DirectMoney appoints CEO

Consumer lender DirectMoney has appointed Peter Beaumont as its chief executive on the same day that it released its first financial report since its reverse takeover of ASX-listed Basper Ltd.

DirectMoney, which has been lending since November last year, reported a A$906,000 loss for the year to June.

On July 3 Basper completed its acquisition of the issued capital of DirectMoney and raised $11.3 million through a share issue.

Later that month the company was reinstated on the ASX under the name DirectMoney Ltd.

It has invested $500,000 of in-house funds in a retail fund, the DirectMoney Personal Loan Fund, which will invest in a pool of DirectMoney's unsecured personal loans.

Beaumont has had a 20-year career in the financial services industry, working at Citibank, UBS, ABN Amro and Bank of America Merrill Lynch.