MANCHESTER, United Kingdom, May 17, 2021 /PRNewswire/ -- Manchester based 247 Money today announces the successful completion of the company's first private securitisation, with a facility of up to £305m.
The facility will help support a strong pipeline of auto finance originations enabling more consumers to access finance. The arrangement provides 247 Money with total available commitments over the life of the securitisation of up to £305m with senior funding from NatWest and mezzanine funding from East Lodge Capital.
Chief Executive Officer of 247 Group, Reg Rix, welcomed the announcement of the deal, saying: "As a Group we continue to go from strength to strength serving customers efficiently through increasingly digital channels, our data-driven ecosystem, and the wider marketplace to provide first class car financing solutions. We are committed to driving innovation within the industry precipitating from our consumer-centric, digital first approach, and this securitisation propels 247 Money into a new league; availing us in the delivery of more options to more consumers. This has been a great effort by the team and our continued thanks goes to NatWest for their support over the years."
Since launching in 2018, 247 Money has become an innovative non-bank lender specialising in Hire Purchase contracts for used vehicles across the UK. It is a part of the 247 Group, which includes CarFinance 247, the UK's leading online car finance marketplace.
The 247 Group's mission and purpose is to help people improve their everyday lives. This additional funding will not only provide a springboard into an exciting new phase for 247 Money and the Group overall, but will also support the Group's mission of saying "yes" to more of the consumers who apply through the CarFinance 247 marketplace each day.
Commenting on the transaction, the Chief Financial Officer of 247 Group, David Miller, said: "Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business. As a Group we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY's Corporate Finance Team, and Ashurst LLP's support as legal counsel."
About 247 Group
Founded by brothers Reg and Louis Rix, 247 Group operates in the United Kingdom through a number of consumer-facing brands including 247 Money and CarFinance 247.
Founded in 2018, 247 Money is a fast-growing car finance provider that leverages its data science capabilities and industry-leading technology to put consumers in control of their finance options. The highly skilled team is dedicated to providing a personalised service that supports consumers with open and honest communication throughout the loan life cycle.
CarFinance 247 is the UK's leading online car finance marketplace. The business has a laser-like focus on enhancing the digital consumer experience and has integrated with a panel of lenders to find the best rate for consumers nationwide. To date, CarFinance 247 has helped over 200,000 people find and finance their perfect vehicle, with the company employing over 450 industry professionals in Manchester.
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