Credible Labs

Credible Labs Inc. (abbreviated as CRD or Credible.com) is an online loan origination marketplace and financial technology company headquartered in San Francisco. It offers users the ability to compare and refinance loans. The company is a subsidiary of Fox Corporation.

Credible
Type of businessSubsidiary
Type of site
Financial technology
Founded2012 (2012)
HeadquartersSan Francisco, California, U.S.
Key peopleStephen Dash (CEO)
IndustryFinancial services
ProductsStudent loan refinancing
Private student loans
Personal loans
Mortgages
Revenue AU$26.4 million (2018)[1]
ParentFox Corporation
URLwww.credible.com
Users 1.23 million (2018)[2]

History

The company was founded in 2012 by Stephen Dash. Credible originally began as a platform for refinancing student loans. It has since expanded its loan offerings to direct origination of student loans, credit cards, personal loans and mortgages.

In December 2017, Credible Labs became a public company via an initial public offering on the Australian Securities Exchange (ASX), raising US$50 million in what was the largest technology IPO of 2017.[3] The ASX was chosen due to early investors being located predominantly in Australia and Asia, and scarcity of similar exposure to other financial technology companies.[4][5]

In April 2019, Credible Labs signed a trial mortgage partnership with Realtor.com, the second largest digital real estate platform in the United States.[6]

In October 2019, the company was acquired by Fox Corporation for AU$585 million.[7][8][9][10][11][12][13][14]

References
  1. "Appendix 4E and 2018 Annual Financial Report" (PDF). Credible Labs Inc. Retrieved 5 April 2019.
  2. "FY 2018 Results Investor Presentation" (PDF). Credible Labs Inc. Retrieved 5 April 2019.
  3. Smith, Paul. "Credible founder Stephen Dash comes home for biggest ASX tech IPO of 2017". Australian Financial Review. Australian Financial Review. Retrieved 5 April 2019.
  4. White, Jemima. "Credible Lab CEO Stephen Dash likens ASX to 'junior Nasdaq'". Australian Financial Review. Australian Financial Review. Retrieved 5 April 2019.
  5. Verhage, Julie (7 December 2017). "San Francisco's Credible Raises $50 Million in Australian IPO". Bloomberg. Bloomberg News.
  6. "Quarterly Activities Report and Appendix 4C - March 2019" (PDF). Australian Stock Exchange. Retrieved 2 May 2019.
  7. "Fox Corporation Completes Acquisition of 67% of Equity of Credible Labs" (Press release). PR Newswire. 17 October 2019.
  8. "Credible Enters Into Merger Agreement with Fox Corporation" (PDF). Australian Securities Exchange. Credible Labs. Retrieved 24 August 2019.
  9. Thompson, Sarah; Macdonald, Anthony (4 August 2019). "Fox bids $585m for student loans business Credible". Australian Financial Review. Australian Financial Review. Retrieved 4 August 2019.
  10. Mason, Max (4 August 2019). "Credible Labs founder worth $265m after Fox sale". Australian Financial Review. Australian Financial Review.
  11. Nickolai, Nate; Nickolai, Nate (5 August 2019). "Fox Corp. to Buy $265 Million Majority Stake in Credible Labs". Variety. Retrieved 20 August 2019.
  12. "Small investors query Credible's Murdoch deal". Australian Financial Review. 5 August 2019. Retrieved 21 August 2019.
  13. "Credible Labs Stockholders Approve Proposed Acquisition By Fox Corp". NASDAQ. RTTNews. Retrieved 17 October 2019.
  14. "Credible Stockholders Overwhelmingly Vote in Favour of Merger with Fox Corporation". Yahoo Finance. Retrieved 17 October 2019.
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