Plenti Group (ASX:PLT) - Co Founder & CEO, Daniel Foggo (centre)
Co Founder & CEO, Daniel Foggo (centre)
Source: Plenti
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Plenti Group (PLT) signs a corporate debt facility agreement with an undisclosed Australian funder to provide capital to support its ongoing business growth
  • The facility will initially be drawn to $18 million and facility size is linked to the company’s securitised loan portfolio, and is expected to grow in line with loan book growth
  • The availability period will be set for two years with a possibility of extension or amortisation
  • PLT shares were trading at 95 cents, up 6.74 per cent for the day at market close

Fintech lender Plenti Group (PLT) has entered into a corporate debt facility agreement with an undisclosed Australian funder to provide capital to support its ongoing business growth.

The facility will initially be drawn to $18 million and facility size is linked to the company’s securitised loan portfolio and is expected to grow in line with loan book growth.

The availability period will be set for two years with a possibility of extension or amortisation.

Plenti Group offers car, renewable energy and personal loans, using its proprietary technology.

“Securing this facility provides a cost effective, flexible and non-dilutive solution to funding our ongoing loan portfolio growth,” said Plenti CEO Daniel Foggo.

“Consistent with Plenti’s general approach, this facility has been structured in an innovative way, and provides us with much greater flexibility than more traditional corporate debt funding structures.

“With this funding facility in place and Plenti having reached monthly Cash NPAT profitability, we are better placed than ever to pursue the growth opportunities in front of us and to achieve our medium term target of reaching a $5 billion loan book.”

Funding from the facility will primarily be used to support growth in Plenti’s warehouses and ABS funding structures.

PLT shares were trading at 95 cents, up 6.74 per cent on the day at market close.

PLT by the numbers
More From The Market Online
The Market Online Video

Market Close: Autumn’s ASX200 record breaking start

The ASX200 has closed the first day of Autumn at a new record 7745.6 points -…
The Market Online Video

Ark Mines (ASX:AHK) improves REE grades at Sandy Mitchell

North Queensland-based REE explorer Ark Mines (ASX:AHK) has proven higher-grade mineralisation is present on-site.

Week 9 Wrap-up: ASX hits 2 new ATHs on US inflation + the headlines that mattered

What a week. As US markets continue to go crazy after the American earnings season (read: NVIDIA), the ASX has done the same. 
OBM

Ora Banda Mining secures $30 M placement, marks progress toward second underground mine

Ora Banda Mining (ASX:OBM) has completed a single tranche placement, securing commitments at an issue price…