Molo Finance has announced the strategic partnership with Australian mortgage lender, ColCap Financial, to expand into the UK.
ColCap, founded in 2006 is a privately owned, non-bank financial institution specialising in mortgage lending. It currently has a loan portfolio of over A$11 billion through its Wholesale, Retail and Broker distribution channels.
The partnership includes a broader strategic alliance between the two lenders that will allow ColCap to expand into the UK market as the first step of their international strategy, following several years of successful growth in Australia.
As part of the agreement, ColCap has made a strategic investment into Molo and will provide its support in further expanding its access to mortgage funding to restart and accelerate its growth into the buy-to-let market.
Following the new partnership Molo is looking to relaunch back into the market soon with a new product range for its buy-to-let products, after having suspended its products since April 2022, due to capital markets volatility and its impact on some of Molo’s former funders.
Francesca Carlesi, CEO and vo-Founder of Molo, said: “We are delighted to be partnering with ColCap, who understands our strategy and tech-led proposition. They are recognised as one of the leading distributors in the mortgage industry in Australia with more than 16 years experience and with a track record of delivering innovative competitive products to customers.
“This partnership will integrate ColCap’s product innovation with Molo’s innovative tech platform, and strengthen our offering further as we work to relaunch back into the market.”
Andrew Chepul, CEO of ColCap, added: “We are excited to move into the UK and to deliver new lending products in the marketplace, as we have done in Australia. Our partnership with Molo fits perfectly within our strategic plan. We believe our shared values, synergies, and combined strengths will enable accelerated growth for both businesses.”