Macquarie Bank has acquired a loan portfolio from an Australian lender after announcing a strategic agreement with the group.
DirectMoney announced on Friday that it had established a strategic agreement with Macquarie, which includes the sale of $5 million worth of personal loans originated by the marketplace lender.
Macquarie will become DirectMoney’s adviser on future capital market transactions.
The deal is first institutional placement of personal loans for DirectMoney and establishes what the company describes as “the infrastructure for further access to debt capital markets investors”.
DirectMoney chairman Stephen Porges welcomed the announcement, indicating that it is the first step in an ongoing collaboration between the two companies.
“As our loan volumes continue to build, we are very pleased to have reached an agreement with Macquarie,” Mr Porges said.
“This deal allows both teams to work together in a collaborative manner to take DirectMoney’s marketplace lending model to the next level,” he said.
“DirectMoney continues to invest in building a robust, scaleable operating platform and strong, broker-partner loan origination channels.”
Mr Porges noted that Macquarie’s loan purchase and capital markets expertise will assist in diversifying and strengthening the personal loan provider’s funding channels.
“With the securitisation market in the US now having issued more than US$8 billion of loans since 2013 we are delighted to work with Macquarie towards offering this product to Australian investors,” he said.
[Related: DirectMoney announces more partnerships]