- 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.