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- MoneyMe’s (MME) increased its external funding capacity to $338 million, after restructuring its main warehouse facility
- The company announced on Tuesday its MME Horizon 2020 Trust grew by $108 million, an increase of 47 per cent
- The fintech stock will use the new funds to grow its customer originations as well as support its new vehicle finance product, AutoPay
- Additionally, MME revealed its increased its corporate bond by $7 million in a bid to provide the business more capital for growth
- MoneyMe shares closed up 1.83 per cent at $1.95 per share on Tuesday
MoneyMe (MME) has increased its external funding capacity to $338 million, after restructuring its main warehouse facility.
The finance company announced on Tuesday its MME Horizon 2020 Trust has been extended by another $108 million, representing an increase of 47 per cent.
MME also revealed its increased its corporate bond by $7 million in a bid to provide the business more capital for growth
MoneyMe said all the new funds would help grow its customer originations as well as support its new vehicle finance product, AutoPay.
MoneyMe’s Managing Director and CEO Clayton Howes explained the additional funding came at a time of heavy growth for the company.
“These funding changes give MoneyMe greater strength to grow the business at the pace we’ve seen the last six months,” Mr Howes said.
“The ability to now fund Autopay receivables with our Major Bank warehouse facility means we can continue to exploit the exceptional traction we have seen to date with this new innovation, giving us more opportunity to service more dealerships and brokers signing up to use Autopay.
“We are delighted to have been able to attract two of Australia’s leading
securitisation mezzanine investors into the Horizon 2020 warehouse, which we believe is a great vote of confidence in our business and in particular our credit processes.”
MoneyMe shares closed up 1.83 per cent at $1.95 per share on Tuesday.
