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 Logo as of 2021[update] | |
| Type of business | Subsidiary |
|---|---|
Type of site | Financial technology |
| Founded | November 20, 2012; 13 years ago (2012-11-20) |
| Headquarters | , U.S. |
| Key people | Stephen Dash (CEO, founder) |
| Industry |
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| Products | Online consumer marketplace forfinancial products, including loan refinancing and mortgages |
| Parent | Tubi Media Group (Fox Corporation) (67%) |
| URL | credible.com |
Credible is afinancial technology company headquartered inSan Francisco and incorporated under the name Credible Labs Inc. The company also does business through its subsidiary Credible Operations, Inc. Itsonline marketplace offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary ofFox Corporation in 2019.
The Credible marketplace allows consumers to compare financial products from multiple providers side by side. The company itself is not a lender, a bank, or a credit card issuer. Instead, its integrations with lenders andcredit bureaus allow the company to providepre-qualified rates based on a consumer'scredit history, a capability that distinguished the company from comparison sites that only provide generic rate information.[1] Dash has analogized Credible'sbusiness model to those oftravel search engines likeKayak andExpedia, which show ticket prices for specific bookings and allow users tocomparison-shop among competing offers, noting that Credible offers a similar platform for financial services.[2] By 2018, the company's marketplace included 38 lending partners.[2]
The company's platform is primarily accessible through its website and has also become available through integrations with third-parties likeRadius Bank,[1]Fidelity Investments,[3] andMorgan Stanley.[4]
The company was founded in 2012 by Australian entrepreneur Stephen Dash. Credible originated as a platform forrefinancingstudent loans. Its online consumer loan marketplace has subsequently expanded to includeloan origination,credit cards, personal loans, and mortgages.[5][6]
The company wasincorporated in Delaware on November 20, 2012, as Stampede Labs Inc., before changing its name to Credible in December 2013.[7] The company has been headquartered in San Francisco since its founding. American investorRon Suber sat aschairperson of Credible'sboard of directors between 2015 and 2019.[8] Australian businessmanAlex Waislitz was an early investor.[9]
In December 2017, Credible Labs became apublic company via aninitial public offering on theAustralian Securities Exchange (ASX). It was the year's largest technology IPO on the ASX, raisingUS$50 million.[10] Dash chose the ASX because Credible's early investors were predominantly located in Australia and Asia and because they believed there was a relative scarcity of financial technology companies on the ASX as compared to the major American stock exchanges.[5][11]
In 2018, the company opened a second office inDurham, North Carolina, to expand its marketplace tomortgages. At launch, the company initially offeredmortgage brokerage services in 20 states.[12][13] As of January 2021, it maintained active mortgage broker's licenses in 47 states through its subsidiary, Credible Operations, Inc.[14] By August 2019, Credible employed 135 people across its two offices.[15]
In October 2019,Fox Corporation acquired a 67-percent majority ownership stake in Credible forUS$265 million (equivalent toA$585 million).[16][17][18] At first, the terms of the deal were questioned by earlier investors like Waislitz, who expressed concern that the acquisition would represent a "bargain" because he believed the company's valuation had the potential for rapid growth in the near future.[9][19] Nonetheless, Credible's stockholders unanimously voted to approve the acquisition on October 14.[20] As a result of the acquisition, Credible became aprivately held company again and was delisted from the ASX.[21]
In December 2021, Credible acquired digital insurance platform Young Alfred, adding various kinds of insurance including home, auto, and pet to its platform.[22]
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