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Independent non-bank lender Metro has successfully completed a $67 million institutional equity placement aimed at 'turbocharging' the company's growth ambitions, with proceeds going towards strengthening the balance sheet, bolstering growth of its novated lease and consumer lending businesses, and potential acquisitions.
The placement for Metro, one of Australia’s leading independent non-bank lenders for commercial asset finance, follows a $500 million debt funding deal announced earlier in the year.
"Today marks an important milestone for Metro as we prepare to embark upon a new phase of growth," says Metro chief executive officer Phillip Crossman.
"This 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."
While Metro’s core business continues to be commercial lending, the company expanded into novated leasing and consumer auto lending in 2021 and 2022 respectively.
The lender currently settles approximately $150 million in loans per month, or $1.5 billion to $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," adds Crossman.
"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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