- QuickFee (QFE) has signed a new US$70 million (A$96.2 million) asset-backed debt facility with Northleaf Capital
- This new loan will replace the fintech company’s existing US$25 million (A$34.4 million) facility with the private markets investment firm
- This new loan also increases QuickFee’s funding availability by over 250 per cent as the company focuses on scaling its business in Australia and the US
- The finance stock added that the four year facility will lower the average cost of borrowing as its business expands
- QFE shares are up 13.5 per cent at 21 cents each
QuickFee (QFE) has signed a new US$70 million (A$96.2 million) debt facility with Northleaf Capital.
The asset backed, multi currency receivables facility is broken up into a US$40 million (A$55 million) first lien facility, and an additional US$30 million (A$41.3 million) accordian feature.
This new four-year loan will replace the fintech company’s existing US$25 million (A$34.4 million) facility with Northleaf, which operates as a global private markets investment firm.
It will also also increases QuickFee’s funding availability by over 250 per cent as the company focuses on scaling its business in Australia and the US.
CEO Eric Lookhoff said the new four year facility will lower the average cost of borrowing as its business expands.
“I am delighted we are partnering with Northleaf Capital and incredibly excited with their support as we accelerate the scaling of the QuickFee business in both the US and Australia,” Mr Lookhoff said.
“QuickFee has continued its encouraging start to FY22 after a pleasing first quarter, where the company saw substantial expansion of its payments volume as well as the beginning of lending recovery in Australia and the US.
“The additional funding provides QuickFee increased lending capacity as the
company continues to expand in key professional services markets, and accelerates growth of its ‘buy now, pay later’ solution in the broader services sector.”
QFE shares were trading up 13.5 per cent at 21 cents each at the close of market on Friday, November 19.