A new & promising $280 million Aussie fintech firm Plenti to hit the ASX
A Sydney-based financial technology firm Plenti Group Limited (ASX: PLT) is all set to launch into the Australian Securities Exchange from 23rd September 2020 with a market capitalization of $280.3 million. Previously known as RateSetter, Plenti is a fintech firm that has built an investors platform which helps them by giving access to great investment opportunities that make their money grow faster.
The Australian fintech Plenti starts trading with an initial price of $1.66 a share. The fintech originally aimed to raise $50 million through an initial public offering (IPO), but successfully managed to raise $55 million due to high demand.
About Plenti – an Aussie lending fintech firm
Established in 2014, Plenti is an independent fintech that is managed and majority-owned locally. It is a lending and investing fintech that’s licensed to serve all Australians and not just sophisticated and wholesale investors.
They have offices in Sydney (headquarter) and Adelaide, however, they have teams that work all over Australia. Plenti has more than 22,000 investors signed up on its platform to benefit from an asset class which was previously available only to banks.
With their quick, flexible and fair loan deals, more than 2,500 home renovations, 500 weddings and 1,500 holidays have occurred. Plenti’s personal loans can be secured for terms from 2 months to 5 years. According to the applicant’s credit history, loan amounts allotted are between $2,001 and $45,000.
Fintech Plenti’s ASX listing
Daniel Foggo, CEO of Plenti says he always had an IPO in his mind when he co-founded the company in 2014. They’ve always seen this as a natural destiny and always had their consumers funding their loans, so it was quite natural to give them an opportunity to invest in Plenti, says Foggo.
This was indeed and eventually fulfilled, with 20,000 retail loan funders also becoming shareholders during the IPO. One of the first and often questions retail lenders have asked them over the years is ‘When can we actually invest in the equity of the company?’, he adds.
Plenti kicked off as a peer-to-peer lending platform which means loans were entirely funded by other retail customers on the platform. As the company kept growing, banking institutions and fixed income funds started joining in.
In 2016 and 2017, Foggo won several fintech industry awards for his leadership at what was earlier known as RateSetter. He also co-founded BNPL PartPay, which was later sold to Zip Co Ltd last year.
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