DirectMoney partners with Macquarie
DirectMoney has formed a strategic partnership with Macquarie Bank, which is taking a stake in the marketplace lender.As a first step, Macquarie has established a loan purchase facility and will acquire A$5 million of loans originated by DirectMoney.Macquarie will act as DirectMoney's adviser on future capital market transactions. Initial fees will be paid to Macquarie by way of shares in DirectMoney, with rights to acquire additional shares up to a limit of ten per cent.DirectMoney's loan portfolio was worth $8.5 million at the end of December.The company reported revenue of $409,320 for the December half, up from $70,856 in the previous corresponding period.DirectMoney chief executive Peter Beaumont said: "Our model is about having loans in the portfolio we can sell to investors."We are not religious about the channel. Securitisation is one, our retail fund is another. Having strong partners is going to help us achieve our goals."Beaumont said volumes continued to grow, with DirectMoney writing $1.5 million of loans in January.