ANZ Bank buys into online mortgage broker Lendi
ANZ Banking Group has taken a strategic stake in online home loans platform Lendi.
Street Talk understands ANZ paid close to $40 million for a minority stake, to become Lendi’s second largest strategic shareholder behind fellow Australian financial services giant Macquarie Group.
Importantly for Lendi, which has 37 banks and lenders on its open home loans platform, the business will continue to be run independently and at arms length to its strategic investors.
ANZ will not be given a board seat, as consistent with Lendi’s treatment of Macquarie and other strategic investors including Pepper.
It is understood ANZ agreed to write the cheque after spending much of last year talking to Lendi about products and process innovations. Some of those innovations are expected to play out this year.
Lendi is an online home loans broker, which has directly settled loans worth close to $8 billion. It’s a small part of Australia’s $400 billion a year mortgage market, although has grown quickly and has grand plans to dramatically increase its footprint.
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