Oodle Car Finance has appointed Equiniti Credit Services (EQCS), the UK’s leading consumer credit technology and outsourced services provider, as its standby servicer following the successful completion of its first asset-backed securitisation, worth £350 million.
The oversubscribed transaction saw the fast-growing, online, 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 its investors that assets will continue to be administered should the lender cease to trade or withdraw from the market.
“Demonstrable contingency planning and risk mitigation are important factors both during and after securitisation,” said Richard Carter, managing director, 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.”
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, working with 45 lenders across the finance market.
Richard Carter says: “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 is transforming the future of lending by delivering flexible, agile solutions that support the entire lifecycle of a loan. It operates across a diverse range of financial services companies including banks, investment banks, building societies, motor finance, specialist finance and challengers.
Oodle Car Finance is changing the way people buy cars, by putting its customers’ needs front and centre in the second biggest retail market in the UK.