As part of the partnership, ColCap Financial is making a strategic investment into Molo and will provide support to further increase Molo’s access to mortgage funding to so it can re-enter and accelerate growth in the buy-to-let market.
Molo Finance temporarily suspended its buy-to-let lending in April, citing capital market volatility and its consequent impact on its funders.
The lender that it was looking to relaunch back into the buy-to-let market with a “new innovative product range”.
Molo Finance continued that the partnership would allow it to continue its mission of “delivering faster, better and easier access to the property buying process for everybody in the UK” by using its technology-led proposition and ensuring a focus on digital and customer experience.
ColCap Financial was founded in 2006 and is a privately owned non-bank lender. It mainly offers Australian residential mortgage loans to prime borrowers via wholesale, retail and broker distribution channels.
It has a loan portfolio in excess of A$11bn (£6.3bn) and employs around 250 staff across Australia and the Philippines.
Francesca Carlesi (pictured), chief executive and co-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.”