Australian FinTech company profile #35 – MoneyMe
MoneyMe was founded by two former telco executives with a strong vision: creating innovative solutions to traditional credit in Australia.
Sydney fintech firm MoneyMe to invest $10m in Newcastle operations
SYDNEY-based fin-tech firm MoneyMe plans to invest up to $10 million in Newcastle and create about 100 jobs over the next three years. Co-founder Clayton Howes says the move to set up a Hunter office by MoneyMe, which specialises in offering fast credit up to $15,000 via mobile, has been a year in the making. The company will soon temporarily move 10 staff in the DASH co-working space in Charlestown and has earmarked permanent offices in the East End. Mr Howes said the company was impressed by Newcastle’s smart city credentials and innovation culture and saw its proximity to Sydney as an advantage. “It’s a bit like how San Francisco […]
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 […]
Brave fintech MoneyMe to test the market
Trying to list a financial services company while a royal commission into banking is going on is not for the faint-hearted, but it does not appear to be preventing small financial technology lender MoneyMe from attempting the move. Moneyme.com.au offers personal loans, cash loans, short-term loans and fast cash advances and is attempting to launch an initial public offering through Bell Potter and Ord Minnett. The company was co-founded about two years ago by Clayton Howes, who secured $30m in debt and equity funding at the time, according to reports. No doubt the deal will be a tough ask for the brokers involved in trying to list the business, but […]
MoneyMe teams with USYD to grant $96k Fintech Partner Scholarship
Leading consumer fintech, MoneyMe, has teamed with the University of Sydney Business School to award a $96,000 Fintech Industry Partner Scholarship to Sydney University Business Analytics PhD doctoral student, Jian Tina Zhai. The partnership reflects MoneyMe’s commitment to the long term future of the rapidly expanding fintech sector and the Business School’s commitment to strong industry links as well as cutting edge research. The scholarship will waive Tina’s fees throughout the 3 years of her candidature at the School, while also providing her with firsthand work experience at MoneyMe assisting in the development of their state-of-the-art, purpose-built consumer lending platform, ‘Horizon’. “My ultimate aim is to apply my academic research to a wide range of […]
Fortress backs $120m capital raising by MoneyMe
Global credit investor Fortress Investment Group will invest $100 million in debt capital to support MoneyMe’s consumer lending growth as the fintech considers an initial public offering in early 2019. Fortress’s investment is part of a $120 million asset-backed securitisation deal, which also includes a $20 million bond, issued by Evans & Partners, which was oversubscribed. MoneyMe, which has made $150 million in personal loans to 70,000 customers in the past four years, is both cash flow positive and profitable, very rare for an Australian fintech. Established in 2013, its net loan book is growing at $1 million each week, as it targets the credit card portfolios of the major […]
Australian fintechs must set sights on Asia: MoneyMe
Consumer fintech, MoneyMe Financial Group, believes the next surge of global fintech growth will be led by Asian markets after a temporary global plateau, as a result of greater market demand and more underbanked citizens, increasing income levels, advanced tech capabilities, and superior tax structures for innovative businesses. Australian fintechs who don’t include Asia in their growth strategies, both in terms of target markets and location of operations, risk falling behind and missing the next wave of fintech as a result of our far higher corporate tax rates, and the comparatively higher quality of our financial services which drive down the urgency for local innovation. This comes off […]
