We've secured our second warehouse funding facility and delivered on our plans for an expanded warehouse securitisation program.
Today, Plenti has secured its second warehouse funding facility and delivered on its plan for an expanded warehouse securitisation program. The Company had earmarked funds from the $55 million it raised through its recent IPO to scale its warehouse program.
The new warehouse facility provides Plenti with $100 million in low-cost funding to drive scale in its renewable energy and personal lending verticals.
Plenti CEO Daniel Foggo said, “At the end of a busy year, this is another important milestone for Plenti. We are delighted to secure our second warehouse facility, from high quality funders, to help supercharge our growth and help fund a cleaner Australia".
A major domestic bank is providing a senior funding commitment to the warehouse and is joined by two domestic institutional investors providing mezzanine finance.
Mr Foggo said: “Plenti is dedicated to helping Australia achieve a bright clean energy future. The Plenti renewable lending business has funded over 11,000 loans for solar power purposes since inception, culminating in over $100 million loans funded. We estimate this equates to a total carbon abatement of over 700 tonnes of CO2 over the systems’ lifespans.”
Mr Foggo said today’s announcement was in line with Plenti’s mission to do everything in its power to bring smart finance and technology into everyday Australians homes and makes financial sense for the company.
Mass adoption of clean energy is critical to Plenti’s future. Solar power, in particular solar batteries, allow households to be self-sufficient from the energy grid. Solar batteries also empower homeowners to achieve sustainable financial independence through low energy bills. Supporting Australians make the switch to green energy just makes sense. There is growing demand for our renewable energy and personal loans. Clean energy should be the new normal, and we are working tirelessly to empower consumers to embrace new energy technology. This kind of warehouse facility will make our affordable finance available to tens of thousands of new customers.
Mr Foggo celebrated the funding milestone remarking: “It is fantastic to have received further support from our bank funding partners and introduce two new investors to our warehouse funding program. We appreciate their shared commitment to helping to support our environment by helping Australians finance the purchase of new energy technologies such as solar panels and home batteries.”
The establishment of the new warehouse facility takes Plenti’s total warehouse funding program to $375m. Plenti’s first warehouse, specifically for the funding of secured automotive loans, had an initial facility size of $50 million at the start of 2020, but was upsized in July, August and again in November, to have a total limit of $275 million.
Written byDaniel Foggo
Daniel co-founded Plenti in 2014. Driven to offer customers better value and service than traditional lenders. FinTech Leader of the Year (2016), and FinTech Entrepreneur of the Year (2017).