ING Bank is backing Australian fintech OurMoneyMarket
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.
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.