Brighte secures $130m securitisation warehouse anchored by NAB
Brighte, a digital credit platform that provides point-of-sale finance for vendors operating in the solar, battery and home improvements industry, today announced it had secured its first asset backed securitisation warehouse. Securing National Australia Bank (NAB) as the senior funder for the program.
The securitisation warehouse provides Brighte with $130m in efficient and cost-effective funding and is needed to support the business’s strong and rapidly growing demand from vendors for its point of sale finance products. The new securitisation warehouse will facilitate funding for Brighte’s BNPL payment plan as well as its newly launched personal loan. Underlying assets that can be funded via the facility include solar, batteries as well as all home improvements.
The initial $130m facility is comprised of $80m of senior funding from NAB and includes mezzanine funding of ~ $50m which has been supported by Brighte’s shareholders including Mike Cannon-Brookes who has committed to $28m and Skip Capital, the private investment vehicle of Kim Jackson and Scott Farquhar also committing to notes.
Brighte founder and CEO Katherine McConnell said the funding was an important gear change for the business in its maturity from start-up to a mature lending platform.
“This is a milestone for Brighte allowing us to scale and service the strong demand for our products. It has been my goal to establish this facility since I started Brighte. To have achieved this in just over 30 months speaks to the maturity of the platform and the opportunity ahead of us” McConnell said.
“This is a big win for our vendors and their customers. It allows Brighte to bring to market new products and service greater segments including home improvements”
“I am also delighted to continue to be backed by NAB as well as my shareholders Grok and Skip. Their support of Brighte extends beyond capital and I am grateful to have such strategic and collaborative partners alongside me.”
Cathryn Carver, NAB Executive General Manager, Client Coverage Corporate & Institutional Banking, said NAB’s support for Brighte is testament to how the bank can support emerging technology companies to access funding at critical stages of their development, helping them grow from a start-up to a mature business.
“Brighte is a business going from strength to strength as customer demand for its products soars,” Ms Carver said.
“We recently pledged $2 billion in financing for emerging technology companies and there is no better example than Brighte of a tech innovator we want to back as they get bigger and better.
Mike Cannon Brookes, Brighte’s shareholder and mezzanine debt investor said “Brighte is doing great things for the green energy market, making it easier for companies that provide solar panels, batteries and other energy efficient home products to give their customers quick and easy access to affordable, reliable credit.”
“Brighte is a hugely exciting company that’s making clean energy more accessible and reducing power bills for tens of thousands of Australians.”
“Katherine McConnell has built a fantastic idea into a successful company. I can’t wait to see what her team can achieve in the years ahead, and I’m a big supporter.”
“If we’re to truly redefine the way we consume energy in this country and build a sustainable future for our kids, then we need companies like Brighte and founders like Katherine. They are helping to make clean energy more readily available while also cutting power bills. That’s a great thing.”