The Mortgage Operation (TMO) has merged with German mortgage network Haus & Capital GmbH to form Creditweb, a pan-European e-commerce mortgage and consumer finance company.
As a result, Argonaut Private Equity Management and other institutional investors have injected £19.5m into TMO to support the ongoing development of TMOS, its online broking system.
Creditweb is now in the process of acquiring T-S Internet, the internet mortgage company related to Tecnologie & Spazio S.r.l, a leading mortgage advisory firm in Italy. It has also recruited an experienced management team from the French mortgage broking industry to build its business in France.
Creditweb, which will give its name to TMOs public internet trading platform, creditweb.com, intends to operate in Austria, Ireland, Switzerland and Spain by early 2001. It plans to offer a number of consumer finance products including credit cards, auto, personal and student loans and related insurance lines.
Paul Marks, Creditweb executive chairman, said: “This merger gives TMO the financial muscle to strengthen its position in the UK intermediary market. It will be able to utilise Creditweb’s enhanced technical infrastructure and European-wide mortgage connections to benefit both brokers and lenders, which will strengthen its service to members.”