The Mortgage Operation is merging with its German equivalent, Haus &
Capital, having attracted £5m in venture capital to spend on UK expansion.
The move, revealed in Money Marketing in February, has given birth to
Creditweb, a pan-European e-commerce mortgage company poised to dominate
the fight for Europe's internet-based personal finance market.
The merger gives Creditweb access to £19.5m in venture capital from New
York- based private equity firm Argonaut Private Equity Management, which
will support the ongoing development of online mortgage broking system
TMO says it aims to increase the number of brokers regularly using TMOS to
10,000 from 7,500.
It says £5m of the £19.5m in new capital has been ring-fenced to market
TMO in the UK, where Creditweb will continue operating under the TMO brand.
The new investment will also be used to increase Cre ditweb's operations
Creditweb says it is already signing deals which will make it operational
in Italy, France, Spain, the Netherlands and Scandinavia.
The new company says these commercial arrangements will give Creditweb the
financial muscle needed to succeed in the pan-European market.
TMO marketing director Josh Cooper says: “We are buying into established
market leaders across Europe and establishing links with key lenders. This
is giving us collective bargaining power with lenders and the benefits of
true cross-border products.
“Our financial clout means we are starting to create significant economies