David Albest

Metro Finance, one of Australia’s most popular non-bank auto and equipment finance providers, has announced the appointment of David Albest as its new Chief Executive Officer (CEO), as Metro Founder and previous CEO, Phillip Crossman, moves into the role of Executive Chairman within the business.

Before his announcement as CEO, David was Metro’s Chief Operations Officer and has been with the company for more than a decade.

Metro’s newly appointed Executive Chairman, Phillip Crossman, was pleased to see David stepping into the role of CEO at Metro – a company he founded in 2011.

“As I take on this new role within the company, I’m delighted to be passing the baton to David; someone I have worked with closely for over a decade, and someone with a wealth of experience both within the Metro business and in the wider finance sector,” Phillip said.

“I am certain David will continue to take Metro to new and exciting heights, and I’m looking forward to supporting David as CEO in my new capacity as Metro’s Executive Chairman.”

In his new role as Metro CEO, David brings over 25 years of asset finance experience to the business, including over 10 spent with Metro. As one of Metro’s first employees, David has been instrumental in growing the business from just three staff and is credited with helping to instill Metro’s customer-first, collaborative culture.

On his appointment as CEO, David was excited for what the future holds for the business, and paid tribute to Phillip.

“It’s an exciting time for the Metro business as we continue to innovate and offer new products to our customers. Certainly Phil leaves some huge shoes to fill, but I’m thrilled to be taking on this new opportunity with the company I have spent the last decade helping to build,” David said.

“I’d like to thank Phil, our staff and introducers for their continued passion, dedication and support. I’m looking forward to taking on this incredible opportunity and leading the Metro team into a new chapter.”

The Metro business continues to go from strength to strength, with a range of innovate, flexible products for consumers. Recently, Metro unveiled an Australian-first: its new MetroEco product, designed to make it easier and more affordable for small-medium businesses to invest in environmentally friendly assets, such as electric vehicles, farming equipment, solar panels and charging solutions.

Metro works with a national network of introducers to provide a range of customer-led financial solutions including commercial and personal finance and novating leasing.

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Phillip Crossman

Metro, one of Australia’s leading independent non-bank lenders for commercial asset finance, has announced the successful completion of a $67 million institutional equity placement.

The placement, which follows a $500 million debt funding deal announced earlier in the year, will be used to strengthen Metro’s balance sheet and support further growth of its novated lease and consumer lending businesses.

The placement will also provide Metro with the ability to pursue possible strategic acquisitions that will bolster its distribution networks and technology capabilities.

Commenting on the announcement, Chief Executive Officer Phillip Crossman said it was an exciting time for the business and the equity injection would enable it to accelerate expansion plans.

“Today marks an important milestone for Metro as we prepare to embark upon a new phase of growth. This will see us tap into new markets, unlock additional distribution channels, pursue opportunities within our strategic focus areas, and augment our existing capabilities across the entire business.”

While Metro’s core business continues to be commercial lending, the company expanded into novated leasing and consumer auto lending in 2021 and 2022 respectively.

The lender today settles approximately A$150 million in loans per month, or A$1.5-2 billion each year, servicing more than 50,000 customers and originating loans via its national network of around 4,000 auto and equipment brokers.

“At Metro, we pride ourselves on delivering exceptional service and outcomes to our customers. By taking a uniquely personalised approach to lending, and due to our continued investment into our technology stack, we’ve been able to help keep Australian businesses and consumers moving efficiently, despite challenging economic conditions.

“We’re excited for the future, and this latest injection of equity ensures we are well positioned to continue supporting our customers and distribution partners,” Phillip added.

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