Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

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.

Advertisement
Advertisement

“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

Latest News

Over four in 10 home owners are using the equity in their home to get ahead on their mortgage, a NAB survey has found. ...

Less than five months after its business and agribusiness divisions were joined, the banking group has appointed the conglomerate’s first...

The mutual bank has expanded its partnership with NextGen in a bid to establish a complete end-to-end origination and assessment process. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.