NZFintech launches into $6.2b non-bank finance space

NZ Fintech is expanding into digital vehicle finance with Zooma.co.nz – set to launch following a recent successful capital raise to the tune of $50 million from a syndicate of big-name international investment firms.

A New Zealand company is taking the digital world by storm, with its innovative new technology amid the COVID pandemic.

Zooma.co.nz is a digital platform providing fast and transparent vehicle finance direct to consumers and car dealers across the country. Essentially, it offers easy access to digital financial solutions, making life easier for Kiwi consumers.

The driving force behind Zooma is NZ Fintech who won the prestigious Deloitte Fast 50 awards in technology for growth in 2017 and were also named the second-fastest-growing company overall in New Zealand.

NZ Fintech director Edward Recordon says their strategy is to make a big impact leveraging design, innovation, and technology to disrupt traditional finance models.

He says, “the group are pursuing the goal of establishing a billion-dollar enterprise — firmly placing it as one of the leading digital lenders in New Zealand once realised”.

Zooma is NZ Fintech’s latest offering and was soft-launched last year. Following a successful capital raise of $50 million from a syndicate of Australasian and Silicon Valley investment firms, the next stage is an expansion into digital vehicle finance, with an official launch later this year.

The company is also raising capital through the Wholesale Investor network and the opportunity can be found here CRIISP Investment Platform.

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Ahead of the game

“Consumers now exist in a digital dynamic, with COVID fast advancing a trend and preference to do everything on mobile devices,” Recordon says. “To this end, modern-day buyers are spending less and less time in the market for a vehicle which demonstrates a clear shift in consumer preference and buyer behaviour.”

“With the archaic processes often found in the car finance industry, worth billions annually in New Zealand alone, Zooma is here to revolutionize and disrupt things for the better by providing an unmatched lending experience for a digitally connected marketplace,” he says.

This formula seems to be working with more than 400,000 loans processed already.

NZ Fintech and its 40-strong staff are based in Christchurch. Originally launching in the highly competitive space of short-term lending in 2013 with the market-leading brand Moola.co.nz, NZ Fintech now has the secured lending and personal finance markets in its sights.

The key component of the company’s success is NZ Fintech’s award-winning consumer finance platform. The bespoke technology allows huge scalability, advanced onboarding systems and robust lending management, all completely online to service everyday Kiwis’ demand for better suited financial products.

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