Capify secures $135 million from Goldman Sachs for SME loans
Capify, a leading Australian alternative SME finance provider has secured a $135 million credit facility from Goldman Sachs Private Capital (“Goldman Sachs”) to support its future growth plans and provide working capital to thousands of Australian SMEs over the coming years. The Sydney-based fintech company will use the new facility to accelerate the growth of its lending business to Australia SMEs through its business loan and merchant cash advance (MCA) products. Capify has been active in Australia since 2008, executing over 7,500 transactions for Australian SMEs seeking business financing and most recently celebrated its ten-year anniversary. “This is a landmark achievement for Capify and we are very pleased that we […]
ANZ Bank buys into online mortgage broker Lendi
ANZ Banking Group has taken a strategic stake in online home loans platform Lendi. Street Talk understands ANZ paid close to $40 million for a minority stake, to become Lendi’s second largest strategic shareholder behind fellow Australian financial services giant Macquarie Group. Importantly for Lendi, which has 37 banks and lenders on its open home loans platform, the business will continue to be run independently and at arms length to its strategic investors. ANZ will not be given a board seat, as consistent with Lendi’s treatment of Macquarie and other strategic investors including Pepper. It is understood ANZ agreed to write the cheque after spending much of last year talking […]
Symple targets A-grade borrowers, leaves F-grade to big banks
New marketplace lender Symple Loans says it will lure in creditworthy borrowers with cheap loans and leave subprime loans to traditional banks. Symple Loans, which opened its personal loan book last month after raising $10 million, said it would use a risk-based pricing model and offer low interest rates to responsible borrowers who showed discipline with their finances. “Those customers are very predictable and the returns we earn on those loans are also very predictable. Those customers tend to be more resilient during times of economic volatility,” Symple Loans co-founder and chief executive, Bob Belan, said.Mr Belan and co-founder Paul Byrne previously were personal lending specialists at ANZ. Mr Belan […]
Asset finance lender joins broker panel
A mortgage aggregator has expanded its lender panel to enable brokers to help customers with personal and asset finance. Loan Market Group has welcomed RateSetter as part of its commitment as the industry’s trusted advisor. It aims to be a single specialist broker which customers can entrust their portfolio of real estate, personal and asset finance needs to alongside their personal wealth, insurance and superannuation goals. Peer-to-peer lender RateSetter offers brokers access to personal loan and automotive loan products with rates from 7.49% and 5.90% respectively. Using a risk-based pricing model that delivers a personalised rate to borrowers in less than two minutes, RateSetter aims to deliver a simple, transparent […]
Wisr added to Platform Finance panel as it strengthens business team
Wisr, Australia’s first neo lender (ASX: WZR), has joined the consumer lending panel of one of the country’s biggest finance broker communities and strengthened its business teams. Platform Finance, part of the Consolidated Operations Group (ASX: COG), has finance brokers across Australia and will now be able to offer their consumer clients access to Wisr’s unsecured personal loans. This appointment follows a period of real growth in Wisr’s personal loan business through the broker channel. The company has recorded 46% quarter on quarter growth in loan settlements through the broker channel as at 30 September 2018. Today more than half of all finance brokers are able to assist clients with […]
Afterpay is different from competitors, says co-founder
Afterpay has rejected rival Zip Pay’s call for industry-wide responsible lending checks, saying the government shouldn’t take a one-size-fits-all approach to the buy-now, pay-later sector. The rift comes ahead of Afterpay and Zip’s scheduled appearance before a Senate committee later this month in Brisbane where Young Rich listers, Zip’s Larry Diamond and Afterpay’s Nick Molnar, will give evidence. Zip’s co-founder Peter Gray said the buy-now, pay-later providers should comply with a limited version of responsible lending obligations, by verifying customers’ identity, income and credit history.But in a statement, Afterpay executive chairman and co-founder Anthony Eisen said there were “distinct differences” in the products offered in the buy-now, pay-later sector and […]
Top seven fintech business lenders compliant with new code of conduct
The seven largest online small business lenders have opened themselves to scrutiny by an independent oversight committee
Lender seeks to debunk non-bank ‘myths’
The chief lending officer of a credit provider has sought to refute the “myths” associated with non-bank lending amid concerns raised by financial regulators. Speaking to Mortgage Business’ sister publication, The Adviser for its livestream webcast, chief lending officer of La Trobe Financial Cory Bannister sought to “debunk” what he has perceived as “myths” regarding the rise of non-bank lending. Over the past few months, financial regulators have raised concerns over the rise of non-bank market share, with the Reserve Bank of Australia (RBA) warning that continued growth in loans issued by non-banks could pose “financial stability risks”. The Council of Financial Regulators (CFR) has also noted the rise of […]
