N2N Connect buys a stake in Australian peer-to-peer lender

During the quarter in review, the car distributor registered a net profit of RM32.82mil compared with RM19.43mil in the corresponding period last year. Consequently, its earnings per share jumped to 8.4 sen from 4.97 previously

KUALA LUMPUR: N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash.

The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. 

OurMoneyMarket operates a platform that provides borrowers with a 100% online application process.

“OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said.

Its advanced investor platform applies securitisation “best practice” methods to provide investors with detailed portfolio analytics, whilst ensuring a robust foundation to scale its operations.

The investor platform is open to both retail and institutional investors, who can now access an alternative asset class to traditional equities and bonds.

Investors using the platform are able to invest as little as AU$50 in any single loan.