Highlights:
• Successful capital raise over $20m tosupport strong growth
• Continuing strong momentum
Founded in 2003 by Managing DirectorHugh Evans, Moneytech is a leading end-to-end financial services provider inthe non-bank market. Moneytech provides unrivalled finance and paymentsoffering to businesses driven by its proprietary technology. Moneytech consistsof three technology-driven businesses:
• Monoova Payments – Led by CEOChristian Westerlind Wigstrom, Monoova provides an advanced automated paymentservices platform for businesses, processing high volume payments.In FY21,Monoova Payments processed more than $17bn in payments (an increase of over700% from FY20).
• Moneytech FX – Led by Andrew Kilroe,Moneytech FX provides leading FX and global market solutions.In FY21, MoneytechFX process over $2.3Bn in transaction flow.
• Moneytech Finance – Led by CEO NickMcGrath, Moneytech Finance provides working capital finance solutions forAustralian businesses including debtor finance, trade finance, line of creditfinance, equipment finance and term loans. In FY21, Moneytech provided over$1.3bn in loan originations (an increase of 16%over FY20).
Moneytech has completed an equitycapital raise from institutional and sophisticated investors led by ColintonCapital Partners. Genevieve Gregor, a partner of Colinton Capital, will jointhe board of Moneytech. CVC Capital Partners, an existing investor inMoneytech, participated in the raise. Total funds raised from equity investorsexceeds $20m.Completion of the capital raise is subject to Moneytechshareholder approval which will besought at its AGM on 29 November 2021.Thefunds raised will enable Moneytech to expand its team, provide additionalcapital forMoneytech Finance and technology investment in Monoova, and supportthe current rapid growth of both businesses.
“This is a significant milestone for theMoneytech Group. We are grateful to our investors for supporting our purpose toenable business to succeed. We believe we are well placed to be the obviouspartner of any business looking for support with cashflow, domestic and/orinternational payments needs. Our majority independent board welcome theappointment of Genevieve Gregor of Colinton Capital to the board.” said PaulineVamos, Chair and Non-Executive Director, Moneytech Group
Moneytech was advised on the capitalraise by Latimer Partners.