Paul Walshe, CEO of Fair Go Finance
Perth-based fintech startup Fair Go Finance, has a new owner with Skybound Capital Australia buying a 60% in the business from European parent company MyBucks SA as part of a $20 million investment.
Skybound Capital is a global wealth management business, with around AU$1.5 billion in funds under management, and offices in Mauritius, London, Bermuda, Hong Kong and South Africa. It’s keen to increase its exposure in Australia.
Fair Go Finance launched in 2008, offering online credit of up to $10,000 at a 17.9% interest rate.
Skybound Capital Australia CEO Jeremy Thorpe, a Fair Go Finance said his company was impressed by the Fair Go’s “steadfast performance over the past five years”.
“They are focused on developing innovative financial technology that will provide simple, transparent and fast access to online credit products and services,” he said.
“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.
Fair Go Finance CEO Paul Walshe said the Skybound backing will allow them to expand.
“This investment will enable us to pursue new avenues of finance technology and growth opportunities quicker, given Skybound’s access to global capital markets,” he said.
“This investment will see us targeting new markets and diversifying our products as opportunities arise.