MONEYME doubles its Autopay funding capacity to $750 million

MONEYME has secured a deal with its debt funders to extend and double its MME Autopay warehouse facility from $375 million to $750 million.

The warehouse is used to fund originations of MONEYME’s car loan product, Autopay. MONEYME increased loan originations in 1H24 and said it expected to increase originations growth when macro conditions improve, with the car finance market a strategic focus.

The new terms also released ~$10 million of unrestricted cash into the business to boost its growth plans.

Clayton Howes, MONEYME’s Managing Director and CEO said, “This is a significant step in optimising MONEYME’s funding program that allows improved efficiency of capital allocation and risk adjusted returns. The car loan market is a strategic focus for MONEYME and this funding increase is an important growth enabler for our Autopay product. The release of unrestricted cash will further support the growth of our business.”