zipMoney seals $260 million securitisation program

Company News

by Jessica Amir

zipMoney Limited (ASX:ZML) has inked a $260 million securitisation program with the National Australia Bank (ASX:NAB).

The buy now pay later company formally executed a $260 million asset-back securitization warehouse program, for its consumer receivables.

zipMoney says the new facility will positively impact the company’s future profitability and help drive its breakeven guidance in FY2018.

The deal includes mezzanine funding, senior funding, junior notes and an immediate $70 million refinance.

The facility will become operational by around 26 May 2017.

Shares in zipMoney Limited (ASX:ZML) are trading 12.1% higher to 69.5 cents.

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