Australia's ColCap has entered the UK mortgage market after acquiring an 80% majority stake in digital lender Molo.
ColCap was founded in 2006 as Columbus Capital and currently has a lending portfolio of over A$12.4bn.
Since launching in 2018, Molo has originated over £270 million of buy-to-let loans.
Under the arrangement, Molo will continue to operate under the current management team as an independent company within the ColCap group, benefiting from ColCap’s depth of funding and mortgage product expertise as it expands into the general residential market.
The deal follows a strategic partnership between the two firms that was struck last year.
ColCap’s co-founder and CEO Andrew Chepul says: “Through a combination of Molo’s digital distribution capabilities and ColCap’s funding and mortgage product structuring expertise, we look forward to making significant inroads into the UK’s large addressable market.”