Latitude Group completes Symple Loans purchase

Australia-based lender Latitude Group Holdings Ltd. completed its stock-and-cash acquisition of digital personal lending business Symple Loans Pty. Ltd.

Latitude paid A$100 million in cash and issued 38.46 million shares at A$2.60 apiece as part of the transaction.

Latitude noted in an Oct. 26 news release that the financial technology company will be the platform for all of its personal and auto loans.

Bob Belan, Symple Loans' co-founder, was named executive general manager for money at Latitude, with immediate effect. Belan will oversee the integration of the purchased business.