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Scottish Pacific Group acquires fintech lender
Scottish Pacific Group has acquired a fintech lender, in a move to help the business finance solutions company better service smaller SMEs.
Lauren Croft
Firm: King & Wood Mallesons (Scottish Pacific Group)
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Deal: King & Wood Mallesons has acted for leading Australian independent SME financing provider Scottish Pacific Group in its acquisition of Business Fuel Holdings.
Value: Undisclosed
Area: M&A
Key players: The KWM team was led by M&A partner Anthony Boogert with support from solicitor Johnson Pang.
Deal significance: Business Fuel is a provider of online loan applications, automated credit assessments and funding approval within 24 hours, for loans of up to $250,000. ScotPac is owned by Affinity Equity Partners and is a leading non-bank player in SME finance across Australia and New Zealand. The acquisition will see ScotPac further expand its product range to better service smaller SMEs.
Reflecting on the transaction, Mr Boogert said: “It was a pleasure to work with the ScotPac and the Affinity team on this strategic acquisition. This is an exciting transaction for ScotPac which will further support its growth in the fintech space.”
