Auswide Bank
(ASX:ABA) has entered into a significant strategic relationship and equity deal with MoneyPlace.
Auswide Bank has taken a 20 percent stake in the peer-to-peer lender.
The agreement also includes a 5 year deal to fund up to $60 million to invest in consumer loans.
Auswide Managing Director Martin Barrett said the bank was keen to take a position in the emerging P2P space to assist its growth in the consumer finance market and continue to improve its competitive positioning against the big 4 banks.
Auswide Bank recorded a net profit of $13.26 million at 30 June 2015.
