QuickFee expands funding facilities

LOS ANGELES, Nov. 30, 2021 /PRNewswire/ -- QuickFee Limited (ASX: QFE) ("QuickFee") today announces it has partnered with Northleaf Capital Partners ("Northleaf"), a global private markets fund manager, for a new USD70 million asset-backed receivables financing facility to fund QuickFee's future growth across the USA and Australia.

Key highlights of the funding partnership:

• US$70 equivalent multi-currency million receivables facility
• US$40 million committed first lien facility, consisting of a US$5 million revolver and a $35 million term loan;
• An additional optional US$30 million accordion feature subject to Northleaf's approval;
• Attractive interest rates (7.25% p.a. until November 2022; 6.50% p.a. thereafter)
• New facility increases QuickFee's funding availability by over 250% in anticipation of substantial growth in volume across its two core lending lines of business: traditional accounting and law financing; and BNPL for services businesses
• The new 4-year asset-backed facility will replace the current A$25 million facility backed by the Australian receivables book.
• Advance rate of up to 90% of receivables.

Commenting on the new funding facility, QuickFee CEO Eric Lookhoff said:

I am delighted to be partnering with Northleaf Capital and incredibly excited that they will be supporting the scaling of the QuickFee business in both the USA and Australia.

Quickfee has continued its encouraging start to FY22 after a pleasing first quarter, where the Company saw substantial expansion in all of its go-to market channels, as well as a recovery in lending in Australia. The additional funding provides QuickFee increased liquidity in the medium term as the Company continues to expand in its key accounting markets, and accelerates its growth across its BNPL offering in the services sector.

We look forward to sharing more on the facility and progress on our strategy, at our investor day on Friday, 19 November.

QuickFee was advised on the transaction by D.A. Davidson & Co., a US-based full-service investment bank.

This announcement has been authorised for release by the directors.

About QuickFee

QuickFee Limited (ASX:QFE) is a fast-growing financial technology company providing an innovative suite of online payment solutions and loan origination offerings to professional, commercial, and personal services providers, helping customers access the advice and services they need, with the choice to pay now or over time.

QuickFee's fully integrated online payment platform and financing solutions enable merchants to accept payments by card, EFT/ACH, payment plan, or a "buy now, pay later" instalment plan.

QuickFee currently operates in the United States and Australia. For more information, visit quickfee.com.

About Northleaf Capital Partners

Northleaf Capital Partners is an independent, employee-owned global private markets fund manager with more than US$15 billion of private credit, private equity and infrastructure commitments under management on behalf of public, corporate and multi-employer pension plans, university endowments, financial institutions, family offices and high net worth individuals.

Northleaf's predecessor, TD Capital Private Equity Investors, was the private equity fund, secondary and co-investment arm of TD Bank Financial Group, and was founded in 1969. Northleaf became a management-owned firm in 2009. Northleaf is committed to building enduring relationships with its investors, investment partners and colleagues based on trust, openness, respect and the highest standards of integrity and professionalism.

Northleaf has a long, well-established history as a principal investor in the global private markets and currently manages more than 400 active investments in 40 countries with a focus on mid-market companies and assets. Northleaf's 150-person team, located in Toronto, Montreal, London, Chicago, New York, Menlo Park and Melbourne, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf currently manages three private credit funds, eight global private equity funds, three specialist private equity secondary funds, one direct private equity investment fund, three infrastructure funds and a series of customized investment mandates tailored to meet the specific needs of institutional investors.

About D.A. Davidson & Co.

D.A. Davidson Companies. is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 and headquartered in Great Falls, Montana, with corporate offices in Denver, Los Angeles, Portland, and Seattle, the company has approximately 1,400 employees and offices in 28 states. D.A. Davidson & Co. is a subsidiary of D.A. Davidson Companies.

D.A. Davidson & Co.'s Investment Banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive experience service middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.

Together with its European partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

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SOURCE QuickFee