Auswide Bank Ltd has been advised in relation to its increased equity stake in a P2P lender.
Firm: King & Wood Mallesons
Deal: Auswide Bank Ltd (Auswide) has increased its equity stake in MoneyPlace.
Area: Equity, finance
Key players: The legal team advising Auswide was led by King & Wood Mallesons Brisbane-based partner Rhys Casey (pictured), with assistance from solicitors Akshay Naran and Mitch Fairbairn.
Deal significance: This transaction follows Auswide’s first investment in MoneyPlace in January 2016, while also committing funding to the Melbourne-based P2P lender’s consumer lending program.
Commenting on the deal, King & Wood Mallesons partner Rhys Casey said, “The strategic partnership between Auswide Bank, an ASX-listed ADI, and MoneyPlace demonstrates the ways in which traditional lenders and fintechs are working together as the consumer lending paradigm changes.”
The KWM team also acted for Auswide Bank on its acquisition of the Queensland Professional Credit Union Ltd – trading as Your Credit Union – in 2016, which was the first merger between a listed bank and mutual ADI in over 10 years.