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.
“We see a natural fit with Carsales, which is one of Australia’s original online innovators — its willingness to invest in RateSetter Australia is a vote of confidence in our business model,” said RateSetter Australia chief Daniel Foggo.
(Source: The Australian Business Review)