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”.
“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.”