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Australian private equity firm Colinton Capital Partners has led a $20 million capital raising for one of the country’s oldest fintechs, Moneytech.
The deal sees Simon Moore’s Colinton Capital invest alongside CVC Emerging Companies Fund, which doubled down on an earlier investment in the business.
The non-bank financial services company is split into three divisions, spanning lending, services and foreign exchange solutions.
Moneytech Finance provides working capital finance solutions for Australian businesses including debtor finance, trade finance, line of credit finance, equipment finance and term loans. Its Monoova Payments business provides advanced automated payment services platform for businesses, while Moneytech FX is its foreign exchange services operation.
In the 2021 financial year, Moneytech Finance provided more than $1.3 billion in loan originations, up 16 per cent on 2020, while Moneytech FX processed more than $2.3 billion in transactions and Monoova Payments processed $17 billion in payments, up 700 per cent on the prior year.
Set up by former The Carlyle Group country head Simon Moore and ex- GoldmanSachs senior dealmaker Genevieve Gregor in 2017, Colinton has amassed a portfolio of investments including smash repairer AMA Group, smash repairer AMA Group, IntelliHR, AMSGroup, Dimeo and Clear Dynamics.
Earlier this year it also teamed up with Andrew Forrest’s Minderoo and institutional bigwig QIC to buy into building site safety products company Buildsafe.
Gregor will join the Moneytech board on the back of its investment.
The business, which was advised by Latimer Partners, was founded in 2003 by managing director Hugh Evans.
“We are grateful to our investors for supporting our purpose to enable business to succeed. We believe we are well-placed to be the obvious partner of any business looking for support with cashflow, domestic and/or international payments needs,” Moneytech chair Pauline Vamos said.
by Anthony Macdonald, Yolanda Redrup and Kanika Sood
Originally Published by AFR