Australian personal loans company OurMoneyMarket has increased its warehouse funding to as much as $435 million, thanks to a capital injection from Dutch bigwig ING.
OurMoneyMarket offers personal loans for debt consolidation, cars, holidays, renovations and the like.It is understood ING stumped up the senior funding for OurMoneyMarket’s re-jigged warehouse facility, which sees it increase from $250 million to $375 million with the ability to go to $435 million.
While ING’s the senior funder, the warehouse also involves mezzanine funding from a handful of local credit funds. Online alternative investments platform iPartners, which has been in OurMoneyMarket’s from its outset, remains in the syndicate. It’s believed to be ING’s first foray into Australian personal loan securitisation. Its horse, OurMoneyMarket, was co-founded by former NAB securitisation banker Crystal Anderson and her colleague Adam Sutherland, and is now writing more than $36 million in loans a month and has plans to expand into the United States.
The new funding facility would drop OurMoneyMarket’s cost of funds by about 1 per cent to 3.9 per cent plus swaps, on a fully drawn basis.ruled off a Series C equity raising valuing it at about $120 millionThe company writes loans for debt consolidation, vehicles, holidays, weddings, renovations and the like, promising quick application and approval processes.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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