Small business finance provider Orange Money has acquired Everline.
The consolidated firms will now constitute the largest business e-lender in the UK, combining Orange Money’s Ezbob brand and technology platform with Everline’s knowledge of the UK market.
Orange Money will market to UK small businesses under both brands, tapping into the burgeoning alternative finance sector in the UK.
Everline’s former owner Wong has sold the company off as part of a cost-cutting drive, alongside the laying off of 325 staff. The moves come as a series of scandals, including the sending of threatening letters to customers from fictitious law firms, forced the payday lender to write down £220 million in bad loans.
Tomer Guriel, CEO, Orange Money Ltd said: "Collectively we are now the biggest business e-lender in the UK and remain focused on providing more businesses with the finance they need to fuel and sustain growth.
"This is an exciting acquisition for us, as it brings together two strong brands in Ezbob and Everline, both of which have disrupted traditional business lending.
Orange Money also announced that Russell Gould, former MD at Everline, will join as Chief Operating Officer at Orange Money.
Guriel added: "We are delighted to announce that Russell is joining the management team and we look forward to working with him to take the strong foundations from both businesses and create an even stronger business for the future."
