N2N Connect buys 28% of Australian hybrid lender for RM8 million

PETALING JAYA: N2N Connect Bhd is buying a 28% stake in Australia’s first hybrid marketplace lender, OurMoneyMarket Holdings Pty Ltd, for A$2.8 million (RM8.33 million) cash.
The company told Bursa Malaysia, it had on April 12 signed a subscription agreement with OurMoneyMarket for the acquisition.
OurMoneyMarket uses the latest peer-to-peer lending technology in combination with traditional structured finance methods to fund high-yielding unsecured personal loans.
It intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with traditional lenders.
OurMoneyMarket’s platform provides borrowers with a quick and simple, 100% online application process, while awarding good borrowers with lower rates than traditional lenders.
Its advanced investor platform applies securitisation “best practice” methods to provide investors with detailed portfolio analytics, while ensuring a robust foundation to scale its operations.
The investor platform is open to both retail and institutional investors, who can now access an alternative asset class to traditional equities and bonds. Investors using the platform are able to invest as little as A$50 in any single loan.
N2N shares closed 3.5 sen or 4.2% higher at 87.5 sen yesterday on some 3.36 million shares done.