Fintech lender Plenti Group Limited (ASX:PLT) today announced it has increased its funding capacity.
Fintech lender Plenti
Group Limited (ASX:PLT) today announced it has increased its funding capacity
by upsizing the limit of its automotive warehouse from $275 million to $350
million. The automotive warehouse facility was increased to $275m in November
upsizing of the warehouse facility, which was executed under existing terms,
provides Plenti with an additional $75 million of capacity to continue to
support its secured automotive loan origination and loan book growth.
CEO Daniel Foggo said “Plenti’s technology platform, which provides fast
execution and exceptional customer experiences, has enabled us to take market
share from incumbents in the large automotive lending market. This increase in
warehouse capacity allows us to continue meeting increased customer demand.”
automotive lending market is undergoing favourable structural changes, with banks
departing from direct participation and the car purchasing and financing
process moving online. We are moving quickly to build scale in this growing
market by further leveraging our market-leading technology and customer
upsizing of the warehouse facility demonstrates the continued support of Plenti’s
funders, which include a major domestic bank and two large institutional
“We welcome this
support from our funders, who recognise the traction we are achieving in the
automotive finance market and also the strength of our credit track record,” said
warehouse capacity brings Plenti’s total warehouse funding program to $450 million,
including its personal loan and renewable energy finance warehouse which launched
in December 2020 with a $100 million limit.
Written byJulia Lefort
Julia is Head of Communications & Corporate Affairs and has a wealth of experience in providing strategic advice at senior executive levels.