It's been a long time coming, but congrats to Peter and current investors who stayed the course. Novatti are well placed to leverage their existing business to enable the neobank to hit the ground running. Importantly, they secured BC Invest as a cornerstone investor back in May of last year.
BC Invest operates in seven countries, including Australia, the United Kingdom, Singapore, and China and is a majority-owned subsidiary of Far East Consortium International Limited (FEC), a HKD$6.5b plus conglomerate listed on the Hong Kong stock exchange. It is a leading international financial services provider specialising in lending and asset management. In particular, it has strong in-market lending operations, with more than AUD$1.1b of mortgage loans and over 3,800 customers, with a strong focus on growing its Australian business.
The following illustrates the proposed funding of the bank from the May 21 announcement:
It's been a long time coming, but congrats to Peter and current...
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