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Bank lends a hand in fintech sector
An Australian fintech start-up has secured a multimillion-dollar debt facility led by a big four bank.
Tom Lodewyke
Firms: King & Wood Mallesons (zipMoney and FIIG Securities); Ashurst (NAB)
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Deal: zipMoney secured a debt facility from NAB and FIIG.
Value: $260 million
Area: Banking and finance
Key players: King & Wood Mallesons partner Ian Edmonds-Wilson (pictured) advised zipMoney on the landmark transaction, supported by senior associate Anny Chen.
KWM partner Paul Smith, supported by senior associate Daniel Bragg, acted for FIIG.
Deal significance: ASX-listed retail lender zipMoney has secured a $260 million debt facility, comprised of $200 million in senior funding from NAB, $40 million in mezzanine funding from FIIG and $20 million in junior notes and equity.
The transaction is the largest debt market deal in the Australian fintech sector to date, according to a statement from KWM.
The firm’s lead partner, Ian Edmonds-Wilson, said a big four bank lending a significant sum of money to the fintech company shows that confidence in this emerging sector is growing.
“The deal will have a significant positive impact on zipMoney, supporting future profitability and growth,” Mr Edmonds-Wilson said.
KWM also advised zipMoney on its $100 million debt facility from Victory Park Capital in 2015.
