Fortress Investment Group is reportedly investing $120m into consumer lending platform MoneyMe.
Of the investment, $100m will be in debt capital and the remaining $20m is part of a bond issued by Evans & Partners, according to an article by Financial Review. The debt will be used to support the company lending growth, as it explores a potential 2019 IPO, it states.
Of this line of credit $80m has been advanced in the past year, and the remaining equity will suffice the company for the next 12 to 18 months, it states. After this period, MoneyMe will look at another debt facility between $250m and $500m.
Australia-based MoneyMe is an online loans platform that allows users to get money in under 24 hours. The platform allows borrowers to select the amount they want and how long for, with the technology then implementing a weekly repayment amount based on credit history.
This debt financing brings total funding by the company to around $150m, with a previous $30m round last year.
The Australasia FinTech sector has already seen more than double the equity, than the whole of last year. So far, the first three quarters of 2017 has seen $440.9m invested, compared to $207.6m last year. While there has been so much more capital, there has been a big drop in the volume of deals, with 2016 seeing 43 transactions, and 2017 having 24 transactions so far.
Copyright ? 2017 FinTech Global
