Microlender Dolla Financial Services says it has completed due diligence on the proposed acquisition of the loan portfolio of Evolve Loan Company and has received board approval to proceed, subject to regulatory clearance.
In a statement issued on Wednesday, Dolla confirmed that its directors have approved the acquisition following a detailed review of Evolve's loan book.
The update follows an announcement by Supreme Ventures in early January that it was in discussions to divest the loan portfolio and select assets of its microcredit subsidiary, Evolve Loan Company, to Dolla Financial Services.
Supreme Ventures said at the time the move was part of a strategy to sharpen its capital focus, while still maintaining exposure to growth in the microfinance sector.
The company will retain a 15 per cent equity stake in Dolla Financial, allowing it to benefit from future expansion without directly managing a loan book.
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