King & Wood Mallesons (KWM) has advised Auswide Bank Ltd in relation to its increased equity stake in P2P lender, MoneyPlace.
Auswide Bank first made a cornerstone investment in MoneyPlace in January 2016, while also committing funding to the Melbourne-based P2P lender’s consumer lending program.
The KWM team was led by Brisbane-based Partner Rhys Casey, supported by solicitors Akshay Naran and Mitch Fairbairn.
Commenting on the deal, Rhys Casey said “The strategic partnership between Auswide Bank, an ASX-listed ADI, and MoneyPlace demonstrates the ways in which traditional lenders and fintechs are working together as the consumer lending paradigm changes.”
The KWM team also acted for Auswide Bank on its acquisition Queensland Professional Credit Union Ltd (trading as Your Credit Union) in 2016, which was the first merger between a listed bank and mutual ADI in over ten years.