N2N Connect buys a stake in Australian peer-to-peer lender

N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash.

The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. OurMoneyMarket operates a platform that provides borrowers with a 100% online application process.

“OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said.

Its advanced investor platform applies securitisation “best practice” methods to provide investors with detailed portfolio analytics, whilst ensuring a robust foundation to scale its operations.

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Source: N2N Connect buys a stake in Australian peer-to-peer lender – Business News | The Star Online