Global wealth manager Skybound Capital has paid $20 million for a 60 per cent stake in Western Australian online lender Fair Go Finance.
Skybound acquired the majority stake from Fair Go’s parent company, Germany-based MyBucks.
Fair Go was founded in 2008 and provides online credit and personal loans to its customers.
The company is headquarted in Perth, with an additional office in Mandurah.
It established the Mandurah office in August, which serves as its technological development centre and employs more than 30 people.
Business News understands the entire business employed 45 people, prior to the Skybound takeover.
Fair Go Finance chief executive Paul Walshe said the deal would fuel the group's expansion into new markets, and build upon its tech innovations to evolve the company further.
"This investment will enable us to pursue new avenues of finance technology and growth opportunities quicker, given Skybound's access to global capital markets," he said.
Skybound Capital Australia managing director Jeremy Thorpe said Fair Go was selected for investment due to its strong performance over the past five years.
"The partnership brings new opportunities for us locally, with investments in debt and equity, and the implementation of a new business strategy leveraging the understanding of the Australian consumer credit market," he said.
Mr Thorpe was also a director of Fair Go.
