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