Australian mortgage lender ColCap has bought the remaining stake in Molo taking 100% ownership of the UK firm.

The Sydney-based non-bank lender, which was formerly known as Columbus Capital, bought an 80% share of Molo in March 2023.

The two companies began a strategic partnership in 2022.

Following ColCap’s latest share acquisition, Molo will be a fully-owned subsidiary.

The digital lender launched in 2018 and has lent more than £1.8bn in buy-to-let mortgages since then.

Molo’s current management team will remain in place.

ColCap was founded in 2006.

It is privately owned and has a loan portfolio of more than $15bn (£7.6bn)

ColCap’s co-founder and chief executive Andrew Chepul says: “Our acquisition of Molo marks a significant milestone in ColCap group’s strategic direction, fusing UK industry expertise with ColCap’s established strength and unwavering support for the UK leadership team.

“With complete ownership and our longevity and experience as an organisation, we are dedicated to propelling Molo towards its full potential under the guidance of Matt Kimber as Molo’s CEO and Esther Morley as ColCap UK’s executive director and COO.”

Kimber says: “This further strengthening of our relationship with ColCap presents us with many exciting opportunities. 

“With ColCap’s support, we will further enhance the service we provide to our customers and brokers.

“Our recent expansion into non-resident and expat buy-to-let lending shows our commitment to product innovation – and this is just the beginning. 

“We are eager to enhance our offering to customers and brokers by introducing even more innovative lending solutions and further streamlining the mortgage process.”