The fintech lender has brought money in from New York investment manager Fortress
MoneyMe raises A$100m securitisation facility from Fortress Investment Group.
Aussie fintech consumer lender MoneyMe has raised A$100 million in debt capital from New York-based investment manager Fortress Investment Group to help grow out its loan book.
The deal is part of a $120m securitisation facility, which includes a $20 million bond issued Melbourne-based corporate advisory Evans & Partners.
MoneyMe is one of the only profitable Australian fintechs and has made more than $150m in loans, the largest of any Aussie fintech lender. The company’s loan book is growing at about $1m a week, as it takes market share from banks by offering credit card debt refinancing at cheaper rates. It has also proved savvy at targeting millennials, who want the ease and access of getting loans over their phones, in the short-term consumer loan space,
With the new warehouse, MoneyMe hopes to expand its delivery channels and loan volumes. Clayton Howes, MoneyMe’s CEO, commented:
“A capital investment of this magnitude is recognition of the strength and depth of our value proposition, and an indication of the strong potential for Australian fintechs to capture serious wholesale market funding.
“As the millennial generation ages and gains even greater consumer power with their increasing incomes, their credit needs will also change and mature with them.
“Our aim is to be there throughout their credit lifecycle journey, seamlessly delivering real-time finance solutions in the locations and format that allow focus to remain on the consumption experience and not the transaction itself.”
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