E Transcon

Main Menu

  • Unsecured Personal Loans
  • Fixed Rate Loans
  • Variable Rate Loans
  • Debt Consolidation Loans
  • Capital

E Transcon

Header Banner

E Transcon

  • Unsecured Personal Loans
  • Fixed Rate Loans
  • Variable Rate Loans
  • Debt Consolidation Loans
  • Capital
Debt Consolidation Loans
Home›Debt Consolidation Loans›ING Bank is backing Australian fintech OurMoneyMarket

ING Bank is backing Australian fintech OurMoneyMarket

By Mary M. Cox
April 26, 2022
0
0

Australian personal loan company OurMoneyMarket has increased its inventory funding to as much as $435 million thanks to a capital injection from Dutch bigwigs ING.

OurMoneyMarket offers personal loans for debt consolidation, autos, vacations, home improvement and more. Louie Douvis

ING is understood to have increased senior funding for OurMoneyMarket’s realigned warehousing facility, which will increase it from $250 million to $375 million, with the possibility of increasing to $435 million .

While ING is the main financier, the Warehouse also includes mezzanine financing from a handful of local debt funds. Travis Miller’s online alternative investment platform iPartners, which has been with OurMoneyMarket since its inception, remains in the syndicate.

This is believed to be ING’s first foray into retail loan securitization in Australia. His horse, OurMoneyMarket, co-founded by former NAB securitization banker Crystal Anderson and her colleague Adam Sutherland, is now writing more than $36 million in loans a month and plans to expand into the United States.

The new funding facility would reduce OurMoneyMarket’s cost of funding by approximately 1 percent to 3.9 percent plus swaps on a fully drawn basis.

The fintech’s debt deal comes less than a year after it ruled out a Series C capital raise valued at about $120 million.

The company writes loans for debt consolidation, vehicles, vacations, weddings, renovations, and the like, and promises quick application and approval processes.

Related posts:

  1. What are FFELP student loans?
  2. TransUnion predicts a ‘return to credit’
  3. Is Obama’s Student Loan Forgiveness Real?
  4. 5 smart ways to consolidate credit card debt – and 5 you should never do

Recent Posts

  • Solar loan program launched in New England for low-income rooftops – pv magazine USA
  • Head-to-head: Carter Bankshares (NASDAQ:CARE) vs. Sandy Spring Bancorp (NASDAQ:SASR)
  • A small business owner’s guide to business acquisition loans
  • Refi rates today, May 18, 2022 | prices go down
  • What is APR? what you need to know

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • October 2020

Categories

  • Capital
  • Debt Consolidation Loans
  • Fixed Rate Loans
  • Unsecured Personal Loans
  • Variable Rate Loans
  • Terms and Conditions
  • Privacy Policy