// startup autopsy
DirectMoney
Australia's ASX-listed P2P lender ran out of wholesale funding and became a shell company.
runway zeroSlow Death
Years-long decline before final shutdown
| Founded | 2013 |
|---|---|
| Closed | 2019 |
| Country | Australia |
| Sector | Fintech |
| Founder | Stephen Porges |
20%
18%
Key Events Timeline
2013
FOUNDING
DirectMoney launched as Australia's peer-to-peer personal loan marketplace targeting bank rejecters.
2015
FUNDING
Listed on ASX raising AUD 30M to fund loan book growth and technology development.
2018
CEO CHANGE
CEO Stephen Porges resigned amid wholesale funding collapse and deteriorating loan book quality.
2019
SHUTDOWN
Platform wound down in 2019; ASX-listed entity became a shell seeking reverse merger targets.
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