Goldfields Money wins second champion

Two contenders share the register, and soon the board table, at midget ADI Goldfields Money.

Being small has its virtues - it makes a stock, and its total market capitalisation, cheap.

This cheapness (A$15 million) attracts non-bank entities with their eyes on an ADI product set and the convenience of established institutional relationships with regulators.

Pioneer Credit on Friday joined lender Firstmac as a near-15 per cent shareholder.

Firstmac already sources ADI products and has made some views known on future co-operation.

But it's based in Brisbane and busy steering its own flourishing home loan funding business. Still a form of contest for control may yet take shape.

A former credit union centred originally on Kalgoorlie, Goldfields Money is allowing its corporate and people centre to take hold in Perth. Metropolitan WA and metro Australia must be target markets for a high growth strategy.

Pioneer Credit has Perth roots and its CEO Keith John built the stake with his own money at first.

His business has now bought him out, and a home town champion will have to showcase a business vision for a challenger with as good a prospects as any.