Morses Club (MCL) has made its third acquisition in under four weeks, purchasing online non-standard lender Curo Transatlantic – which trades as WageDayAdvance – out of administration for £8.5m. The purchase is expected to be earnings accretive from 2021 and adds to existing digital lending business Dot Dot Loans.
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Excluding Curo’s bad debt, outstanding loan balances stood at £19m, with the purchase adding 50,000 new customers and boosting Morses Club’s loan book by a fifth. Earlier this year the group purchased home credit specialists Hays and Eccles Savings and Loans, which added an aggregate £3m in outstanding customer loans.
