Borrow
Fox sees value in Aussie fintech business
A household name in the broadcasting world has expressed interest in fintech, having struck up a deal to acquire an ASX-listed consumer finance business.
Fox sees value in Aussie fintech business
A household name in the broadcasting world has expressed interest in fintech, having struck up a deal to acquire an ASX-listed consumer finance business.
Fox Corp said it had entered a deal to acquire the ASX-listed company known as Credible Labs, which is a digital platform that gives consumers the opportunity to compare rates and providers of student loans, personal loans and mortgages.
With Credible’s shares last closing at $2.06, a statement noted that Fox has offered investors a 31 per cent premium as an incentive to sell, which will see shareholders offered $2.21 per share.
The broadcaster’s executive chairman and CEO, Lachlan Murdoch, said Fox would benefit from Credible’s reach and scale.
“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasises direct interactions with our consumers to provide services they want and expand their engagement with us across platforms,” he explained.
As part of the transaction, and subject to certain approvals from the Australian Securities Exchange (ASX), Credible founder and CEO Stephen Dash would exchange shares equal to 33 per cent of Credible’s outstanding common stock into units of a newly created Fox subsidiary.
The agreement would also see Mr Dash continuing to serve as Credible’s CEO.
“Fox Corporation’s record of innovation and focus on audience engagement will further enhance Credible’s position as a leading consumer finance marketplace in the United States, creating opportunities for organic growth and the expansion of the Credible platform,” Mr Dash said.
The transaction is expected to close in the fourth quarter of the year and is conditional to a majority vote of all Credible shareholders, as well as a majority vote of all shareholders other than Mr Dash and his affiliates.
Regulatory approval from the ASX and other customary closing conditions will also be required.
Following the equity purchase, expected to be $389 million, Fox said it would commit up to $110 million in cash to fund Credible’s operating needs over the next two years.
RELATED ARTICLES
About the author
About the author
Loans
The mortgage-regret economy: Why borrower confusion is reshaping Australia’s home-loan playbook
Mortgage regret has become a measurable market force, driving record refinancing, rising arrears off a low base, and a scramble by lenders and brokers to redesign the borrower journey. With the ...Read more
Loans
SME lending becomes the new gold rush as banks shift focus beyond home loans
Mortgage broking is maturing, and the next growth curve is hiding in plain sight: small business credit. With Australia’s SME lending pool topping roughly $631 billion in early 2024 and growing at ...Read more
Loans
First-home buyers' $31k blunder reshapes Australia's mortgage game
Australia’s $11.6 trillion housing market is booming again, but so are regrets among first-time borrowers who moved too quickly. A new wave of early refinances, broker-led interventions and lender ...Read more
Loans
ANZ’s self-employed rethink: mainstreaming cashflow credit in Australian mortgages
ANZ’s policy shift for self-employed borrowers is more than a documentation tweak — it’s a signal that cashflow-based underwriting is moving into the mainstream. Read more
Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more
Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more
Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more
Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more
Loans
The mortgage-regret economy: Why borrower confusion is reshaping Australia’s home-loan playbook
Mortgage regret has become a measurable market force, driving record refinancing, rising arrears off a low base, and a scramble by lenders and brokers to redesign the borrower journey. With the ...Read more
Loans
SME lending becomes the new gold rush as banks shift focus beyond home loans
Mortgage broking is maturing, and the next growth curve is hiding in plain sight: small business credit. With Australia’s SME lending pool topping roughly $631 billion in early 2024 and growing at ...Read more
Loans
First-home buyers' $31k blunder reshapes Australia's mortgage game
Australia’s $11.6 trillion housing market is booming again, but so are regrets among first-time borrowers who moved too quickly. A new wave of early refinances, broker-led interventions and lender ...Read more
Loans
ANZ’s self-employed rethink: mainstreaming cashflow credit in Australian mortgages
ANZ’s policy shift for self-employed borrowers is more than a documentation tweak — it’s a signal that cashflow-based underwriting is moving into the mainstream. Read more
Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more
Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more
Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more
Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more
