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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).
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Deal: With funding from Credit Suisse, OnDeck have established a securitisation warehouse, to the value of $75 million, to be used for its future growth and investment in the small business loans sector in fintech.
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.
