Credible Labs Explained

Credible Labs, Inc.
Logo Alt:The word "credible" in lowercase blue text, with a green dot in the letter "i"
Company Type:Subsidiary
Website Type:Financial technology
Location City:San Francisco, California
Location Country:U.S.
Key People:Stephen Dash (CEO, founder)
Products:Online consumer marketplace for financial products, including loan refinancing and mortgages
Parent:Tubi Media Group (Fox Corporation) (67%)

Credible Labs Inc., commonly known as Credible, is a financial technology company headquartered in San Francisco. The company also does business through its subsidiary Credible Operations, Inc. Its online marketplace offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary of Fox Corporation in 2019. In December 2021, Credible acquired digital insurance platform Young Alfred, adding various kinds of insurance including home, auto, and pet to its platform.[1]

Products and services

The Credible marketplace allows consumers to compare financial products from multiple providers side by side. The company itself is not a lender, a bank, or a credit card issuer. Instead, its integrations with lenders and credit bureaus allow the company to provide pre-qualified rates based on a consumer's credit history, a capability that distinguished the company from comparison sites that only provide generic rate information.[2] Dash has analogized Credible's business model to those of travel search engines like Kayak and Expedia, which show ticket prices for specific bookings and allow users to comparison-shop among competing offers, noting that Credible offers a similar platform for financial services.[3] By 2018, the company's marketplace included 38 lending partners.

The company's platform is primarily accessible through its website and has also become available through integrations with third-parties like Radius Bank, Fidelity Investments,[4] and Morgan Stanley.[5]

History

The company was founded in 2012 by Australian entrepreneur Stephen Dash. Credible originated as a platform for refinancing student loans. Its online consumer loan marketplace has subsequently expanded to include loan origination, credit cards, personal loans, and mortgages.[6] [7]

The company was incorporated in Delaware on November 20, 2012, as Stampede Labs Inc., before changing its name to Credible Labs Inc. in December 2013.[8] The company has been headquartered in San Francisco since its founding. American investor Ron Suber sat as chairperson of Credible's board of directors between 2015 and 2019.[9] Australian businessman Alex Waislitz was an early investor.[10]

In December 2017, Credible Labs became a public company via an initial public offering on the Australian Securities Exchange (ASX). It was the year's largest technology IPO on the ASX, raising million.[11] Dash chose the ASX because Credible's early investors were predominantly located in Australia and Asia and because they believed there was a relative scarcity of financial technology companies on the ASX as compared to the major American stock exchanges.[12]

In 2018, the company opened a second office in Durham, North Carolina, to expand its marketplace to mortgages. At launch, the company initially offered mortgage brokerage services in 20 states.[13] [14] As of January 2021, it maintained active mortgage broker's licenses in 47 states through its subsidiary, Credible Operations, Inc.[15] By August 2019, Credible employed 135 people across its two offices.[16]

In October 2019, Fox Corporation acquired a 67-percent majority ownership stake in Credible for million (equivalent to million).[17] [18] [19] At first, the terms of the deal were questioned by earlier investors like Waislitz, who expressed concern that the acquisition would represent a "bargain" because he believed the company's valuation had the potential for rapid growth in the near future.[20] Nonetheless, Credible's stockholders unanimously voted to approve the acquisition on October 14.[21] As a result of the acquisition, Credible became a privately held company again and was delisted from the ASX.[22]

External links

Notes and References

  1. Web site: Credible Acquires Digital Insurance Platform Young Alfred to Further Expand Its Consumer Finance Marketplace . au.finance.yahoo.com . Business Wire . 30 May 2022 . en-AU.
  2. Web site: Hurst . Samantha . October 17, 2019 . Radius Bank Announces New Partnership with Credible for Digital Marketplace Expansion . Crowdfund Insider . live . January 20, 2021 . https://web.archive.org/web/20201112214452/https://www.crowdfundinsider.com/2019/10/153007-radius-bank-announces-new-partnership-with-credible-for-digital-marketplace-expansion/ . November 12, 2020.
  3. News: Ohnesorge . Lauren . January 23, 2019 . San Francisco fintech plans to double in Durham . Triangle Business Journal . bizjournals.com . live . limited . January 20, 2021 . https://archive.today/20210120195910/https://www.bizjournals.com/triangle/news/2019/01/23/san-francisco-fintech-plans-to-double-in-durham.html . January 20, 2021 .
  4. News: Tompor . Susan . November 4, 2019 . Who's dealing with the biggest student loan payments? . . live . January 20, 2021 . https://web.archive.org/web/20191111172528/https://www.usatoday.com/story/money/2019/11/04/paying-off-student-loan-debt-average-plan/4108813002/ . November 11, 2019.
  5. News: Manganaro . John . September 12, 2019 . Morgan Stanley Expands Student Loan Capabilities . PlanAdviser . live . January 20, 2021 . https://web.archive.org/web/20201023105406/https://www.planadviser.com/morgan-stanley-expands-student-loan-capabilities/ . October 23, 2020.
  6. Web site: Verhage . Julie . December 7, 2017 . San Francisco's Credible Raises $50Million in Australian IPO . Bloomberg.com . . New York . subscription . live . January 20, 2021. https://web.archive.org/web/20171213111359/https://www.bloomberg.com/news/articles/2017-12-07/san-francisco-s-credible-raises-50-million-in-australian-ipo . December 13, 2017 .
  7. News: Yeo . Melissa . December 8, 2017 . The year's biggest tech IPO gains 9pc on debut after raising $67m . Stockhead . live . https://web.archive.org/web/20201125025545/https://stockhead.com.au/tech/years-biggest-tech-ipo-much-36-pc-debut/ . November 25, 2020.
  8. Web site: December 31, 2018 . Annual Report for the Financial Year Ending 31 December 2018 . Credible Labs Inc. . openbriefing.com.au . live . https://web.archive.org/web/20190412235048/http://www.openbriefing.com.au/AsxDownload.aspx?pdfUrl=Report%2FComNews%2F20190411%2F02095445.pdf . April 12, 2019 .
  9. News: Calvey . Mark . October 7, 2019 . Exclusive: Prolific fintech investor Ron Suber joins board of startup as he seeks next big winner . San Francisco Business Times . bizjournals.com . limited . live . January 20, 2021 . https://archive.today/20210120213542/https://www.bizjournals.com/sanfrancisco/news/2019/10/07/exclusive-prolific-fintech-investor-ron-suber.html . January 20, 2021 .
  10. News: Kruger . Colin . August 5, 2019 . Billionaire Alex Waislitz questions Credible Labs sale to the Murdochs . . live . https://web.archive.org/web/20200930233534/https://www.smh.com.au/business/companies/billionaire-alex-waislitz-hits-out-at-credible-labs-sale-to-the-murdochs-20190805-p52dus.html . September 30, 2020.
  11. Web site: Smith . Paul . December 7, 2017 . Credible founder Stephen Dash comes home for biggest ASX tech IPO of 2017 . . . . subscription . January 20, 2021.
  12. Web site: Whyte . Jemima . May 29, 2018 . Credible Lab CEO Stephen Dash likens ASX to 'junior Nasdaq' . . . . subscription . live . January 20, 2021. https://web.archive.org/web/20180530070459/https://www.afr.com/markets/credible-lab-ceo-stephen-dash-likens-asx-to-junior-nasdaq-20180529-h10on1 . May 30, 2018 .
  13. News: Calvey . Mark . October 11, 2018 . Fintech super-investor Ron Suber sees growth potential in a surprising place . San Francisco Business Times . bizjournals.com . limited . live . January 20, 2021 . https://archive.today/20210120224311/https://www.bizjournals.com/sanfrancisco/news/2018/10/11/ron-suber-fintech-credible-mortgages-wfc-jpm-loans.html . January 20, 2021 .
  14. News: Kitney . Damon . November 5, 2018 . Credible Labs in pole position to take on US mortgage market . 20 . . . .
  15. Web site: State Licenses and Disclosures . Credible Labs Inc. . live . https://archive.today/20210120223908/https://www.credible.com/a/state-licenses . January 20, 2021 . January 26, 2021 .
  16. News: Lang . Kylie . August 10, 2019 . In-Credible Rise to the Top . . Brisbane . 26 . .
  17. Web site: Thompson . Sarah . Macdonald . Anthony . August 5, 2019 . Fox bids $585m for student loans business Credible . . . . subscription . live . January 20, 2021. https://web.archive.org/web/20190804225039/https://www.afr.com/street-talk/fox-bids-585m-for-student-loans-business-credible-20190805-p52du6 . August 4, 2019 .
  18. Web site: Mason . Max . August 5, 2019 . Credible Labs founder rockets onto Rich List . . . . subscription . live . January 20, 2021. https://web.archive.org/web/20190805005753/https://www.afr.com/companies/media-and-marketing/murdoch-s-fox-to-acquire-asx-listed-credible-labs-20190805-p52duf . August 5, 2019 .
  19. Web site: Nickolai . Nate . August 4, 2019 . Fox Corp. to Buy $265Million Majority Stake in Credible Labs . . live . January 20, 2021 . https://web.archive.org/web/20201125210111/https://variety.com/2019/biz/news/fox-corp-credible-labs-majority-stake-1203291508/ . November 25, 2020.
  20. Web site: Chanticleer . August 5, 2019 . Small investors query Credible's Murdoch deal . . . . subscription . live . January 20, 2021. https://web.archive.org/web/20190805070647/https://www.afr.com/chanticleer/credible-wins-big-in-murdoch-deal-20190805-p52dwn . August 5, 2019 .
  21. Web site: October 14, 2019 . Credible Labs Stockholders Approve Proposed Acquisition by Fox Corp . live . RTTNews . January 20, 2021 . . https://web.archive.org/web/20191110224916/https://www.nasdaq.com/articles/credible-labs-stockholders-approve-proposed-acquisition-by-fox-corp-2019-10-14 . November 10, 2019.
  22. October 17, 2019 . Fox Corporation Completes Acquisition of 67% of Equity of Credible Labs . . New York and Los Angeles . . live . January 20, 2021 . https://web.archive.org/web/20201129133920/https://www.prnewswire.com/news-releases/fox-corporation-completes-acquisition-of-67-of-equity-of-credible-labs-300940531.html . November 29, 2020.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Credible Labs".

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