Australian consumer lending fintech MoneyMe has finalised an AUD120m ($91m) asset-backed wholesale securitization facility led by Fortress Investment Group.
Fortress invested AUD100m, while corporate advisory Evans & Partners issued an AUD20m bond, which was oversubscribed.
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MoneyMe said the funding places it in an ideal position to continue capturing an even greater share of the digitally-savvy millennial consumer market over the next 3 to 5 years.
The fintech firm intends to use the fresh capital to expand its distribution channels and launch a series of niche loan products targeting the millennial market.
MoneyMe CEO and co-founder Clayton Howes said: “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.
“A securitization warehouse structure and our institutional-grade treasury function akin to the major banks — combined with advanced automation and personalization capabilities, data-driven product integrity, cutting-edge technology for scalability, and a relatable brand personality — is a sure-fire way for Australian fintechs to attract the interest of global investors.
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By GlobalData“This type of validation by a global investment management company, Fortress Investment Group, affirms a funding path that will now allow us to capitalise on growth and market share opportunities where bank branch models are not a natural fit in this digital age.
“As we further increase our independence and position as a mainstay in the improved distribution of consumer finance, we see this validation as a win for Australian fintech as a whole,” Howes added.
