Carsales.com has invested in an equity share of Australian Ratesetter marketplace. RateSetter today announced that Stratton Finance and Carsales would together invest about 10 million AUD in the Sydney-based local business, taking a combined 20 per cent equity stake which will puts the valuation of Ratesetter Australia at 50 million AUD.
Carsales.com owns 50.1 per cent of Stratton, which provides car finance.
â€œWe see a natural fit with Carsales, which is one of Australiaâ€™s original online innovators â€” its willingness to invest in RateSetter Australia is a vote of confidence in our business model,â€ said RateSetter Australia chief Daniel Foggo.
(Source: The Australian Business Review)