Purse Ho
The ASX-listed lender has signed a four-year, $ 50 million financing agreement, with plans to expand its product line.
MoneyMe obtained the financing instrument from the investment company Pacific Equity Partners (PEP).
The lender said it would use the new capital to develop and deliver new products to its customers, as well as to expand its existing products, including its Autopay auto finance product.
A portion will also be used to repay an existing $ 22 million secured note facility.
MoneyMe and PEP have indicated their intention to collaborate on other financings and broader value enhancement initiatives under the deal.
Clayton Howes, Managing Director and CEO of MoneyMe, said the partnership was “an important development”.
“MoneyMe’s high growth trajectory from its personal loans and Freestyle products has accelerated with the recent launch of products in larger B2B2C markets, including Autopay and MoneyMe +, which open up significant incremental growth avenues for the group, ”Mr. Howes said.
“The partnership with PEP is essential to guarantee the huge opportunity that lies before us. “
PEP Managing Director Jake Haines added, “We see MoneyMe as a leading consumer lending platform with great people, technology and products, and a relentless drive to deliver great. service and innovative solutions to its customers.
“We have been impressed with its track record so far and look forward to supporting MoneyMe in achieving its growth ambitions. “
In August, MoneyMe signed an agreement with Platform Finance, allowing the aggregator’s brokers to access its Autopay vehicle finance offering.
[Related: Productivity Commission lauds broker role in SME finance]
Sarah simpkins
Sarah Simpkins is the managing editor of Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.
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