MONEYME increases its external securitisation funding facilities to $1.65 billion

MONEYME increases its external securitisation funding facilities to $1.65 billion

MONEYME have announced an increase to its external securitisation funding facilities to $1.65 billion, with undrawn capacity of $388 million.

MONEYME ’s warehouse funding facilities now include funding from 2 major Australian banks and 2 major international banks via 5 warehouses.

Inaugural MONEYME term securitisation completes with a triple-A rating

MONEYME completed its first term securitisation of MONEYME personal loan customer receivables on 30 June 2022. Key highlights from the transaction include:
• $200 million term securitisation
• Private placement with three major Australian investors
• Moody’s rating, with the senior tranche rated Aaa (sf)
• Frees up $200 million of funding capacity in MONEYME’s warehouses

Undrawn securitisation funding capacity increases to $388 million

MONEYME also increased the capacity of its Autopay warehouse from $300 million to $450 million in June. This transaction along with the term securitisation and existing arrangements have increased external securitisation funding facilities to $1.65 billion and undrawn capacity of $388 million.

These recent updates have also further helped to reduce the Group’s securitisation cost of funds drawn margin to c. 3.1%.

Clayton Howes (pictured), MONEYME’s Managing Director and CEO, said, “It’s great to see the consistent step changes being made in our securitisation funding program to facilitate profitable returns and stability in the current economic environment.

“Our inaugural term securitisation is incredibly exciting, with Moody’s Aaa (sf) rating a testament to our track record of consistent credit performance and underwriting standards.

“Our undrawn securitisation funding capacity of $388 million, supported by the reduction in the cost of funds margin, further positions us well in a rising interest rate and increasingly competitive funding environment.

“We remain focussed on executing our strategy: profitable growth, innovation, maintaining the quality of our loan book, and efficiency and accuracy in credit decisioning thanks to our proprietary lending technology platform.”