Non-bank mortgage lender Resimac Group Ltd has acquired a $3-million stake in SA-based financial services fintech Positive Group.
ASX-listed lender Resimac has announced that it has acquired 15 per cent of Positive Group, which comprises Positive Lending Solutions, Positive Home Loans, Positive Wealth Management and fintech platform Nodifi.
The Adelaide-based group, founded by father and son team Mark and Tom Caesar, specialises in asset finance solutions for consumers, mortgage brokers and small businesses.
Consideration for the purchase was $3 million, and Resimac holds an option to acquire a further 10 per cent. The transaction was led by Positive Group’s new chief financial officer, Andrew Stewart.
According to the companies, this investment will help to expand Positive Group’s technology and web assets via its B2C business Positive Lending Solutions and its B2B tech platform Nodifi.
Resimac’s chief executive officer, Scott McWilliam, commented: “We are excited by the opportunities this partnership brings for both parties.
“We believe the Positive Group has a strong growth opportunity through leveraging its Nodifi digital platform, which allows Nodifi’s business partners to offer their clients the best available products with the speed and service that is expected in this fast-paced finance environment.
“Our partnership also supports two of Resimac’s strategic priorities, focusing on diversification of asset classes and improving our customer experience using digital technologies. We are excited about what we can achieve together.”
Tom Caesar, managing director of the Positive Group, added: “There will be lots of exciting developments in the next 12 months which we intend to roll out across our organisation, underpinned by our success with Nodifi.
“We are so thrilled to be partnering with Resimac, a group we have known for a long time and who have always been a big supporter of our business as we grew.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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