Press release

Congratulations to The Rapid Loans Group

Congratulations to The Rapid Loans Group on $50m funding partnership with Dinimus Capital to recapitalise and grow Australian businesses

Personal and business loans provider, The Rapid Loans Group, has secured a $50m recapitalisation in collaboration with credit fund manager, Dinimus Capital. The deal will see $50m of funding introduced this year, setting the stage for the business to originate over $100m of loans in the next 12 months needed to support future growth and service Australian personal and business credit markets throughout and beyond Covid-19.

The availability of non-bank funding will be especially important over the coming weeks, as Australia transitions into the economic recovery phase of the current market disruption caused by Covid-19.

The partnership with Dinimus Capital provides The Rapid Loans Group with a strong springboard to service a market where non-bank lenders have a significant role to play.

A competitive process was implemented to secure the most suitable investor for The Rapid Loans Group. To navigate this investor partnership process, Neu Capital and Grant Thornton provided corporate advisory, while Johnson Winter & Slattery supported legal advisory.

Commenting on the partnership, The Rapid Loans Group CEO Russell Birse, said: “Rapid Loans has a long history of providing innovative credit solutions for personal and small business finance, having served over 50,000 customers in the Australia and New Zealand markets during the last two decades.

“With the support of Dinimus Capital, I am excited to see how our offering can support Australia’s businesses and individuals during and after an incredibly challenging period.”

Paul Gooley, National Head of Corporate Finance, Grant Thornton Australia, added: “We have enjoyed working with Russell and his team over the last nine months being able to bring our corporate finance and restructuring teams together seamlessly to support the recapitalisation of the business and providing the necessary capital to achieve their growth ambitions in Australia”.

“We’re also pleased to have assisted in this milestone transaction for Rapid Loans, which places the company in an excellent position to further expand their offering in the personal and small business loan sector - something that has never been more necessary.”

Edward Jones, Co-founder and Director at Neu Capital, said: “The execution of this partnership is proof that capital is flowing into the private debt markets despite this current economic crisis. As we have seen in the past few weeks, providing funding to consumers and SMEs is one of the government’s main objectives in ensuring economic stability. This partnership with Dinimus and The Rapid Loans Group is an important step in fulfilling this objective and safeguarding business success throughout and beyond Covid-19. “Ryan Donnar and Adam Howell at Dinimus have been superb in getting this solution structured and executed”.

 

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