Nectar Secures Expansion Capital To Grow Digital Lending Marketshare

Auckland 23 March 2023 - Nectar, the New Zealand-owned digital lending platform, has secured additional debt and equity funding as it targets NZ$200M in consumer lending over the next 24 months.

Vancouver-based Cypress Hills Partners (CHP) has provided Nectar with a new NZ$10M mezzanine facility. This is the first foray into New Zealand for CHP, an alternative asset firm specialising in the origination of private debt.

In addition, Nectar has signed a three year extension to its existing uncapped senior facility with Sydney-based Global Credit Investments (GCI), a specialist debt capital provider.

In November Nectar closed the first round of its Series A equity capital raising, securing NZ$1.2M towards a goal of NZ$5m. The raise was led by Icehouse Ventures, one of Nectar’s original equity investors.

Dean Linden, Managing Partner at CHP, comments, “We have been impressed by Nectar’s diligent credit model and robust technology platform. We are excited to accelerate the growth of Nectar as they continue to expand their presence in the New Zealand consumer lending landscape.”

“Support from specialist lenders CHP and GCI, together with new equity investment, shows confidence in our business model despite tight capital markets. This expansion capital enables Nectar to scale our technology and accelerate our mission to provide the simplest, fastest and most transparent way for Kiwis to get a personal loan,” says Symon Nausbaum, founder and CEO of Nectar.

The fintech has originated loans worth over NZ$100m since its launch as it responds to consumer and broker demand for digital borrowing solutions. Nectar was the first digital lender in New Zealand to release an API to receive and process applications directly from brokers, putting its loans at the front of the queue for consideration. Personal loans up to $37,500 are available, with the average being $11,500.

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