Aura High Yield Fund backs Banjo lending
It’s a busy time in the fintech and marketplace lending industry as a raft of players look to step up their financing efforts.
Street Talk understands the The Aura High Yield SME Fund has made its maiden investment by providing a revolving loan facility to fintech company Banjo Loans. That comes as ASX-listed marketplace lender DirectMoney is set to announce – as early as Wednesday – a new wholesale funding agreement with 255 Finance, a subsidiary of Challenger.
The $20 million facility from Aura will assist Banjo’s loan book growth for lending to businesses, an area the major banks are pulling back from at the smaller end. Banjo was founded by NAB’s former business performance in corporate, institutional and specialised banking boss Andrew Colliver, along with former colleagues.
The new facility, alongside a senior one provided by a bank, will deliver Banjo a lending capacity of more than $100 million.
The Aura SME fund is targeting more than $100 million in funds under management. It focuses on marketplace and peer-to peer lenders who lend to SMEs.
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