Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Money3 Corporation (MNY) has increased its funding capacity to $665 million, after securing a new mezzanine facility
  • The $64 million facility is for the Money3 business unit, which will help grow funding capacity for the arm of business to about $365 million
  • The move will further diversify MNY’s funding base, with six funding partners comprising of major international and Australian banks
  • In addition, the company has $230 million in available funds to grow its loan book over $1 billion
  • Shares are trading 5.11 per cent lower at $1.77 each just before market close

Loan provider company, Money3 Corporation (MNY) has increased its funding capacity to $665 million, after securing a new mezzanine facility.

The $64 million facility is for the Money3 business unit, which will help grow funding capacity for the arm of business to about $365 million.

This brings the unit’s new lending in FY22 up to May to $246 million, an increase of 25 per cent from the previous corresponding period.

The move will further diversify MNY’s funding base, with six funding partners comprising of major international and Australian banks.

In addition, the company has $230 million in available funds to grow its loan book over $1 billion.

Managing Director and CEO Scott Baldwin said the extra funds will underpin further growth.

“I am delighted that the group has closed two funding deals in the past two weeks,” he said.

“The strong support from our funding partners paves the way for continued profitable growth. Having multiple funding partners provides us with funding diversification.”

Shares were trading 5.11 per cent lower at $1.77 each just before market close.

MNY by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Technical Director, Daniel Tuffin

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
Ten Sixty Four (ASX:X64) - Outgoing Managing Director, Paul Ryan Welker

" Ten Sixty Four (ASX:X64) terminates services agreement of former MD, Paul Ryan Welker

Ten Sixty Four (ASX:X64) has terminated the executive services agreement of former Managing Director Paul Ryan…

" M3 Mining (ASX:M3M) identifies drill targets at Edjudina

M3 Mining (ASX:M3M) has identified prospective gold-in-soil anomalies at the Edjudina gold project 150 kilometres northeast…

" Good Drinks Australia (ASX:GDA) commences the sale of Molson Coors and Magners

Good Drinks Australia (ASX:GDA) begins to sell the Miller Chill, Miller Genuine Draught, Coors, Molson Canadian…