The year's biggest tech IPO gains 9pc on debut after raising $67m

US student loan service Credible Labs made its ASX-debut on Friday after the biggest tech Initial Public Offering of the year.

Credible (ASX:CRD), led by Aussie tech entrepreneur Stephen Dash, raised $67 million to further develop its student finance platform.

The shares closed Friday at $1.32 — 11c above the $1.21 offer price.

The Silicon Valley-based loan marketplace has zeroed in on the US market, connecting students looking for finance with a range of lenders to get the best rate.

Credible boasts more than 710,000 users on the platform and 27 financial institution partners.

The raise valued the company at $306.6 million.

Aussie expat and Credible founder Stephen Dash

It’s a return to his homeland for ex-JP Morgan banker Stephen Dash, who founded the company as a student loan refinancer in 2012 through sheer disbelief at the burden of student debt placed on American students.

Now its expanded into the lucrative fintech space – offering personal loans and credit cards as well.

“I believe there is a significant online migration underway in the US financial services industry,” Mr Dash told investors in the prospectus.

“Consumer preferences are changing, and financial institutions are adapting. Marketplaces that can innovate and leverage technology to create better customer experiences will win.”

They’re not the only US fintech play on the ASX. Digital bank Change Financial (ASX:CCA) tapping into it through their ‘no-cost’ Chimp Change bank accounts.

CRD chairman Ron Suber told shareholders the company was focussed on helping consumers save money and make better financial decisions:

“We are particularly proud of our track record that includes cumulative loan originations of over $US1 billion (as at September 2017), and an exceptional consumer rating on Trustpilot of 9.5/10 from over 850 Credible consumer reviewers. As at September 2017, approximately 650,000 consumers, mostly millennials, had created Credible accounts.”

In big day for IPOS in the market, Queensland building materials provider Wagners closed the day up 25 per cent at $3.4 on its debut.

The family-owned business from Toowoomba has grown from a single concrete plant in 1989 and now provides a whole suite of materials, as well as operating the town’s $100 million airport.

Shares closed at $3.4, from an offer price of $2.71.