Credible Labs Inc., commonly known as Credible, is a

financial technology Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are ...

company headquartered in

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

. The company also does business through its subsidiary Credible Operations, Inc. Its

online marketplace An online marketplace (or online e-commerce marketplace) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are the primary type of multichannel ecommerce and can be a way ...

offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary of

Fox Corporation Fox Corporation (stylized in all-caps as FOX Corporation) is a publicly traded American mass media company operated and controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in New York City. Incorporated ...

in 2019. In December 2021, Credible acquired digital insurance platform Young Alfred, adding various kinds of insurance including home, auto, and pet to its platform.

Products and services

The Credible marketplace allows consumers to compare financial products from multiple providers side by side. The company itself is not is a lender, a bank, or a credit card issuer. Instead, its integrations with lenders and

credit bureau A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit repor ...

s allow the company to provide pre-qualified rates based on a consumer's

credit history :''This article deals with the general concept of the term credit history. For detailed information about the same topic in the United States, see Credit score in the United States.'' A credit history is a record of a borrower's responsible repay ...

, a capability that distinguished the company from comparison sites that only provide generic rate information. Dash has analogized Credible's

business model A business model describes how an organization creates, delivers, and captures value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-published, 2010 in economic, social, ...

to those of

travel Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without luggage, and can be one way or round trip. Travel c ...

search engines like

Kayak A kayak is a small, narrow watercraft which is typically propelled by means of a double-bladed paddle. The word kayak originates from the Greenlandic word ''qajaq'' (). The traditional kayak has a covered deck and one or more cockpits, each se ...

and

Expedia Expedia Inc. is an online travel agency owned by Expedia Group, an American online travel shopping company based in Seattle. The website and mobile app can be used to book airline tickets, hotel reservations, car rentals, cruise ships, and vacat ...

, which show ticket prices for specific bookings and allow users to comparison-shop among competing offers, noting that Credible offers a similar platform for financial services. By 2018, the company's marketplace included 38 lending partners. The company's platform is primarily accessible through its website and has also become available through integrations with third-parties like Radius Bank,

Fidelity Investments Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is on ...

, and

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

History

The company was founded in 2012 by Australian entrepreneur Stephen Dash. Credible originated as a platform for

refinancing Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic ...

student loan A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest r ...

s. Its online consumer loan marketplace has subsequently expanded to include

loan origination Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application ...

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

s, personal loans, and mortgages. The company was

incorporated in Delaware The Delaware General Corporation Law (Title 8, Chapter 1 of the Delaware Code) is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware. Adopted in 1899, the statute has since seen Delaware become the most im ...

on November 20, 2012, as Stampede Labs Inc., before changing its name to Credible Labs Inc. in December 2013. The company has been headquartered in San Francisco since its founding. American investor Ron Suber sat as

chairperson The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

of Credible's

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

between 2015 and 2019. Australian businessman

Alex Waislitz Alex Waislitz (born 1958) is an Australian businessman. Waislitz was elected to the Collingwood Football Club Board of Directors in 1998, elected as vice-president in 2009, and has provided philanthropic support to the club. Early life and e ...

was an early investor. In December 2017, Credible Labs became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on the

Australian Securities Exchange Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as ...

(ASX). It was the year's largest technology IPO on the ASX, raising million. 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. In 2018, the company opened a second office in

Durham, North Carolina Durham ( ) is a city in the U.S. state of North Carolina and the county seat of Durham County, North Carolina, Durham County. Small portions of the city limits extend into Orange County, North Carolina, Orange County and Wake County, North Carol ...

to expand its marketplace to

mortgages A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pu ...

. At launch, the company initially offered

mortgage broker A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, ...

age services in 20 states. As of January 2021, it maintained active mortgage broker's licenses in 47 states through its subsidiary, Credible Operations, Inc. By August 2019, Credible employed 135 people across its two offices. In October 2019,

acquired a 67-percent majority ownership stake in Credible for million (equivalent to million). 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. Nonetheless, Credible's stockholders unanimously voted to approve the acquisition on October 14. As a result of the acquisition, Credible became a

privately held company A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is ...

again and was delisted from the ASX.

References

External links

*
Official blog

Credible
at

Trustpilot Trustpilot Group plc, is a Danish consumer business operating a review website founded in Denmark in 2007 which hosts reviews of businesses worldwide. Nearly 1 million new reviews are posted each month. The site offers freemium services to busin ...

{{DEFAULTSORT:Credible 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 Internet properties 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