Global wealth manager Skybound Capital has invested $20 million in WA personal lender Fair Go Finance after buying a majoirty share in the company.
Skybound Capital, which provides a range of investment products for family offices, private clients, advisers and institutions, has bought a majority share (60 per cent) of Fair Go Finance from the lender’s parent company, Frankfurt-listed MyBucks SA.
The acquisition forms part of the global wealth management business’s strategy to grow its exposure in the Australian market and reportedly comes after the wealth firm recognised Fair Go Finance’s “steadfast performance” over the past five years.
Skybound Capital Australia managing director and CEO Jeremy Thorpe, who has been a director of Fair Go Finance for several years, said the partnership would bring new opportunities for the firm local with investments in debt and equity, along with the implementation of a new business strategy leveraging the understanding of the Australian consumer credit market.
“Fair Go Finance shares our ideologies and values to empower customers. They are focused on developing innovative financial technology that will provide simple, transparent and fast access to online credit products and services,” Mr Thorpe said.
“The partnership brings new opportunities for us locally, with investments in debt and equity, and the implementation of a new business strategy leveraging the understanding of the Australian consumer credit market.
“We are thrilled to be working with Paul Walshe and the team at Fair Go Finance and look forward to collaborating to bring new opportunities in the fintech space,” said Mr Thorpe.
Fair Go Finance CEO Paul Walshe said the partnership would help drive its expansion into new markets, build on existing innovations in technology, and continue to grow the company in a competitive market.
“This investment will enable us to pursue new avenues of finance technology and growth opportunities quicker, given Skybound’s access to global capital markets,” Mr Walshe said.
“Over the last five years, the team has worked incredibly hard to build a reputation for responsible lending, a technical foundation and significant data assets to support our growth plans. This investment will see us targeting new markets and diversifying our products as opportunities arise.”
Fair Go Finance launched a tech hub in Mandurah, Western Australia, earlier this year. It expanded its existing investment of over $2 million in the Mandurah team by creating eight new technical and operational roles, expanding the team to over 30.
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