ZipMoney Limited (ASX: ZML), an Australian provider of digital retail finance, secured $108m in financing.
Victory Park Capital provided the loan. In addition to the credit facility, Victory Park will subscribe for five million fully paid shares in zipMoney to raise $1m. It will also receive five million options exercisable at 20% each expiring on 31 December 2018.
These securities will be subject to a voluntary escrow period of 12 months.
The facility allows the company to accelerate its merchant acquisition strategy and provides the funding capacity to support the growth in its consumer finance book.
Led by Larry Diamond, managing director and CEO, and Peter Gray, chief operating officer and executive director, zipMoney offers point-of-sale credit and digital payment services to the retail, education, health and travel industries.
The company’s platform is entirely digital and leverages big data in its proprietary decisioning credit engine to deliver real-time consumer responses.
FinSMEs
19/11/2015