We advised leading lending platform Freedom Finance on its joint venture with ASDA Money.
The deal sees both businesses launch a market-first ASDA Personal Loans offering, which will allow ASDA’s customers to access affordable finance. The joint venture will use Freedom Finance’s financial technology platform to search a panel of trusted lenders.
A team from Gateley Plc’s Leeds and Birmingham offices, led by Corporate partner David Armitage advised on the deal. The team included partner Philip Alton and consultant Robert Rosenberg.
Brian Brodie, Chief Executive of Freedom Finance, said: “This is the first time a panel-based lending approach has been applied to a UK retail loan offering. It widens the market space for ASDA Money, who will now be able to say yes to more customers”.
“It is our mission to help as many customers as possible secure the funding needed to realise their dreams and ensure we deliver on our promise of great customer outcomes. This joint venture will significantly increase the number of personal loan approvals that ASDA Money will be able to provide to its 19 million-strong customer base.
“By bringing together the strength of the ASDA brand and the experience of Freedom we will truly deliver a market-leading loan proposition for ASDA versus their competitors.”
“Thank you to all teams at Gateley Plc who worked collaboratively to support us on this. I am pleased with Gateley’s advice and its Financial Regulation team ensured the legal process ran smoothly to completion.”
Corporate partner David Armitage said: “This is a pioneering move for both Freedom Finance and ASDA Money, which enhances both businesses’ offering to the market.
“I am confident that this collaboration will be very successful and we look forward to working with Freedom Finance in its future growth.”