The ASX-listed group has announced that it has raised over $22 million in capital to fund its commercial lending operations.
N1 Holdings Ltd (N1H) has reported that from 18 November, it will have over $22 million in capital committed for its commercial lending operations, which comprises $14.8 million raised by its SME lending arm One Lending Fund and $7.4 million from the company’s balance sheet.
The move is part of the firm’s diversification strategy, which executive chairman and CEO Ren Hor Wong has credited for an improvement in the group’s underlying financial position.
Last month, N1H published its annual report for the 2019 financial year (FY19), in which it recorded revenue growth of approximately $4 million, up 12.8 per cent from $3.6 million in FY18.
The largest portion of its revenue came from mortgage broking trailing commissions (31.9 per cent), followed by commercial lending and interest revenue (25.6 per cent), realty revenue (13.1 per cent), residential broking origination commission (12.9 per cent), commercial broking origination commission (9.6 per cent) and other revenue (6.6 per cent).
N1H also announced the appointment of Paul Jensen as director, effective immediately.
Mr Jensen holds over 30 years of experience in the commercial, corporate, governance and finance industries.
Prior to joining N1H, Mr Jensen held directorships in a number of ASX-listed companies, including HFA Holdings Ltd, Clime Investment Management Ltd, RHG Ltd, Murchison Metals Ltd, WAM Capital Ltd, and Hunter Hall Global Value Ltd (now Pengana International Equities Ltd).
Mr Jensen also previously held roles with Lloyds Bank Group in New Zealand, Australia and the United Kingdom.
Moreover, N1H reported that independent director Tarun Kanji has resigned from his role, effective immediately.
Mr Kanji has served as an independent director since N1H’s initial public offering and listing on ASX in 2016.
[Related: Diversification drives N1’s revenue growth]