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 […]
Fintech startup MoneyMe hits $100 million loans; sets eyes on niche loans market
Fintech startup, MoneyMe Financial Group, has this week broken through the $100 million loan mark, after record daily compounded growth of 2,747 per cent in its medium amount and personal loans offerings drove its lending volume exponentially in the past few months. This rapid acceleration, combined with record low default and customer complaint rates, now sees MoneyMe set to launch a series of niche loan products over 2017, all designed to provide greater financial inclusion for the growing Australian millennial market. “To have reached this exciting milestone so quickly really is validation that the millennial market is actively looking for financial alternatives to the big banks and their […]
Fintech MoneyMe progresses diversified lending platform, entering phase ‘2.0’
Consumer fintech startup, MoneyMe, has announced it’s launch into what they’re calling ‘MoneyMe 2.0’, with the release of a new $10,000 loan product, expanding it’s portfolio of all-purpose consumer loan products designed for the tech- savvy, convenience-driven millennial market. The product expansion signals MoneyMe’s transition from being a simple small loans provider, to a diversified consumer lending fintech driven by an advanced in-house technology platform that automates loan application approvals and reduces interest costs through intelligent customer profiling algorithms. “MoneyMe’s ultimate objective has never been to remain in one segment of the lending market, rather from day one we envisaged using technology to revolutionise the way finance is delivered to […]
MoneyMe gets $30m capital raise
Consumer fintech firm, MoneyMe, has announced a $30 million capital raise from an ultra-high net worth Australian family office, which has branched out into fintech after investing mostly in large scale property on the eastern seaboard. The capital raise includes both debt and equity, and will fund the launch of a series of niche financial products aimed at millennial throughout 2016. MoneyMe chief executive, Clayton Howes, said the millennial market was important for fintech as they were inclined to spend big on lifestyle and convenience, and were willing to pay a premium for it. “Fintechs with the ability to create niche products that are delivered in a tailored way that […]
Significant growth in the UAE / Australian Trade landscape provides new opportunities for Australian FinTechs
With the launch of Dubai Chambers International Office in Australia in 2023, there are exciting opportunities for FinTechs in Australia and the UAE.
The Finalists of the 2024 Finnies awards have been announced
The finalists for Australia’s 2024 Finnies fintech business awards have been announced.
