Bank Of Queensland backs solar panel lender Brighte

Brighte, a buy-now-pay-later platform for home energy backed by Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, has secured a $15 million debt facility with Bank Of Queensland that takes its total facilities to $45 million.

Of the 11,000 payment plans worth $90 million approved by Brighte since it started lending in October 2016, 94 per cent have been for renewable home energy equipment such as solar panels and batteries.

The facility with BOQ’s finance division adds to a facility with National Australia Bank, which has just been extended from $20 million to $30 million. It would allow Brighte to expand its interest-free lending into associated areas such as air conditioning and flooring, while retaining its emphasis on energy efficiency, according to founder Katherine McConnell.

“Our vendors installing the solar panels are electricians anyway, so this will allow them to offer instantly approved finance on a range of home improvements,” said Ms McConnell, who managed energy and equipment financing teams for Macquarie Bank before founding Brighte.

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Source: Bank Of Queensland backs solar panel lender Brighte | afr.com