Tuesday, 24 September 2019 12:24

Skybound Capital invests $20 million in Fair Go Finance

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Western Australian based fintech company, Fair Go Finance, has announced a $20 million investment from Skybound Capital, which has purchased the majority share (60%) of the business from parent company, Frankfurt-listed MyBucks S.A.

The acquisition is part of Skybound Capital’s strategy to grow its exposure in the Australian market, selecting Fair Go Finance due to its "steadfast performance" over the past five years in what it says is a vibrant fintech sector.

Skybound Capital brings over 30 years’ experience as a global wealth management business to the deal, with approximately $1.5bn in funds under management, providing a range of investment products for family offices, private clients, advisors and institutions.

Jeremy Thorpe, Managing Director and CEO, Skybound Capital Australia, a director of Fair Go Finance for several years said, “Fair Go Finance shares our ideologies and values to empower customers. They are focused on developing innovative financial technology that will provide simple, transparent and fast access to online credit products and services”.

“The partnership brings new opportunities for us locally, with investments in debt and equity, and the implementation of a new business strategy leveraging the understanding of the Australian consumer credit market.

“We are thrilled to be working with Paul Walshe and the team at Fair Go Finance and look forward to collaborating to bring new opportunities in the fintech space.”

Paul Walshe, CEO, Fair Go Finance, says “this opportunity will fuel the expansion into new markets, build upon the existing innovations in technology and continue to evolve the company in a competitive market”.

“This investment will enable us to pursue new avenues of finance technology and growth opportunities quicker, given Skybound’s access to global capital markets,” Walshe said.

“Over the last five years, the team has worked incredibly hard to build a reputation for responsible lending, a technical foundation and significant data assets to support our growth plans. This investment will see us targeting new markets and diversifying our products as opportunities arise.

“As a company we have a vision to be a market leader in online credit and this investment will assist in making that achievable.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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