Ord Minnett readies online consumer lender MoneyMe for fund raising

Fast-growing consumer lending company MoneyMe knows plenty about writing cheques, and now it is asking potential investors to do the same.

Street Talk understands MoneyMe will front institutional investors and family offices in coming days, seeking support for a pre-initial public offering funding round.

The raising is expected to be worth as much as $15 million and structured as a convertible note issue. Stockbroker Ord Minnett has been lining up investor meetings in Sydney and Melbourne, fund manager sources said.

If successful, it would be the first (quasi) equity raising by the personal lender. The company made headlines when it secured $100 million from global credit investor Fortress Investment Group this time last year, however it is yet to take new investors on to its share register.

The company is expected to tell funds it has already generated more than $200 million in loans with more than 70,000 different customers. A big part of the pitch is likely to be its proprietary loan approval platform, which it reckons delivers convenience, speed, transparency and simplicity for customers.

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Source: Ord Minnett readies online consumer lender MoneyMe for fund raising | afr.com