Blackpool loans company secures £225m finance for expansion
Blackpool-based consumer loans firm, Oplo, has completed its first securitisation as the business targets continued growth supporting the UK’s ‘new mainstream’ lending market.
The £225m securitisation follows a series of investor roadshows in September.
Alex Mollart, Oplo founder and chief executive, said: “Oplo is on a mission to become the UK’s largest lender to the UK’s growing ‘new mainstream’ market of consumers looking for a fair way to borrow and flexible and affordable credit.
“Our first ever securitisation will play a key part in driving our ambitious growth plans over the next few years as we look to support even more hard-working consumers with new products and services.”
Oplo said it has built a strong and growing consumer lending business, becoming one of the UK’s leading specialist consumer lenders offering personal, home and car finance loans to borrowers in the growing ‘new mainstream’ market.
Since its launch in 2009, the Blackpool firm has lent over £800m, with over £400m of assets currently under management.
This first securitisation will underpin and accelerate Oplo’s ambitious growth plans as the firm aims to become the largest consumer lender of its type in the UK, leading the way in providing flexible and fair finance for the ‘new mainstream’ market.
Recent analysis by Oplo has identified up to 26 million customers from traditional prime and near prime segments in the ‘new mainstream’ consumer lending market, including up to seven million conventionally prime customers unable to access mainstream finance from traditional lenders or choosing to use new digital lenders and alongside the UK’s growing ‘near-prime’ market which Oplo estimates now covers up to 19m consumers.