NAB backs credit platform Brighte with $130 million funding facility | NAB News
Summary
NAB has helped strengthen the growth prospects of Brighte, a digital credit platform that facilitates payment plans for solar energy, batteries and home improvements, by helping it secure $130 million to meet increasing demand for its products. Cathryn Carver, NAB Executive General Manager, Client Coverage Corporate & Institutional Banking, said NAB’s support for Brighte was testament to how the bank could support emerging technology companies to access funding at critical stages of their development, helping them grow from a start-up to a mature business. “We recently pledged $2 billion in financing for emerging technology companies and there is no better example than Brighte of a tech innovator we want to back as they get bigger and better. “Brighte is doing great things for the green energy market, making it easier for companies that provide solar panels, batteries and other energy efficient home products to give their customers quick and easy access to affordable, reliable credit.” Brighte founder and CEO Katherine McConnell said NAB’s most recent financial support is a big milestone because it will allow the company to scale and service the huge demand for its products. “This new funding is a big win for our vendors and their customers because it means we can offer more personal loans and small business payment plans, in addition to our point-of-sale finance products.” Brighte has approved more than $235 million in point-of-sale finance applications for more than 28,000 Australians, representing a 407% increase in loan approvals since NAB provided the initial $20 million corporate debt facility in May 2018.