Consumer credit tech provider appointed by car finance and loan company
Oodle Car Finance has appointed Leeds-based Equiniti Credit Services as its standby servicer following the successful completion of its first asset-backed securitisation, worth £350m.
The oversubscribed transaction saw the fast-growing, used-car finance provider attract demand from 14 European and international bond investors.
With EQCS in place as its ongoing standby servicer, Oodle has satisfied regulatory requirements and reassured investors that assets will continue to be administered should the lender cease to trade or withdraw from the market.
Richard Carter, managing director at Equiniti Credit Services, said: “Demonstrable contingency planning and risk mitigation are important factors both during and after securitisation.
“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.”
Jonny Clayton, founder and chief executive officer, 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.”
This latest win cements EQCS’ position as the largest standby service provider in the UK. It is now working with 45 lenders across the finance market.
Carter said: “Working across a range of sectors, from simple funding lines for secured personal loan books to publicly traded asset backed securitisations, has given us unrivalled experience in this industry.
“We offer UK consumer finance lenders a strong and reliable standby servicing solution, with a clear contingency plan for invocation that ensures minimal disruption, a seamless recovery, and peace of mind for our clients.”
EQCS operates across a diverse range of financial services companies including banks, investment banks, building societies, motor finance, specialist finance and challengers.
