MONEYME shares jump after Westpac backs $167 million in cheaper warehouse funding

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Team MONEYME|23 February 2021| 1 min read

Shares in fintech MONEYME (ASX: MME) have jumped more than 12% in opening trade on Tuesday after the company announced a new $167 million warehouse funding facility led by Westpac, that will cut its funding costs by more than 50%.

The company put its shares in a trading halt yesterday pending the announcement. The deal will see MONEYME refinance $60m of existing receivables immediately. The new warehouse facility is expected to include Australian Office of Financial Management (AOFM) mezzanine funding in October or November.

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