Molo Finance has formed a partnership with ColCap Financial, a privately owned Australian non-bank financial institution specialising in mortgage lending.
The partnership will allow ColCap to expand into the UK market as the first step of its international strategy.
As part of the agreement, ColCap has made a strategic investment into Molo and will provide support in further expanding its access to mortgage funding to help towards its growth into the buy-to-let (BTL) market.
Molo says it is looking to relaunch back into the market soon with a new innovative product range for its BTL products, after having suspended its products since April this year, due to capital markets volatility and its impact on some of Molo’s former funders.
Molo co-founder and chief executive Francesca Carlesi says: “We are delighted to be partnering with ColCap, who understands our strategy and tech-led proposition.”
“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.”
ColCap chief executive Andrew Chepul adds: “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.”
Speaking on the Lenders Live panel hosted by Knowledge Bank earlier this month, Carlesi revealed that Molo is in a “better position” now and has “learned our lessons” following the suspension of its BTL lending.
She explained: “For now, the storm has gone but it was quite an intense moment. In a way, we were left with no choice. The good news now is that we have set up things in a way that is even safer than before.”