Automotive finance specialist Money3 has secured a NZ$250 million warehouse facility for its New Zealand business, Go Car Finance. The facility, provided by a “leading global bank”, is in addition to an existing facility of NZ$120 million. Money3 acquired Go Car Finance in 2019 and has grown the loan book fourfold to NZ$217 million since then. Money3 chief executive Scott Baldwin said in a statement that the new funding gives the company capacity to grow the book to NZ$500 million. He said the new facility will reduce the company’s overall cost of funds by around 100 basis points. MoneyMe shareholders voted in favour of a capital raising initiative at an extraordinary general meeting this week. Last month, the company completed a A$20 million institutional placement, part of which was conditional on shareholder approval. MoneyMe chief executive Clayton Howes told shareholders that the company had “shifted the strategic focus to prioritise statutory returns over high growth in 2022/23.” The consumer lender’s losses blew out from $7.9 million in 2020/21 to $50.4 million in 2021/22.