The institutional component was fully underwritten and the retail component 50% underwritten, with the company targeting approximately $115m, depending on retail take up.

MinterEllison’s role involved advising FlexiGroup on all aspects of the capital raising, including structure, strategy, offer documentation, underwriting, DDC process and ASX liaison.

FlexiGroup is a diversified full service payments company with leading offerings in Buy Now Pay later, revolving credit and SME finance.

Bart Oude-Vrielink, corporate law and capital markets specialist at MinterEllison and lead partner on the deal noted: “The capital raising will allow FlexiGroup to invest and grow its strongest brand, humm™, a buy now pay later payment platform. The transaction was strategically structured as a pro-rata accelerated, non-renounceable Entitlement Offer to wholesale and retail investors.”

One year since launching, the humm™ brand is a leader in transactions over $1,000 with strong and profitable customer growth.

Mr Oude-Vrielink also noted that FlexiGroup will benefit from additional balance sheet flexibility to take advantage of the opportunities presented by the unification of its strong customer propositions under its humm™ brand: “Along with providing balance sheet flexibility, proceeds to be raised will provide FlexiGroup with the financial backing to underpin funding of the Company's strongest brand, invest in its strongest products and expand business partnerships and alliances.”