Australian non-bank lender ColCap has acquired an 80% shareholding in UK digital mortgage lender Molo, in a move that marks the first step in their international expansion strategy.
ColCap had previously entered into a strategic partnership with Molo last year, and this latest investment aims to bring innovative products and services to both the UK and Australian mortgage markets.
Molo, which was launched in 2018, is based in London and uses its proprietary technology platform to provide faster and easier access to mortgage loans via a direct online channel.
Andrew Chepul, co-founder and CEO of ColCap, said: “We are excited to welcome Molo to the ColCap group.
“Through a combination of Molo’s digital distribution capabilities and ColCap’s funding and mortgage product structuring expertise, we look forward to making significant inroads into the UK’s large addressable market.”
Francesca Carlesi (pictured), co-founder and CEO of Molo, said: “This transaction marks the start of an important new chapter for Molo, allowing us to expand our reach and accelerate our growth.
“Together we will continue to innovate our products and deliver exceptional levels of customer service.”
The company will continue to operate under its current management team as an independent company within the ColCap group, benefiting from ColCap’s funding and mortgage product expertise to capitalise on its growth potential.
