BOQ Finance announces deal to support expansion of home energy payments platform Brighte
Thursday, 27 September 2018
Fintech start-up Brighte, Australia’s leading digital payment platform for home energy improvements, has secured a $15m debt facility with BOQ Finance.
This facility will help Brighte expand beyond their current home energy finance and offer payment solutions more broadly into the home improvement sector, an industry valued at over $32bn annually in Australia.
As part of this deal, BOQ Finance and Brighte will work together to identify new opportunities, including launching exclusive offers to BOQ’s 3,000 staff nationally.
BOQ Finance, CEO Adam McAnalen said funding home energy efficiency is an exciting new step for BOQ Finance. “There has been a substantial increase in Australian households looking to make their homes more sustainable and energy efficient. BOQ Finance is looking forward to partnering with Brighte to help make this a reality.”
Brighte plans to further expand its rapid growth since launching in 2016, continuing to help Australian families access more sustainable and comfortable homes made possible by Brighte’s affordable interest-free payment plans. These payment plans are distributed by over 550 accredited Brighte vendors Australia-wide who offer services in industries such as solar installation, air conditioning and roofing.
Brighte CEO and Founder, Katherine McConnell says "I am delighted to be working with one of Australia’s leading regional banks and together with their support accelerate the work Brighte is doing to help families around Australia access a more sustainable and comfortable home. This debt facility is exciting because it allows Brighte’s affordable payment plans to now be accessible by even more vendors around the country. Providing the home improvement industry with a faster and easier way to help their customers pay.”
In 22 months, Brighte has approved just under $90m in payment plan applications for more than 7,500 Australian homeowners.
This is the second debt facility secured by Brighte in 2018, with a $20M facility already established in May 2018 with NAB. This facility with NAB is currently close to being fully drawn and NAB has now approved a further $20m increase on this initial facility.
Brighte is a digital credit platform offering affordable point-of-sale payment solutions for home energy and home improvements. Brighte offers 0% interest payment plans with terms ranging from 6 months to 60 months for purchases from $1,000 to $30,000. Brighte’s payment plans are offered by 550+ accredited businesses nationwide whose customers are homeowners and making a purchase relating to home energy or home improvements. Brighte primarily solves the problem of in-home sales and enables a fast and affordable payment solution to be provided at the point of sale.
About BOQ Finance
BOQ Finance is a relationship-based asset finance specialists and part of the BOQ Group.