RealTime IT News

E-Loan Acquires Flexemortgage.com

E-Loan announced Thursday that its UK subsidiary E-Loan, Ltd. (UK) has acquired Flexemortgage.com, the UK's leading online source of information about flexible mortgages.

E-Loan also announced that Andrew Armishaw will head its UK operations. A former CEO of the branchless bank First Direct, he took the bank online and was instrumental in its rapid growth to a customer base of over a million.

"I am a believer in the Internet's ability to radically improve the consumer experience for financial products," said Andrew Armishaw.

"The Internet shifts the power to the consumer, providing access to information that gives the consumer control of these important financial decisions. The addition of flexemortgage.com to E-Loan Ltd. will provide consumers with the most thorough information available on alternatives in the UK. From launch, E-Loan Ltd. will give consumers the choice and control that they deserve."

E-Loan Ltd. (UK) is a joint venture between leading online lending company E-Loan, of Dublin, California, and eVentures -- which is itself half-owned by SoftBank in the U.S. and epartners in the UK.

Launched in June, Flexemortgage.com acts as an intermediary for the increasingly popular flexible mortgage deals that are available in the UK. It claims to have generated over £180 million ($290 million) of potential new business for its panel of leading flexible mortgage providers.