Latitude Financial Services
| Company type | Public |
|---|---|
| Industry | Financial services |
| Headquarters | Melbourne , Australia |
Area served | Australia, New Zealand |
| Products | Secured and unsecured personal loans, credit cards, vehicle financing, interest-free retail financing |
Latitude Financial Services is a financial institution based in Melbourne, Australia, providing services across Australia and New Zealand under the name Gem Finance in the latter market. The company specializes in a range of products, including both secured and unsecured personal loans, credit cards, vehicle financing, and interest-free retail financing. By 2018, Latitude commanded an estimated 6% portion of the personal lending sector in Australia, establishing itself as the leading non-bank provider of consumer credit within the nation.
History
The origins of Latitude trace back to the personal and motor dealer financing divisions of the Australian Guarantee Corporation operating in Australia and New Zealand, which were acquired by GE Capital from Westpac in 2002.
In 2015, ownership of GE Capital’s Australian and New Zealand operations transferred to a consortium led by Deutsche Bank, KKR, and Värde Partners. Following this acquisition, the business was rebranded as Latitude Financial Services.
On 20 April 2021, Latitude launched its initial public offering at $2.60 per share, debuting on the Australian Securities Exchange with an approximate market valuation of $2.8 billion.
In February 2023, the company announced the immediate discontinuation of its Buy now, pay later service across both Australian and New Zealand markets.
The following month, March 2023, Latitude revealed a cybersecurity incident that compromised nearly 8 million driver’s licenses from Australia and New Zealand, thousands of passport details, under 100 monthly financial statements, along with six million customer records dating back prior to 2013.