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OnDeck advised on $75m securitisation warehouse
Fintech provider for small businesses OnDeck Australia has been advised on the establishment of a securitisation warehouse provided by Credit Suisse and backed by OnDeck’s business loans asset portfolio.
Jerome Doraisamy
Firms: Ashurst (OnDeck Australia as seller and servicer, Perpetual as manager and trustee); King & Wood Mallesons (Credit Suisse as senior financier).
Area: Fintech, structured finance
Value: $75 million
Key players: The Ashurst team was led by global markets partner Jennifer Schlosser, who was supported by Ian Kellock and Barbara Phair (tax) and Phil Trinca (regulatory).
Elsewhere, Ashurst partner Jamie Ng acted for Perpetual.
Deal significance: This facility represents further investment in the Australian fintech sector and reflects the continued growth of OnDeck in the small business loans sector, Ashurst said.
“We are delighted to have worked with OnDeck, a leader in the small business lending space.”
“There is an established pattern of fintechs utilising securitisation funding techniques to support growth and obtain funding stability,” it said.
Jerome Doraisamy
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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