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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 editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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