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Report: Founders of Australia's Nimble Money look to sell biz

The founders of Australia-based Nimble Money are seeking buyers for the company, which offers short-term loans online, The Australian Financial Review's Street Talk Blog reported Feb. 19.

The company could be valued at about A$100 million. It had A$56 million in revenue and made A$4 million in profit for fiscal 2017, the report said, citing accounts filed with the corporate regulator.

Melbourne-based Baillieu Holst was hired to find a potential buyer and is marketing the loan provider to financial services industry players and private equity firms, the report noted, adding that indicative bids are due later in the week of Feb. 19.

Sean Teahan and Greg Ellis, who founded the company in 2007, are said to be looking to exit the business. The sale was said to be triggered by an unsolicited bid from one of the company's shareholders.

Nimble Money offers short-term loans of up to A$5,000 to Australian residents.