MoneyMe secures $50m funding from Pacific Equity Partners
MoneyMe has formed a strategic funding partnership with Australian investment firm Pacific Equity Partners, securing an initial $50 million funding commitment.
The new funding will be used to accelerate growth across MoneyMe’s product suite and is well timed to meet the high demands of its new and rapidly growing Autopay car financing product (MME’s fastest-growing product, timed to take advantage of increasing car purchases during and post-COVID + take advantage of a space that incumbents are backing out of).
MoneyMe will deploy this capital to continue to develop and deliver new and enhanced products to its customers, building on the success of its ListReady, Autopay, MoneyMe+ and Freestyle products.
The new funding structure enables significant expansion of the Group’s securitisation warehouse program which maintains a cost of funds of <5%. A portion of this initial funding will also be used to repay MoneyMe’s existing A$22m Secured Note facility.
Clayton Howes, MoneyMe’s Managing Director and CEO said, “The strategic partnership with PEP is a significant development for MoneyMe. Being able to access efficient debt capital, with a leading Australian investment firm with over A$7bn in funds under management and more than 20 years of operating success, creates immense value.
“MoneyMe’s high growth trajectory from its personal loan and Freestyle products has accelerated with the recent launch of products in the larger B2B2C markets including Autopay and MoneyMe+ which are unlocking significant incremental growth pathways for the Group. The partnership with PEP is instrumental to securing the very large opportunity in front of us,” Howes added.
Managing Director of Pacific Equity Partners, Jake Haines, said, “Pacific Equity Partners is delighted to become a part of the MoneyMe journey. We see MoneyMe as a leading platform within the consumer lending space with great people, technology and products and a relentless drive to provide excellent service and innovative solutions to its customers. We have been impressed with its track record thus far and look forward to supporting MoneyMe in achieving its growth ambitions.”