Plenti has commenced trading on the Australian Securities Exchange after completing its AUS$55m (£30m) initial public offering (IPO).
The listing, supported by institutional and retail investors, gives the peer-to-peer lender a market capitalisation of AUS$280m.
The funds raised in the IPO will be used to invest in Plenti’s technology and distribution channels to grow originations.
Loan originations totalled AUS$286m in the company’s previous financial year and it is forecasting lending AUS$318m in the 12 months to the end of 2020.
“From day one we have strived to create meaningful value for everyday people by offering simpler, smarter loan and investment products,” Daniel Foggo, chief executive of Plenti, said.
“Consumers have always been at the heart of our business and we are delighted to now offer everyday people, especially our retail investor customers, the opportunity to invest in our continued growth and success.
“Listing today is the culmination of the hard work and dedication of so many who believe in our mission: to offer consumers better value by supporting a fairer, more efficient financial system for all.”
UK P2P lender RateSetter had a 14.1 per cent stake in the Australian platform, which previously used the RateSetter brand.
The Plenti prospectus showed that RateSetter transferred its 18 million shares to a company called RMML Nominee as part of the UK platform’s sale to Metro Bank which does not involve the Australian business.
All 18 million shares will now be distributed to RateSetter’s UK shareholders.