MTF Finance has today announced it will boost its consumer offering following the organisation’s acquisition of fintech online brokerage, the Lending People.
The Lending People was founded in 2012 and is a technology-driven specialist who makes online borrowing as it seamless as possible for consumers.
For MTF Finance, this acquisition is part of a strategic digital transformation to provide customers with the ultimate lending experience across all channels.
“The acquisition is part of the long-term strategy of MTF Finance to broaden its reach into new channels and markets while supporting and growing existing channels,” says Board Chair Mark Darrow.
He added that the Lending People operates digitally and is a key addition to enhancing MTF Finance’s portfolio while its technology and performance marketing platform will grow the core MTF Finance business as well.
Chief Executive Officer of MTF Finance, Chris Lamers, said that he believes the deal will help make lending about people again .
“Kiwis know us for providing exceptional service, and with more people looking online to borrow, we want to ensure that we are there for them to uphold our service standard, no matter how they engage with us.”
“The Lending People offers significant potential to grow MTF Finance’s revenue and volume, while offering a ready-made solution to transforming our digital product offer and our technology platform.”
MTF Finance plans to purchase all shares in the Lending People, which will transfer to MTF Finance in February once it fulfils all sales and purchase conditions. It did not disclose the purchase price of the Lending People.
The Lending People will continue to operate as a stand-alone business with Adam Chisnall in the CEO role, reporting to CEO Chris Lamers of MTF Finance.