Credible (company)
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2012 |
| Founder | Stephen Dash |
| Headquarters | San Francisco , United States |
Area served | United States |
Key people | Stephen Dash (CEO and founder) |
| Products | Online marketplace for loan and mortgage comparison and refinancing; insurance products (home, auto, pet) |
Number of employees | 135 (2021) |
| Parent | Fox Corporation |
| Website | credible |
Credible is a financial technology firm based in San Francisco, officially registered as Credible Labs Inc. Through its subsidiary, Credible Operations, Inc., the company operates an online marketplace that enables users to compare and refinance various financial products such as loans and mortgages from a range of lenders. In 2019, Credible became part of Fox Corporation. The platform broadened its offerings in December 2021 by acquiring Young Alfred, a digital insurance provider, thereby incorporating home, auto, and pet insurance options.
Products and services
The Credible marketplace facilitates side-by-side comparisons of financial products for consumers. Rather than functioning as a lender or bank, the company collaborates with lenders and credit bureaus to deliver pre-qualified interest rates tailored to users' credit profiles, setting it apart from platforms that present only general rates. CEO and founder Stephen Dash likens Credible’s approach to travel aggregators such as Kayak and Expedia, providing a centralized venue for direct comparison of financial offerings. By 2018, Credible had established partnerships with 38 lending institutions.
Users can access the service on Credible’s website or through integrations with partners like Radius Bank, Fidelity Investments, and Morgan Stanley.
History
Credible was established in 2012 by Australian entrepreneur Stephen Dash initially as a student loan refinancing platform. Over time, it expanded its online marketplace to include loan origination services, credit cards, personal loans, and mortgage products.
Originally incorporated in Delaware as Stampede Labs Inc. in November 2012, the company rebranded to Credible in December 2013. Headquartered in San Francisco, its board featured American investor Ron Suber as chairperson from 2015 until 2019, with early backing from Australian businessman Alex Waislitz.
In December 2017, Credible launched its initial public offering on the Australian Securities Exchange (ASX), raising US$50 million in what was the largest tech IPO on the ASX that year. The decision to list on the ASX reflected the concentration of its investor base in Australia and Asia as well as a perceived lack of fintech listings compared to U.S. markets.
The company entered the mortgage sector in 2018 by establishing an office in Durham, North Carolina, initially providing brokerage services across 20 states. By January 2021, through its subsidiary Credible Operations, Inc., it had obtained active mortgage broker licenses in 47 states and employed 135 staff across two offices.
In October 2019, Fox Corporation acquired a controlling 67-percent stake in Credible for US$265 million (AUD 585 million). Although some early investors expressed concerns about the valuation relative to growth prospects, shareholders unanimously approved the deal. Following this acquisition, Credible was removed from the ASX and transitioned back into private ownership under Fox’s corporate umbrella.
External links
- Companies based in San Francisco
- Companies formerly listed on the Australian Securities Exchange
- Comparison shopping websites
- Financial technology companies
- American companies established in 2012
- Financial services companies established in 2012
- Online brokerages
- Online marketplaces of the United States
- Online financial services companies of the United States
- 2017 initial public offerings
- 2019 mergers and acquisitions
- Fox Corporation subsidiaries
- Companies of the United States by year of establishment