Autopay to Become Afterpay for Cars
AUSTRALIAN dealers and brokers are winners as automotive finance business Autopay has received a boost in its lending ability thanks to an upgrade of its funding facility by its parent company, listed finance group MONEYME.
MONEYME recently restructured its facility which now allows it to support increased customer originations growth with much of that expected through the Autopay business.
In a statement to the Australian Securities Exchange (ASX) on July 20, MONEYME noted how its Horizon 2020 Trust (HW20) external funding capacity is to increase by $108 million – or 47 per cent – to $338 million.
It also noted that it has increased its corporate bond by $7 million from the initial $15 million issue that was completed in April.
MONEYME’s first-half 2021 financial report also notes access to a $48 million Horizon 2018 Trust funding facility.
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