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Online lender secures $100m investment
Loan company ZipMoney has secured a capital injection from US asset manager Victory Park Capital.
Felicity Nelson
Firm: Ashurst (Victory Park Capital); King & Wood Mallesons (ZipMoney); Minter Ellison (Perpetual)
Deal: Victory Park Capital has invested in ZipMoney.
Value: A$100 million
Area: Banking and Finance
Deal significance: ZipMoney is a ‘buy now, pay later’ lender and makes loans with interest-free periods, which are used by borrowers to buy goods purchased from the company's retail partners. Victory Park Capital specialises in investing in alternative lenders.
Recently listed online lender ZipMoney received a major capital injection from US asset manager Victory Park Capital, involving a debt component valued at A$100 million as well as an equity investment.
Victory Park Capital's debt investment has been made through its subscription for senior securitisation notes issued by the ZipMoney Trust. This is ZipMoney's first securitisation, and the securitisation notes are backed by a portfolio of line of credit receivables.
