MoneyMe, a consumer lending fintech, has formed a $36.39m (A$50m) funding partnership with Australian investment company Pacific Equity Partners (PEP).
MoneyMe, which is advised by Morgan Stanley and Gilbert + Tobin, intends to use the funding to enhance its product portfolio and meet the demands for its auto financing product.
A portion of the funding will also be used for repaying the existing A$22m secured notes facility.
MoneyMe uses AI to offer credit products such as personal loans, automotive finance, and POS finance among others.
MoneyMe managing director and CEO Clayton Howes said: “Being able to access efficient debt capital, with a leading Australian investment firm with over A$7bn in funds under management and more than 20 years of operating success, creates immense value.
“MoneyMe’s high growth trajectory from its personal loan and Freestyle products has accelerated with the recent launch of products in the larger B2B2C markets including Autopay and MoneyMe+ which are unlocking significant incremental growth pathways for the Group.”
As per the terms of the agreement, MoneyMe secured the funding through a four-year secured hybrid funding instrument documented under a Syndicated Facility Agreement (SFA).
The firm also revealed plans to collaborate with PEP on further funding.
PEP managing director Jake Haines said: “We see MoneyMe as a leading platform within the consumer lending space with great people, technology and products and a relentless drive to provide excellent service and innovative solutions to its customers.”