Resimac Asset Finance has gained a controlling stake in distribution partner Sonder Equipment Finance as it moves to expand its network across Australia.
The automotive and equipment lending specialist’s partnership with Sonder will provide Resimac with greater reach, expertise and broker relationships for its consumer and commercial lending products.
Resimac Asset Finance general manager Michael Moloney (pictured above left) said he was excited by the potential of the combined organisation, and said it would particularly help efforts to gain more SME customers.
Read more: Resimac acquires interest in Sonder Equipment Finance
“Sonder has been a key part of our distribution strategy since Resimac first took a stake in the business last year,” Moloney said. “The acquisition means the Sonder team will be offering our competitively priced products and friendly service to more people, helping sales growth.
“Sonder will continue servicing asset finance brokers throughout the country with the major focus on assisting SMEs to acquire business critical assets.”
Moloney said the controlling stake in Sonder continued Resimac’s growth and distribution footprint into the asset finance broker network across Australia.
“The Sonder team has consistently delivered quality business and volumes over the past three years,” he said. “This acquisition demonstrates Resimac’s commitment to the asset finance broker channel and our strategy to become a dominant player in the Australian asset finance market.”
Sonder co-founder Danny Tuttlebee (pictured above right), who started the company with business partner Ward Horsnell in 2018, has joined Resimac Asset Finance as head of sales.
Tuttlebee has extensive experience building businesses and sales teams after many years in commercial asset finance.
“Resimac Asset Finance has great foundations and a fantastic team,” Tuttlebee said. “I can see enormous opportunities for us to become the leader in commercial and consumer asset finance. I’m delighted to be joining the team at such a pivotal time for both the business and the industry.
Read next: Resimac makes key broker channel hires
“The asset finance market is worth upwards of $120 billion, so it’s really an opportune time for brokers to get in touch with us about accreditation.”
ASX-listed home loans provider Resimac Group started the business in 2021 in order to offer a full suite of lending products to consumer and commercial borrowers.
In Resimac Group’s 1H22 financial results, it announced Resimac Asset Finance had a settlements run rate of $400 million in the December quarter and that it was on track for $1 billion by FY24.
