Fintech in receiver’s hands

NZ Fintech Group Holdings, the ultimate owner of online lender Moola.co.nz, has gone into receivership with all its subsidiaries placed into the hands of liquidators.

Companies Office records show Partners For Growth V LP appointed receiver Thomas Rodewald to the holding company yesterday as part of a general security agreement reached on October 30, 2019.

Partners for Growth is a US venture capital firm which lends money to companies to enable them to grow.

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

“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.”

But he said the past three years had been challenging. However, there were some “fantastic assets and business plans in the pipeline”.

The holding company is the parent of NZ Fintech Group and NZ Fintech Solutions which are also in receivership. It also owns Zooma Car Finance which has gone into liquidation.