Old company with a new name
Xceda was once Asset Finance. It took the new name in October to reflect its identity as a focussed lender that combines tech-based lending with old fashioned bricks and mortar, and a source of income based entirely on local depositors.
The company dates back to 1989. It started in Whakatane as a business selling spare parts for machinery such as trailers and logging equipment.
But to help its customers pay for often expensive equipment, it began offering financing arrangements and this gradually displaced the company's original role.
“It morphed into a company providing business loans and personal loans and then became a true finance company,” chief executive Daniel McGrath says.
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