News
ColCap Financial buys remaining 20% stake in Molo
ColCap Financial has acquired the remaining 20% stake in Molo Tech Limited, making the lender a wholly owned subsidiary.
The Sydney-based non-bank lender bought an 80% shareholding in the firm in 2023, building on its strategic partnership with Molo that it established in 2022 that allowed the lender to re-enter the buy-to-let (BTL) market.
Molo had temporarily suspended BTL lending in 2022, cutting capital market volatility and its impact on its funders.
Molo will operate under its current management team and “focus on digital origination of innovative mortgage lending products in the UK”.
The firm said that it plans to “capitalise on its growth potential with the assistance of ColCap’s depth of funding and mortgage product expertise”.
Molo was launched in 2018 as a digital mortgage lender, and has originated over £1.8bn in BTL mortgage applications since it was founded.
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Andrew Chepul, ColCap’s co-founder and CEO, said: “Our acquisition of Molo marks a significant milestone in ColCap Group’s strategic direction, fusing UK industry expertise with ColCap’s established strength and unwavering support for the UK leadership team.
“With complete ownership and our longevity and experience as an organisation, we are dedicated to propelling Molo towards its full potential under the guidance of Matt Kimber as Molo’s CEO and Esther Morley as ColCap UK’s executive director and COO.”
Kimber added: “This further strengthening of our relationship with ColCap presents us with many exciting opportunities. With ColCap’s support, we will further enhance the service we provide to our customers and brokers.
“Our recent expansion into non-resident and expat buy-to-let lending shows our commitment to product innovation – and this is just the beginning. We are eager to enhance our offering to customers and brokers by introducing even more innovative lending solutions and further streamlining the mortgage process.”
Molo and ColCap UK completed their first securitisation, totalling around £300m, earlier this year.