247 Money announces the successful completion of its first private securitisation

Manchester-based 247 Money today announces the successful completion of the company’s first private securitisation, with a facility of up to £305m.

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The facility will help support a strong pipeline of auto finance originations enabling more consumers to access finance. The arrangement provides 247 Money with total available commitments over the life of the securitisation of up to £305m with senior funding from NatWest and mezzanine funding from East Lodge Capital.

Chief Executive Officer of 247 Group, Reg Rix, welcomed the announcement of the deal, saying: “As a Group we continue to go from strength to strength serving customers efficiently through increasingly digital channels, our data-driven ecosystem, and the wider marketplace to provide first class car financing solutions. We are committed to driving innovation within the industry precipitating from our consumer-centric, digital first approach, and this securitisation propels 247 Money into a new league; availing us in the delivery of more options to more consumers. This has been a great effort by the team and our continued thanks goes to NatWest for their support over the years.”

Since launching in 2018, 247 Money has become an innovative non-bank lender specialising in Hire Purchase contracts for used vehicles across the UK. It is a part of the 247 Group, which includes CarFinance 247, the UK’s leading online car finance marketplace.

The 247 Group’s mission and purpose is to help people improve their everyday lives. This additional funding will not only provide a springboard into an exciting new phase for 247 Money and the Group overall, but will also support the Group’s mission of saying “yes” to more of the consumers who apply through the CarFinance 247 marketplace each day.

Commenting on the transaction, the Chief Financial Officer of 247 Group, David Miller, said: “Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business. As a Group we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY’s  Corporate Finance Team, and Ashurst LLP’s support as legal counsel.”

* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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