Consumer lending fintech MoneyMe has announced it has secured $120m of funds which the firm will use for future growth and expansion.
The asset-backed wholesale securitisation facility includes $100m from global investment manager Fortress Investment Group as well as $20m of bonds issued by corporate advisory firm Evans & Partners.
MoneyMe will use these added funds to grow its market share, branch into new lending products and expand into additional delivery channels over the next three to five years.
This size of investment shows recognition of MoneyMe’s strong value proposition and the potential of Australian fintechs to capture significant wholesale market funding, said MoneyMe CEO and cofounder Clayton Howes.
“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.”
This validation was a win for the Australian fintech sector as a whole, Howes said.
With this added investment, MoneyMe will continue to fund its loan book growth and expand its distribution channels. Howes recently spoke to
Australian Broker about
the firm’s movement into the third party channel with a number of brokers already signing up.
MoneyMe also plans on launching a series of niche loan products targeting the millennial demographic.
“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,” said Howes.
“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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