Resimac takes stake in asset finance specialist
Non-bank lender Resimac has taken a stake in an asset finance fintech firm as it looks to diversify into other forms of lending.
Wednesday, July 3rd 2019, 8:20AM
The Australian-headquartered non-bank has snapped up a 15% stake in Positive Group, a specialist asset finance fintech company.
Positive Group is tech-driven collection of finance companies offering products for vehicle financing, SME lending, home loans, and wealth management.
The company's main clients are consumers, mortgage brokers, and small businesses.
Resimac has acquired the stake for A$3 million, and has the option of bumping it up by a further 10% in the future.
Resimac's money will be used to develop Positive Group's technology.
Resimac CEO Scott McWilliam welcomed the deal and said Positive's technology would provide "products with the speed and service that is expected in this fast-paced finance environment".
McWilliam added: "Our partnership also supports two of Resimac’s strategic priorities, focusing on diversification of asset classes and improving our customer experience using digital technologies. We are excited about what we can achieve together.”
Resimac has big plans for the New Zealand market, having established a foothold in the market over the past few years. In May, the firm hired Luke Jackson, former CEO of Southern Cross Financial, to lead its NZ operations.
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