Big Law

Online lender secures $100m investment

Loan company ZipMoney has secured a capital injection from US asset manager Victory Park Capital.

November 23, 2015 • By 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

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Key players: Ashurst finance partner Jennifer Schlosser led the team advising Victory Park Capital on its A$100 million debt investment and Ashurst corporate partner Sarah Dulhunty advised on the equity component.

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.

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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.