Metro, one of Australia’s leading independent non-bank lenders for commercial asset finance, have announced the successful completion of a $67 million institutional equity placement.
The placement, which follows a $500 million debt funding deal announced earlier in the year, will be used to strengthen Metro’s balance sheet and support further growth of its novated lease and consumer lending businesses.
The placement will also provide Metro with the ability to pursue possible strategic acquisitions that will bolster its distribution networks and technology capabilities.
Commenting on the announcement, Chief Executive Officer Phillip Crossman said it was an exciting time for the business and the equity injection would enable it to accelerate expansion plans.
“Today marks an important milestone for Metro as we prepare to embark upon a new phase of growth. 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 today settles approximately A$150 million in loans per month, or A$1.5-2 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. 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,” Phillip added.
Metro’s primary goal is to offer customers excellent service, employ innovative technology, and offer competitive rates. In recognition of its performance, Metro received the Financier of the Year, Credit Team of the Year, and Settlement Team of the Year awards from CAFBA. in 2022. Visit metrofin.com.au.