Credible

Short description: American financial technology company

Credible

Logo as of 2021[update]

Credible.com homepage as of January 2021

Type of business| Subsidiary

Type of site

| Financial technology
Founded| November 20, 2012; 13 years ago (2012-11-20)
Headquarters|

San Francisco , California

U.S.

Key people| Stephen Dash (CEO, founder)
Industry|

* Personal finance
* Fintech

Products| Online consumer marketplace for financial products, including loan refinancing and mortgages
Parent| Fox Corporation (since 2019[update])
Website| credible.com

Credible Labs Inc., commonly known as Credible, is a financial technology company headquartered in San Francisco . The company also does business through its subsidiary Credible Operations, Inc. Its online marketplace offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary of Fox Corporation in 2019.

## Contents

* 1 Products and services
* 2 History
* 3 References
* 4 External links

## Products and services

The Credible marketplace allows consumers to compare financial products from multiple providers side-by-side. The company itself is not is a lender, a bank, or a credit card issuer. Instead, its integrations with lenders and credit bureaus allow the company to provide pre-qualified rates based on a consumer's credit history, a capability that distinguished the company from comparison sites that only provide generic rate information.[1] Dash has analogized Credible's business model to those of travel search engines like Kayak and Expedia, which show ticket prices for specific bookings and allow users to comparison-shop among competing offers, noting that Credible offers a similar platform for financial services.[2] By 2018, the company's marketplace included 38 lending partners.[2]

The company's platform is primarily accessible through its website and has also become available through integrations with third-parties like Radius Bank,[1] Fidelity Investments,[3] and Morgan Stanley.[4]

## History

The company was founded in 2012 by Australian entrepreneur Stephen Dash. Credible originated as a platform for refinancing student loans. Its online consumer loan marketplace has subsequently expanded to include loan origination, credit cards, personal loans, and mortgages.[5][6]

The company was incorporated in Delaware on November 20, 2012, as Stampede Labs Inc., before changing its name to Credible Labs Inc. in December 2013.[7] The company has been headquartered in San Francisco since its founding. American investor Ron Suber sat as chairperson of Credible's board of directors between 2015 and 2019.[8] Australian businessman Alex Waislitz was an early investor.[9]

In December 2017, Credible Labs became a public company via an initial public offering on the Australian Securities Exchange (ASX). It was the year's largest technology IPO on the ASX, raising US$50 million.[10] Dash chose the ASX because Credible's early investors were predominantly located in Australia and Asia and because they believed there was a relative scarcity of financial technology companies on the ASX as compared to the major American stock exchanges.[5][11]

In 2018, the company opened a second office in Durham, North Carolina to expand its marketplace to mortgages. At launch, the company initially offered mortgage brokerage services in 20 states.[12][13] As of January 2021, it maintained active mortgage broker's licenses in 47 states through its subsidiary, Credible Operations, Inc.[14] By August 2019, Credible employed 135 people across its two offices.[15]

In October 2019, Fox Corporation acquired a 67-percent majority ownership stake in Credible for US$265 million (equivalent to A$585 million).[16][17][18] At first, the terms of the deal were questioned by earlier investors like Waislitz, who expressed concern that the acquisition would represent a "bargain" because he believed the company's valuation had the potential for rapid growth in the near future.[9][19] Nonetheless, Credible's stockholders unanimously voted to approve the acquisition on October 14.[20] As a result of the acquisition, Credible became a privately held company again and was delisted from the ASX.[21]

## References

1. ↑ 1.0 1.1 Hurst, Samantha (October 17, 2019). "Radius Bank Announces New Partnership with Credible for Digital Marketplace Expansion". https://www.crowdfundinsider.com/2019/10/153007-radius-bank-announces-new-partnership-with-credible-for-digital-marketplace-expansion/.
2. ↑ 2.0 2.1 Ohnesorge, Lauren (January 23, 2019). "San Francisco fintech plans to double in Durham". Triangle Business Journal. https://www.bizjournals.com/triangle/news/2019/01/23/san-francisco-fintech-plans-to-double-in-durham.html.
3. ↑ Tompor, Susan (November 4, 2019). "Who's dealing with the biggest student loan payments?". https://www.usatoday.com/story/money/2019/11/04/paying-off-student-loan-debt-average-plan/4108813002/.
4. ↑ Manganaro, John (September 12, 2019). "Morgan Stanley Expands Student Loan Capabilities". https://www.planadviser.com/morgan-stanley-expands-student-loan-capabilities/.
5. ↑ 5.0 5.1 Verhage, Julie (December 7, 2017). "San Francisco's Credible Raises $50 Million in Australian IPO". New York: Bloomberg News. https://www.bloomberg.com/news/articles/2017-12-07/san-francisco-s-credible-raises-50-million-in-australian-ipo. Million+in+Australian+IPO&rft.atitle=&rft.aulast=Verhage&rft.aufirst=Julie&rft.au=Verhage, Julie&rft.date=December+7,+2017&rft.place=New+York&rft.pub=[https://www.wikipedia.org/wiki/Bloomberg%20News+Bloomberg+News]&rft_id=https://www.bloomberg.com/news/articles/2017-12-07/san-francisco-s-credible-raises-50-million-in-australian-ipo&rfr_id=info:sid/en.wikibooks.org:Company:Credible">
6. ↑ Yeo, Melissa (December 8, 2017). "The year's biggest tech IPO gains 9pc on debut after raising $67m". https://stockhead.com.au/tech/years-biggest-tech-ipo-much-36-pc-debut/.
7. ↑ "Annual Report for the Financial Year Ending 31 December 2018". Credible Labs Inc.. December 31, 2018. https://www.openbriefing.com.au/AsxDownload.aspx?pdfUrl=Report/ComNews/20190411/02095445.pdf.
8. ↑ Calvey, Mark (October 7, 2019). "Exclusive: Prolific fintech investor Ron Suber joins board of startup as he seeks next big winner". San Francisco Business Times. https://www.bizjournals.com/sanfrancisco/news/2019/10/07/exclusive-prolific-fintech-investor-ron-suber.html.
9. ↑ 9.0 9.1 Kruger, Colin (August 5, 2019). "Billionaire Alex Waislitz questions Credible Labs sale to the Murdochs". The Sydney Morning Herald. https://www.smh.com.au/business/companies/billionaire-alex-waislitz-hits-out-at-credible-labs-sale-to-the-murdochs-20190805-p52dus.html.
10. ↑ Smith, Paul (December 7, 2017). "Credible founder Stephen Dash comes home for biggest ASX tech IPO of 2017". Sydney: Nine Publishing. https://www.afr.com/technology/credible-founder-stephen-dash-comes-home-for-biggest-asx-tech-ipo-of-2017-20171206-h006wu.
11. ↑ Whyte, Jemima (May 29, 2018). "Credible Lab CEO Stephen Dash likens ASX to 'junior Nasdaq'". Sydney: Nine Publishing. https://www.afr.com/markets/credible-lab-ceo-stephen-dash-likens-asx-to-junior-nasdaq-20180529-h10on1.
12. ↑ Calvey, Mark (October 11, 2018). "Fintech super-investor Ron Suber sees growth potential in a surprising place". San Francisco Business Times. https://www.bizjournals.com/sanfrancisco/news/2018/10/11/ron-suber-fintech-credible-mortgages-wfc-jpm-loans.html.
13. ↑ Kitney, Damon (November 5, 2018). "Credible Labs in pole position to take on US mortgage market". The Australian (Canberra): p. 20. ProQuest 2129060934.
14. ↑ "State Licenses and Disclosures". Credible Labs Inc.. https://www.credible.com/a/state-licenses.
15. ↑ Lang, Kylie (August 10, 2019). "In-Credible Rise to the Top". The Courier-Mail (Brisbane): p. 26. ProQuest 2270105033.
16. ↑ Thompson, Sarah; Macdonald, Anthony (August 5, 2019). "Fox bids $585m for student loans business Credible". Sydney: Nine Publishing. https://www.afr.com/street-talk/fox-bids-585m-for-student-loans-business-credible-20190805-p52du6.
17. ↑ Mason, Max (August 5, 2019). "Credible Labs founder rockets onto Rich List". Sydney: Nine Publishing. https://www.afr.com/companies/media-and-marketing/murdoch-s-fox-to-acquire-asx-listed-credible-labs-20190805-p52duf.
18. ↑ Nickolai, Nate (August 4, 2019). "Fox Corp. to Buy $265 Million Majority Stake in Credible Labs". https://variety.com/2019/biz/news/fox-corp-credible-labs-majority-stake-1203291508/. Million+Majority+Stake+in+Credible+Labs&rft.atitle=&rft.aulast=Nickolai&rft.aufirst=Nate&rft.au=Nickolai, Nate&rft.date=August+4,+2019&rft_id=https://variety.com/2019/biz/news/fox-corp-credible-labs-majority-stake-1203291508/&rfr_id=info:sid/en.wikibooks.org:Company:Credible">
19. ↑ Chanticleer (August 5, 2019). "Small investors query Credible's Murdoch deal". Sydney: Nine Publishing. https://www.afr.com/chanticleer/credible-wins-big-in-murdoch-deal-20190805-p52dwn.
20. ↑ "Credible Labs Stockholders Approve Proposed Acquisition by Fox Corp". October 14, 2019. https://www.nasdaq.com/articles/credible-labs-stockholders-approve-proposed-acquisition-by-fox-corp-2019-10-14.
21. ↑ "Fox Corporation Completes Acquisition of 67% of Equity of Credible Labs" (Press release). New York and Los Angeles: Fox Corporation. PR Newswire. October 17, 2019. Archived from the original on November 29, 2020. Retrieved January 20, 2021.

## External links

* Official blog
* Credible at Trustpilot

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