Ashurst has advised small business lending platform OnDeck Australia (‘OnDeck’) in establishing a A$75 million securitisation warehouse provided by Credit Suisse and backed by OnDeck’s business loans asset portfolio.
OnDeck is a fintech that provides financing for small businesses in Australia and is part of the OnDeck Group which has loaned over A$8 billion to over 80,000 small business owners across the US, Canada and Australia.
Lead partner Jennifer Schlosser (Global Markets) commented: “We are delighted to have worked with OnDeck, a leader in the small business lending space. There is an established pattern of Fintechs utilising securitisation funding techniques to support growth and obtain funding stability. Ashurst has been a long-term supporter of Fintechs and continues to lead the market in the Fintech sector, having acted for OnDeck, Get Capital, Brighte, Judo Capital and Study Loans on the establishment of recent funding programmes, as well as having acted for financiers to Prospa, zipMoney, Money Me, Money 3 and Afterpay, among others.”
Jennifer was assisted by lawyer Jason Wong and graduate Jacqueline King (Global Markets); partners Ian Kellock and Barbara Phair, senior associates Bronwyn Kirkwood and Elke Bremner and lawyer James Sainty (Tax); with partner Phil Trinca (Regulatory). A separate Ashurst team also acted for Perpetual as manager and trustee, which was led by partner Jamie Ng (Global Markets) and included senior associate Eugene Ng, lawyer Bonnie So and graduate Jamie Bang (Global Markets).
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