subscribe to our newsletter
Goldfields Money completes capital raising

Goldfields Money completes capital raising

WA-based bank Goldfields Money has announced that it has successfully completed a capital raising that will help loan book growth and further progress its digital banking transformation.

Goldfields completed the capital raising to institutional and sophisticated investors of 2,350,024 shares, at 90 cents per share, to raise gross proceeds of approximately $2,155,000.

The bank said in a statement that the funds raised will be used to increase its Common Equity Tier 1 capital to help facilitate more growth in its loan portfolio, as well as provide working capital to fund further expansion of the business.

Goldfields said the funds will also be used to digitise the company’s back office, develop a banking platform to enable more effective third-party distribution to new and existing distribution partners, and revamp the bank’s brand profile.

Simon Lyons, CEO of Goldfields Money, said the capital raising will allow the company to continue its transformation process as it aims to become one of Australia’s leading digital banks.

“Our aim is simple – we want to be recognised as the most valued banking services provider to our strategic partners and the mutual customers we share,” he said.

“We want to create a unique platform that delivers the best mix of traditional and innovative banking services to the market. We will continue to pursue the strategy of expanding our customer base by working with strategic partners to deliver the very best banking services in an innovative fashion.

“We also want to increase productivity and reduce our cost-to-income ratio by pursuing our digital-first strategy.”

Mr Lyons said Goldfields aims to build on its existing white-label partnerships with Firstmac and Pioneer Credit, and is working to finalise agreements with several new partners over the coming months.

“The board and management will also continue to explore opportunities to grow the loan book portfolio either by acquisition or through organic growth,” he added.

[Related: Goldfields Money partners with fintech provider]

Goldfields Money completes capital raising
mortgagebusiness logo

Latest News

The removal of APRA’s “redundant” cap on investor lending is unlikely to prompt a rebound in investor credit growth amid continual sof...

The impending Consumer Data Right could iron some of the kinks out of the home loan application process, the chair of the ACCC has suggested...

A big four bank has announced that, by the end of this month, it will no longer offer self-managed super fund loans for new consumer or busi...

Promoted Stories

podcast

LATEST PODCAST: Wayne Byres on mortgages, trusted brands and broker remuneration

Do you expect access to credit to get harder this year?