KWM zips up Australia’s largest fintech debt market deal

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King & Wood Mallesons (KWM) advised ASX listed fintech company, zipMoney Limited on a $260 million facility led by National Australia Bank (NAB) - representing the largest debt market deal to date in the Australian fintech sector.

NAB provided $200 million in senior funding, with the facility also including $40 million of mezzanine funding and $20 million in junior notes and equity.

KWM Partner Ian Edmonds-Wilson advised zipMoney on the landmark transaction, supported by Senior Associate Anny Chen.

KWM Partner Paul Smith, supported by Senior Associate Daniel Bragg, acted for FIIG on this matter, which sourced the $40m mezzanine funding via a two-year bond that has been issued to wholesale investors.

Ian said the matter represented a landmark transaction in which an Australian fintech company received significant funding from a "big 4" bank, demonstrating growing confidence in sector.

"The deal will have a significant positive impact on zipMoney, supporting future profitability and growth."