A Sydney-based fintech consumer lender is preparing for an ASX listing later this year after securing cornerstone commitments from two large institutional investors.
The company, which uses machine learning to underwrite personal loans, has grown its loan book significantly over the past two years and says the float will fund further balance sheet growth.
“We've built the underwriting engine and the credit performance to back it — this raise is about scale, not survival,” the company's chief executive said.
A formal prospectus is expected to be lodged within the coming months, subject to market conditions holding up.