Oodle Car Finance has appointed Equiniti Credit Services (EQCS) as its standby servicer following the completion of its first asset-backed securitisation worth £350m.
The transaction attracted demand from 14 European and international bond investors.
With EQCS in place as its ongoing standby servicer, Oodle has satisfied regulatory requirements and reassured its investors that assets will continue to be administered should the lender cease to trade or withdraw from the market.
Jonny Clayton, founder and chief executive of Oodle Car Finance, said: “We wanted to secure additional funding to enable us to invest further in making the car buying process more seamless, efficient and consumer-centric. This successful securitisation unlocks huge potential for our unique digital platform. EQCS has already played a central role in Oodle’s journey and we welcomed the team’s specialist expertise as an established backup servicer.”
“Demonstrable contingency planning and risk mitigation are important factors both during and after securitisation,” said Richard Carter, managing director of Equiniti Credit Services. “Having a reliable and robust backup servicing partner in place when securitising loan books and loan portfolios can positively impact market value; it gives peace of mind that the portfolio will be securely managed should the worst happen, however unlikely that may be.
“EQCS has worked with Oodle since the company’s inception in 2016, and we are delighted to have further strengthened our relationship. This latest round of securitisation will enable the company to deliver on its exciting future plans.”
Last month, Oodle appointed Andrew Lawson as chief product officer. Lawson joins Oodle from peer-to-peer lender Zopa, where he has held the position of chief product officer for the past five years. He was responsible for business growth across lending and investing, including the origination and performance of unsecured and secured loans.
Clayton said: “His experience will enable us to continue to advance and build a world class customer proposition that support our dealer partners respond to changing retail demands and opportunities.”