Now Finance boss Richard Blumberg says such institutions will hit distress as rates rise. He wants to capitalise on the drama.
Richard Blumberg, founder and chief executive of personal loan specialist Now Finance, reckons he might have dodged a bullet by scrapping plans for an ASX listing this year.
“I’m not sure how long it takes the market to recover. I don’t think it’s a quick fix. But I don’t think structurally and strategically that’s good for the sector and for Australia. We just don’t want to go back to the concentration we’ve had previously. You want to see a successful and growing non-bank lending sector.”But Blumberg is also realistic about what’s coming.
. Although Blumberg says credit spreads have widened and liquidity softened since Now was last in the market in September last year, the company’s raising was completed very quickly.
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