QuickFee Limited has completed a significant A$118 million debt refinancing and successfully raised A$1.25 million through a share placement, alongside announcing a new Share Purchase Plan to support its expansion in the US and Australian markets.
- Completed A$118 million asset-backed receivables refinancing with Viola Credit
- Secured A$5 million term loan facility with Fancourt Capital Group
- Raised A$1.25 million via share placement with strong institutional support
- Announced A$0.25 million Share Purchase Plan for eligible shareholders
- Maintained FY25 statutory EBTDA guidance amid mixed loan performance
Strategic Refinancing to Lower Costs and Support Growth
QuickFee Limited (ASX – QFE) has taken a decisive step to strengthen its financial foundation by completing a A$118 million refinancing of its debt facilities. Partnering with Viola Credit, a global credit asset manager, the company replaced its existing Northleaf Capital Partners and Wingate Corporate Investments facilities with a new three-year senior secured revolving credit facility. This new arrangement offers a lower interest rate of 6.5% over the Australian BBSW benchmark, improving QuickFee’s cost of capital and providing up to 95% advance rates on loan receivables.
In addition, QuickFee secured a A$5 million term loan with Fancourt Capital Group, a specialist financial services investor, to bolster liquidity and support ongoing loan book growth. This facility carries a higher interest rate of 10% over BBSW and includes warrants exercisable into ordinary shares, aligning investor interests with the company’s growth trajectory.
Capital Raising to Fuel Expansion and Strengthen Balance Sheet
Alongside refinancing, QuickFee successfully raised A$1.25 million through a share placement priced at A$0.05 per share, attracting strong support from both new and existing institutional investors. Notably, major shareholders and all directors participated in the placement, signaling confidence in the company’s strategic direction. The funds raised will be deployed to accelerate loan originations in both the US and Australian markets, particularly focusing on high-margin Finance and Connect products.
Complementing the placement, QuickFee announced a A$0.25 million Share Purchase Plan (SPP) open to eligible shareholders in Australia and New Zealand, allowing them to purchase shares at the same price as the placement. The SPP is designed to broaden shareholder participation and provide additional capital to support the company’s growth ambitions.
Operational Performance and Outlook
QuickFee reported mixed transactional volume trends for the period from April to May 2025. US Pay Now total transaction value (TTV) increased by 9% year-on-year, reflecting growing traction for the Connect platform. However, US Finance TTV declined by 28%, while Australian Finance TTV saw a modest 5% increase. Despite these variances, the company reaffirmed its FY25 statutory EBTDA guidance range of A$0.8 million to a loss of A$1.8 million, factoring in a non-recurring credit loss provision of A$3.3 million.
Non-executive Chair Dale Smorgon emphasized the validation of QuickFee’s growth strategy through recent performance and expressed optimism that the refinancing and capital raise will enable accelerated lending growth. The company’s focus remains on profitable expansion of its loan books in both key markets.
Next Steps and Shareholder Engagement
While the placement shares are being issued in two tranches, the second tranche involving director participation awaits shareholder approval at an upcoming Extraordinary General Meeting. The company also outlined a detailed timetable for the settlement and trading of new shares, along with the dispatch and closing of the SPP offer. Investors are encouraged to review the accompanying investor presentation for comprehensive details on risks and strategic plans.
Bottom Line?
QuickFee’s refinancing and capital raise set the stage for accelerated growth, but investor eyes will be on loan book expansion and profitability in the coming months.
Questions in the middle?
- Will QuickFee’s loan book growth offset the impact of the credit loss provision on profitability?
- How will shareholder approval outcomes affect the timing and scale of director participation in the placement?
- What traction will the Share Purchase Plan gain among retail shareholders, and how might this influence future capital raises?