{"id":7317,"date":"2024-03-19T01:18:09","date_gmt":"2024-03-19T01:18:09","guid":{"rendered":"https:\/\/economicherald.net\/?p=7317"},"modified":"2024-03-19T01:18:09","modified_gmt":"2024-03-19T01:18:09","slug":"moneyme-doubles-autopay-warehouse-facility-to-750m","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7317","title":{"rendered":"MoneyMe doubles Autopay warehouse facility to $750m"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><strong>MoneyMe doubles size of Autopay warehouse facility to $750 million<\/strong><br \/>\n<strong>Fintech says the funding increase an important growth enabler for Autopay<\/strong><br \/>\n<strong>MoneyMe looks to increase loan originations with car finance a focus<\/strong><\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em><\/strong> <strong>MoneyMe has secured a deal with its debt funders to extend and double its Autopay warehouse facility from $375 million to $750 million, as the fintech works to gain a greater slice of Australia\u2019s automotive financing sector.\u00a0 \u00a0<\/strong><\/p>\n<p>Non-bank lender <a href=\"https:\/\/stockhead.com.au\/company\/moneyme-mme\/\" target=\"_blank\" rel=\"noopener\"><strong>MoneyMe\u2019s (ASX:MME)<\/strong><\/a>\u00a0warehouse funding facility with Autopay was first issued in 2021.<\/p>\n<p>The updated agreement includes financing efficiencies with MME saying it releases just over $10 million of unrestricted cash into the business to help with growth plans.<\/p>\n<p>Under the new terms, MME says loan book growth in the Autopay warehouse is significantly more capital efficient.<\/p>\n<p>MME managing director and CEO Clayton Howes says the expanded facility enables increased originations growth, which is expected to result in greater economies of scale and profitability going forward.<\/p>\n<p>\u201cThis is a significant step in optimising MoneyMe\u2019s funding program that allows improved efficiency of capital allocation and risk adjusted returns,\u201d he says.<\/p>\n<p>\u201cThe car loan market is a strategic focus for MoneyMe and this funding increase is an important growth enabler for our Autopay product.<\/p>\n<p>\u201cThe release of unrestricted cash will further support the growth of our business.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Key player in Australia\u2019s growing automotive finance sector<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Launched in 2021, Autopay is MME\u2019s secured car loan product, offering loan approval and settlement in as little as 60 minutes.<\/p>\n<p>MME provides access to Autopay through its partnered vehicle dealers and brokers and recently extended the product to caravans.<\/p>\n<p>With expanded funding capacity for Autopay, MME is positioned to take a bigger slice of Australia\u2019s automotive finance industry, which has been undergoing structural shifts in recent years as big banks move away from the space.<\/p>\n<p>The Australian <a href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/australia-automotive-financing-market\/market-size\" target=\"_blank\" rel=\"noopener\">automotive financing market was valued at US$50.60 billion in 2021<\/a> and forecast to be worth more than US$73 billion by 2027 end, registering a CAGR growth of 6.3% during the forecast period.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>MoneyMe maintains profitability despite challenging economic conditions<\/strong><\/h2>\n<p>Despite challenges posed by a rising interest rate environment, persistent inflation and increasing cost-of-living pressures affecting Australian consumers, MME maintained profitability in H1 FY24.<\/p>\n<p>MME reported statutory NPAT of $6 million for the first half, which it attributed to strong credit performance, efficient interest rate management, and tech-driven cost savings.<\/p>\n<p>Loan originations rose to $277 million, marking a 23% increase from H2 FY23, contributing to the company\u2019s ongoing transition towards higher-quality credit assets.<\/p>\n<p>The total loan book balance reached $1.2 billion during H1 FY24. MME says it expects to further increase originations growth when macro conditions improve, with the car finance market a strategic focus.<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with MoneyMe, a Stockhead advertiser at the time of publishing. <\/em><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/tech\/moneyme-doubles-autopay-warehouse-facility-to-750m\/\">MoneyMe doubles Autopay warehouse facility to $750m<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 MoneyMe doubles size of Autopay warehouse facility to $750 million Fintech says the funding increase an important growth enabler for Autopay MoneyMe looks to <a href=\"https:\/\/economicherald.net\/?p=7317\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7318,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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