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MoneyMe secures $50m funding commitment

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Sarah Simpkins 5 minute read

The ASX-listed lender has signed a $50 million four-year-long funding agreement, with plans to grow its product suite.

MoneyMe has secured the funding instrument from investment firm Pacific Equity Partners (PEP).

The lender stated that it would be using the new capital to develop and deliver new products for its customers, as well as grow its existing ones, including its Autopay car financing product.

A portion will also be used to repay an existing $22 million secured note facility.

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MoneyMe and PEP have indicated plans to collaborate on further funding and broader value-enhancing initiatives through the agreement.

Clayton Howes, managing director and chief executive of MoneyMe commented the partnership is a “significant development”.

“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,” Mr Howes said.

“The partnership with PEP is instrumental to securing the very large opportunity in front of us.”

PEP managing director Jake Haines added: “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.

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“We have been impressed with its track record thus far and look forward to supporting MoneyMe in achieving its growth ambitions.”

In August, MoneyMe signed a deal with Platform Finance, providing the aggregator’s brokers with access to its Autopay vehicle finance offering.

[Related: Productivity Commission lauds broker role in SME finance]

MoneyMe secures $50m funding commitment
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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