Australian lender MoneyMe lands $36m funding partnership

Australian online lender MoneyMe has formed a $36 million (AUD 50 million) funding partnership with private equity investment firm Pacific Equity Partners (PEP).

MoneyMe uses AI to assess loans in under 60 minutes

The digital financial services company will use the cash for further product development and to expand its car financing offering Autopay.

The firm will also look to repay an existing $16 million (AUD 22 million) secured notes facility.

MoneyMe is a digital credit platform which offers personal loans, automotive finance, and POS finance.

The firm says its AI-driven solution enables loan applications to be completed and checked within minutes, with funds disbursed shortly after approval.

The company’s managing director and CEO Clayton Howes says access to efficient debt capital backed by PEP is of “immense value” as the company looks to grow.

Potential further funding from PEP is also in the pipeline, the firm says.