Classic Funding Group was formed in 2013 through the merger of The Leasing Centre (TLC) and GPAC Finance.
The Leasing Centre
Established in 1992, TLC provided asset finance solutions to Australian businesses across a variety of industries. TLC provided over $800 million of funding to help Australian companies grow.
In 2011, following the withdrawal from the Australian market by a number of international banks which had previously funded TLC, GPAC Australia became a strategic investor and provided new secure funding lines to TLC.
With the benefit of this new funding, TLC was able to take the final step to becoming a fully-fledged lender with control over all aspects of credit policy: enabling it to offer fast decisions and improved customer service.
GPAC Finance was the financial services arm of GPAC Australia.
Whilst working closely with TLC, GPAC Finance continued to explore other opportunities to build complementary financing businesses.
In 2011, it helped to develop Classic Cash Flow Solutions, a debtor finance business that delivered working capital solutions for a range of businesses, and took full ownership of the business in 2013. Also in 2013, it launched a new energy finance business, Classic Clean Energy Finance, providing innovative finance solutions that allowed both consumers and commercial customers to upgrade to solar power and combat rising electricity bills.
Classic Funding Group
TLC and GPAC Finance were merged in 2013 to enable both companies to benefit from the obvious synergies that allowed an integrated set of products to be made available to it's clients.
In 2014, all the businesses were rebranded as Classic Funding Group to more clearly represent the combined benefits of the business to the market.