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Merger will give TMO more clout in e-loan market

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&#39s 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

TMOS.

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&#39s operations

throughout Europe.

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

of scale.”

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