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- Credit Intelligence (CI1) has drawn down $2 million from a funding facility for further business expansion
- The debt restructuring, insolvency management and credit company has access to a $5 million fund — with $3 million drawn upon so far
- The latest drawdown will go towards expanding CI1’s YOZO buy now, pay later (BNPL) offering across Australia and Asia
- The $2 million funding will also be spent on expanding Credit Intelligence’s Singapore credit funding business
- CI1 will also issue 66 million shares, at 3 cents each, to LS Whitehall Group to further fund its growth in Singapore
- Shares in CI1 are trading up 6.9 per cent at 3.1 cents each
Credit Intelligence (CI1) has drawn down $2 million from a funding facility for further business expansion.
The debt restructuring, insolvency management and credit company has access to a $5 million fund.
So far, the finance stock has drawn upon $1 million in funding back in May 2020, before announcing a new drawdown on Tuesday.
All of the fund from this latest drawdown will be spend on expansion activities, including for its YOZO buy now, pay later (BNPL) offering.
CI1 wants to expand the YOZO BNPL platform across its current markets in Australia and Asia as well as further develop YOZO’s technology with its tech partner UTS University.
Credit Intelligence has also earmarked some of the funding to go towards its Singapore credit funding business.
The business argues there is “strong demand for credit funding businesses” in the region and that the companies there “have strong risk control, a low default rate and a very high return on shareholder’s investment”.
To take advantage of the opportunity, CI1 will also issue more than 66 million shares to LS Whitehall Group at 3 cents per share to further fund the opportunity,
Shares in Credit Intelligence are trading for 3.1 cents per share, up 6.9 per cent at 12:55 pm AEDT.
