Angle Asset Finance
About Angle Asset Finance
Angle Asset Finance is a nonbank lender that provides secured asset financing to corporates, SMEs and government entities, servicing more than 30,000 customers across Australia. The business was formally launched in October 2020 with a highly experienced board and executive team with extensive industry and financial-market knowledge. Angle employs more than 100 staff and has more than A$650 million of assets under management.
Angle approaches asset finance from a different angle from the rest of the industry. The company looks to create new and better ways to help its introducers and their customers thrive, delivering a quality product for end financiers and investors.
The Angle name reflects the business’s commitment to looking at everything it does in a different way, every time.
In August 2021, Angle broadened its asset and customer base with the A$500 million acquisition of the Westpac Group Strategic Alliances (Vendor Finance) business, which was established in 1997 by Angle’s current chief executive and chairman prior to its sale to Westpac. The combination of Strategic Alliances (Vendor Finance) and Angle will create a leading asset-financing company with diversified financing solutions and best-in-class service for Australian businesses.
|SIZE OF LOAN BOOK||A$650M|
|MAKEUP OF LOAN BOOK||AUTO, ASSET AND EQUIPMENT LOANS AND LEASES|
|GEOGRAPHIC DISTRIBUTION OF LOAN BOOK||
|OUTSTANDING DEBT ISSUANCE||
PRIVATE WAREHOUSE FACILITIES: A$650M
The diversified portfolio comprises primarily commercial vehicles, and office and telephony equipment across a wide range of industries and financed in loan or lease format.
Financing is provided through a network of introducers, aggregators and vendor agents, which are subject to a rigorous accreditation process.
The business places significant emphasis on policy and process development and strong adherence disciplines. Corporate governance and compliance are key focuses in the company’s operational framework. Angle is a member of the Australian Finance Industry Association (AFIA).
Angle’s originations, settlements and servicing of the asset-finance portfolio use a combination of proprietary and third-party systems. Technology has been developed and applied to simplify the origination process and maintain the highest standard of data integrity. This includes the stand-up of a globally recognised asset-finance loan-management system.
Ownership and capital structure
Angle is a portfolio company of Cerberus Capital Management, a global leader in alternative investing with US$55 billion in assets under management. Cerberus is the majority shareholder in Angle and Deutsche Bank is a co-investor.
Angle’s funding strategy aligns with the business strategy for stable and sustainable growth supporting business origination through flexible and diversified sources of funding. In this regard, Angle is well supported by major financial institutions locally and offshore through multiple ABS warehouse facilities.
With significant growth plans, the next phase will be to augment existing funding with a term securitisation programme. Recognising the importance of a deep and diversified investor base, early investor engagement is underway as Angle plans to be a programmatic ABS issuer with a focus on achieving the scale needed to support customers.
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nonbank Yearbook 2022
KangaNews's seventh annual guide to the business and funding trends in Australia's nonbank financial-institution sector.