NAB backs credit platform Brighte with $130 million funding facility
NAB has helped strengthen the growth prospects of Brighte, a digital credit platform that facilitates payment plans for solar energy, batteries and home improvements, by helping it secure $130 million to meet increasing demand for its products.
NAB arranged a $130 million asset-backed securitisation warehouse and this month provided $80 million as the senior funder. This follows on from NAB providing Brighte with its initial $20m corporate debt facility in May 2018.
Cathryn Carver, NAB Executive General Manager, Client Coverage Corporate & Institutional Banking, said NAB’s support for Brighte was testament to how the bank could support emerging technology companies to access funding at critical stages of their development, helping them grow from a start-up to a mature business.
“Brighte is a business going from strength to strength as customer demand for its products soars,” Ms Carver said.
“We recently pledged $2 billion in financing for emerging technology companies and there is no better example than Brighte of a tech innovator we want to back as they get bigger and better.
“Brighte is doing great things for the green energy market, making it easier for companies that provide solar panels, batteries and other energy efficient home products to give their customers quick and easy access to affordable, reliable credit.”
Brighte founder and CEO Katherine McConnell said NAB’s most recent financial support is a big milestone because it will allow the company to scale and service the huge demand for its products.
“NAB’s support has been a key pillar of Brighte’s growth,” Ms McConell said. “This new funding is a big win for our vendors and their customers because it means we can offer more personal loans and small business payment plans, in addition to our point-of-sale finance products.”
Brighte has approved more than $235 million in point-of-sale finance applications for more than 28,000 Australians, representing a 407% increase in loan approvals since NAB provided the initial $20 million corporate debt facility in May 2018.
NAB, awarded Australian Securitisation House of the Year for seven years in a row, last month allocated $2 billion of funding over five years to help emerging technology companies build and grow their businesses by providing loans, facilitating access to capital makers and supporting transactional banking. The bank is also a strong supporter of green technology, being awarded securitisation deal of the year for Australia’s first Australian dollar green Residential Mortgage-Backed Security by KangaNews in 2018.