A new Australian asset finance company is putting brokers at the centre of its business model to deliver finance from a different angle.
Angle Finance is a non-bank asset finance company, which services small and medium sized enterprises. It specialises in offering equipment finance up to A$150,000 for motor vehicles, transport, construction, materials handling and earthmoving equipment. Based in Melbourne, Angle Finance commenced operations in September 2019. Angle Finance is a portfolio company of Cerberus Capital Management, L.P, a global leader in alternative investing.
Angle Finance CEO, Craig Edwards, heads an executive team with a strong track record in growth in the asset finance sector. He and company chairman, Bernie Campbell have extensive industry experience and have worked together for more than 20 years.
Edwards said the team’s deep working knowledge of the Australian asset financing landscape, and Cerberus’s global support, positioned Angle Finance to achieve significant growth.
“It’s an exciting opportunity to build a business that fills a gap in the asset finance market – we have the agility and ability to help small business customers realise their dreams,” Edwards said.
“We put the broker at the heart of everything we do, looking at everything from their perspective, and from every angle.”
Edwards said Angle Finance was focused on making brokers feel “valued”.
“We look to offer brokers access to key decision makers, and collaboration through ‘broker councils’, focus groups and workshops to provide a value proposition that solves their most pressing needs.”
Sales Director, Brett Jocumsen said, ‘With global experience and a solid team with decades of experience in the equipment finance industry Angle Finance provides a quality commercial equipment finance option for the thirdparty broker network.”
“We’re entirely focused on servicing our key customers – our broker partners. We will provide brokers with the transparency, technology and first-class service needed to deliver custom finance solutions seamlessly,” Jocumsen said.
Angle Finance recently entered into an agreement to acquire the Strategic Alliances (Vendor Finance) business of Westpac Group. Strategic Alliances (Vendor Finance) is part of Westpac’s Equipment Finance business, providing financing for small ticket business equipment, including telecommunications, office equipment, and commercial vehicles.
By entering into the Strategic Alliances transaction, Angle Finance will look to transfer around A$500 million of customer loans. The combination of Strategic Alliances (Vendor Finance) and Angle Finance will create a leading equipment financing company with diversified financing solutions and best-in-class service for Australian businesses.
“This is a great opportunity to expand our ability to help Australian businesses, and we are thrilled to welcome our new team members to Angle Finance,” Edwards said.
“Together, we will be able to evolve and offer a diversified portfolio of lending solutions, supported by innovative technology and high-quality service.”
David McWilliam, Head of Cerberus Australia, said, “Since our initial acquisition, Angle Finance and its management team have made great strides in strengthening the business. The combined company will be well positioned to build on this momentum and capture opportunities to support its long-term growth.”
The Strategic Alliances (Vendor Finance) acquisition is expected to be complete in the first half of 2021.
To become a broker partner with Angle Finance or to find out more go to www.anglefinance.com.au.