Solvar’s Money3 hit with $1.55m penalty as ASIC case concludes

Money3 Corporation Limited ( (AU:SVR) ) has issued an announcement.

Solvar Limited, the parent of Money3 Loans Pty Ltd, is a specialist consumer and commercial finance provider with a strong presence in Australia and New Zealand’s used-vehicle finance market. The group uses technology-driven processes across broker, online and direct channels to deliver a streamlined lending experience to traditionally underserviced consumers.

The Federal Court of Australia has ordered Money3, a Solvar subsidiary, to pay a $1.55 million penalty for limited contraventions of the National Consumer Credit Act between 2019 and 2021, concluding an ASIC-initiated matter. Solvar’s chief executive said the company respects the court’s decision and highlighted investments in governance, complaints handling, hardship support and underwriting since the period in question, positioning the group on a stronger compliance footing while reaffirming its commitment to financing underserviced borrowers.

The most recent analyst rating on (AU:SVR) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Money3 Corporation Limited stock, see the AU:SVR Stock Forecast page.

More about Money3 Corporation Limited

Solvar Limited is a market-leading consumer and commercial finance company operating in Australia and New Zealand, with more than 20 years’ experience. Through its Money3 brand, the group focuses on used-vehicle and personal loans, leveraging technology to provide a seamless application process via brokers, online channels or directly to customers, and has funded over $2 billion in vehicles and personal loans.

Average Trading Volume: 107,060

Technical Sentiment Signal: Buy

Current Market Cap: A$296.5M

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