Moneytech locks in $400m warehouse funding

Non-bank SME lender Moneytech has secured in excess of $400m in funding facilities to continue driving its expansion in to the SME lending sector. 

The three major lenders who supported Moneytech’s funding program were Sydney based Revolution Asset Management, Global Credit Investments (GCI) and a major Australian bank. Loan asset classes that Moneytech provide to business customers include Debtor Finance, Trade Finance, Equipment Finance, Term Loans and a Line-of-Credit product.  

Moneytech’s Chief Executive Officer, Nick McGrath, said, “Moneytech provides various funding alternatives to SME’s away from the major banks, and Moneytech’s Trade & Debtor Finance business has grown substantially over the last 5 years to be one of the largest non-bank Trade & Debtor Finance lenders in the country. Moneytech’s loan growth is above the sector’s growth and the new funding facilities will enable us to continue to offer competitive and appropriate products to our customers”  

He said the new funding facilities will also facilitate Moneytech’s expansion plans in Equipment Finance and Term Loans which will allow Moneytech to fund a full suite of products to satisfy the majority of an SME’s borrowing needs.  

Bob Sahota, Founder of Revolution Asset Management said, “We are delighted to be partnering with Moneytech in providing mezzanine finance in their private warehouse programme. We are witnessing a significant growth in non-bank lending activity in Australia and New Zealand, which continues to provide Revolution with attractive opportunities to invest in assisting quality non-bank lenders to facilitate their growth plans – with Moneytech being the latest one.” 

Source: https://australianfintech.com.au/moneytech-locks-in-400m-warehouse-funding/