December 31, 2021International news
MoneyMe to acquire SocietyOne as fintech personal lenders seek scale
Personal lender SocietyOne has dumped plans for an ASX float in favour of being acquired by ASX-listed MoneyMe, which will scale into an ASX 300 company as it drives consolidation in the fragmented fintech personal lending space.
The $132 million scrip deal will see MoneyMe, which offers personal loans, credit cards and car loans, increase its lending book by 72 per cent to nearly $1 billion.
The two companies will have combined annual revenue of $146 million and pre-tax cost synergies of $17 million are expected from 2024.
The deal will see MoneyMe issue up to 75 million fully paid shares; MoneyMe shareholders will own around 70 per cent of the combined company, with SocietyOne shareholders owning around 30 per cent.
