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Online lender acquired
Morses Club PLC has announced it has acquired online instalment loan provider Shelby Finance Ltd.
The acquisition is expected to boost the home collected credit lender’s launch of a new branded online instalment loan product.
Shelby Finance Ltd is fully authorised by the Financial Conduct Authority to provide instalment loans and will operate as a subsidiary of Morses Club PLC.
Morses Club believes that the introduction of an online instalment loan product is the next step in its strategy of developing digital products to complement its home collection credit offering and targeting a wider range of customers.
"The acquisition of Shelby Finance is another example of the progress we continue to make with our strategic plan of using technology to offer customers a broader range of products, supplementing our core home collected credit offering and ensuring customers can access credit with the flexibility they require,” stated Paul Smith, CEO of Morses Club.
Paul pointed out that outside the home collected credit sector, there were around nine million additional customers who accessed the wider non-standard credit market.
“The introduction of our new branded online instalment loan product will enable us to offer these customers access to credit in increasingly flexible ways with all the benefits of Morses Club's customer service ethos.
"We anticipate that the new online instalment loan product will be launched in the first half of our trading year and look forward to updating the market once the full launch plan has been finalised."
Last year, Morses Club raised £65m from its floatation on the Alternative Investment Market, while it also saw its revenue grow 8% to £47.2m during the first half of 2016.
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