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WISR LIMITED — Capital/Financing Update 2016
Oct 24, 2016
66093_rns_2016-10-24_b06f057b-0258-43be-ac04-1da21a3b47e3.pdf
Capital/Financing Update
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ASX/MEDIA RELEASE
Sydney, 25[th] October 2016
DIRECTMONEY SECURES WHOLESALE FUNDING DEAL
The Board of DirectMoney Limited (DirectMoney) (ASX: DM1) is pleased to announce it has agreed contractual terms on a wholesale institutional loan funding agreement with a well-established debt provider, that will allow the company to originate loans for the next 12-24 months at our expected rate of growth. This continues the Board’s previously announced strategic review of the business and furthers our ambition to be Australia’s leading fintech lending disruptor.
DirectMoney’s newly appointed CEO, Mr. Anthony Nantes, said “Our ability to complete this landmark deal is testament to the team we have in place and the platform we have built, and allows us to re-establish our loan originations growth rate. The combination of this funding deal and the rights issue completed in July 2016 means that DirectMoney now has a strong foundation in place to support our business goals for the immediate future. We have a healthy balance sheet, no bank debt, sufficient loan funding in place to grow our loan originations, a well-established retail fund (the DirectMoney Personal Loan Fund) and have built a proprietary technology platform that can scale.”
The Board continue to thank all shareholders for their support and look forward to the upcoming AGM to present the pathway forward.
-ENDS-
For further information please contact:
Anthony Nantes Chief Executive Officer, DirectMoney Limited +612 9252 2888 [email protected]
About DirectMoney Limited
DirectMoney is a fintech pioneer in the rapidly growing Australian marketplace lending industry. DirectMoney connects borrowers and investors by leveraging technology and partnerships. We offer competitive interest rates and terms on personal loans for borrowers and provide innovative structures for retail and institutional investors to invest in these loans. We strive to deliver Australians better financial choice and improved investment outcomes.