson, COO.
Adam Sutherland said “we’re delighted to partner with one of Southeast Asia’s leading software development companies. The partnership signals our intent to expand into the growing Southeast Asia market. We now have the means, the network and the product to build on our current success”.
OurMoneyMarket is open to both “mum-and-dad” and institutional investors, who can invest as little as $50 in any single loan.
“We have spent a lot of time designing and developing an investment platform people will really love. We look forward to releasing some exciting product enhancements later this year,” Mr. Sutherland said.
Approximately 45% of OurMoneyMarket’s loans are for debt consolidation purposes. Average loan amount stands at $20,000 with an average loan term of 5 years.
The domestic consumer finance market is estimated to be over $100bn per annum. Consumers are demanding financial services that are delivered on their terms and at their convenience.
“It’s an exciting time for innovative finance companies. A relatively small company can make a real dent in the market if you can deliver a product that either surprises customers or exceeds their already high expectations” said Ms. Anderson.
“The opportunities for us both domestically and abroad now are just immense,” Mr. Sutherland said, “We’re currently in an evolutionary stage of finance and OurMoneyMarket is well positioned to take advantage of that”.
OurMoneyMarket is Australia’s first hybrid marketplace lender. Utilizing the latest peer-to-peer lending technology in combination with traditional structured finance methods to fund high-yielding unsecured personal loans. OurMoneyMarket philosophy is give credit where credit’s due, meaning that borrowers with good credit history are generally rewarded with lower rates than available at a bank, and borrowers with recently improved credit performance are given a second chance at a loan. Both retail and institutional investors are welcome, with the aim to provide all investors with an attractive alternative investment option to traditional term deposits, property and equities. To learn more about OurMoneyMarket, visit https://www.ourmoneymarket.com
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