MONEYME Limited (ASX:MME) Secures A$125 Million Funding Facility
Strategic Funding Partnership
MONEYME Limited has announced a significant funding partnership with iPartners, securing a new A$125 million corporate funding facility. This facility replaces the existing borrowing arrangements on better commercial terms, aiming to enhance the company’s financial position and growth capabilities.
Facility Details
The new facility will not only refinance existing corporate debt but is also designed to drive loan book growth and provide general working capital. The initial drawdown is A$65 million, with an additional A$60 million available on an uncommitted basis. Settlement of this facility is anticipated on 20 December 2024, pending customary conditions.
CEO Comments
Clayton Howes, Managing Director and CEO of MONEYME, expressed the importance of this partnership, stating, “This funding partnership with iPartners is significant for MONEYME and supports our strategic objectives. This 2.5x larger facility, at a greatly reduced funding cost, and importantly without dilution to shareholders, will unlock significant incremental growth opportunities for the Group.” He further noted his excitement about commencing the new year with this new funding in place.
iPartners’ Perspective
Travis Miller, Co-Founder and CEO of iPartners, highlighted the appeal of MONEYME’s growth strategy, noting, “We have watched MONEYME’s impressive growth across various securitisations, funding programs and product suite and wanted to get involved.” He expressed enthusiasm for participating in the company’s next growth phase.
Company Overview
MONEYME is a digital lender focused on making credit accessible through innovative technology. The company targets consumers with above-average credit profiles and delivers various competitive loan products while adhering to high sustainability standards as a Certified B Corporation™.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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