This will enable the non-bank to turbocharge its growth ambitions
Metro, an independent non-bank lender specialising in commercial asset finance, has successfully completed a $67 million institutional equity placement, which will be used to boost its balance sheet and further support its novated lease and consumer lending businesses.
The placement, which came following a $500 million debt funding deal announced earlier in the year, will also enable Metro to pursue possible strategic acquisitions that will expand its distribution networks and technology capabilities.
The equity injection “will see us tap into new markets, unlock additional distribution channels, pursue opportunities within our strategic focus areas, and augment our existing capabilities across the entire business,” Metro CEO Phillip Crossman (pictured above) said.
Commercial lending continued to be Metro’s core business, with the company expanding into novated leasing and consumer auto lending in 2021 and 2022, respectively.
In a statement, Metro said it currently settles roughly $150 million in loans per month, or $1.5-2 billion each year, servicing more than 50,000 customers and originating loans via its national network of around 4,000 auto and equipment brokers,
“At Metro, we pride ourselves on delivering exceptional service and outcomes to our customers, Phillip said. “By taking a uniquely personalised approach to lending, and due to our continued investment into our technology stack, we’ve been able to help keep Australian businesses and consumers moving efficiently, despite challenging economic conditions.
“We’re excited for the future, and this latest injection of equity ensures we are well positioned to continue supporting our customers and distribution partners.”
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