Moola

Christchurch-based NZ Fintech Group Holdings is owned by Edward Recordon. Recordon said the company's situation was due to an equity deal falling over at a late ...

NZ Fintech was founded in 2013 with the aim of disrupting the non-bank personal finance sector through cloud-based digital-first solutions. “We are working closely with the receiver and liquidators to achieve the best outcome possible given the circumstances. It also owns Zooma Car Finance which has gone into liquidation. Moola agreed to the settlement with the commission, acknowledging the watchdog’s view that it had charged unreasonable credit and default fees between February 2016 and July 2017. Khov said it was still in the initial stages of the engagement with the liquidation and was currently assessing the position of the company. In October last year it reached a settlement agreement with the Commerce Commission after it failed to comply with the Credit Contracts and Consumer Finance Act’s responsible lending principles. It was the second settlement agreement Moola had reached with the Commerce Commission. According to the Commission, Moola failed to make reasonable inquiries to ensure the loans met borrowers’ requirements and that borrowers were able to make repayments without suffering financial hardship. Moola offers short-term loans through online applications and had run foul of the regulator on a number of occasions. [it had raised $50m in institutional funding through Partners for Growth](https://www.nzherald.co.nz/business/moola-owner-looking-to-raise-30m-to-expand-into-vehicle-finance-market/65VY27OGRQJLHOKA7MTWKPCBX4/) and Australia’s Alceon and was looking for a further $20 to $30m from both wholesale New Zealand investors and local institutions to top up the funding round and expand into the vehicle financing market. “The company was expecting a large equity deal to settle in September which did not end up completing at the last minute and was the key driver for the position we are in today.” Make it your business to knowStart your day with the latest business headlines straight to your inbox.