Fintech reveals $250m funding boost
In a bid to compete head on with the traditional banks, a fintech lender has secured an additional $250m to fund Australia’s small businesses.
In addition to the new funding, Moula has extended its loan terms from 24 to 36 months and doubled its maximum loan value from $250,000 to $500,000. Pricing starts from 15.95% APR and is said to be “unprecedented” in the online unsecured business lending space.
CEO Aris Allegos said, “Until now, online business lenders have competed with banks on speed, ease of application and customer service. However, competition based on pricing has been largely absent.
“Injecting a quarter-of-a billion dollars into Australia’s businesses and making our financing terms more flexible, will ensure that hard-working business owners aren’t locked out of accessing funding and are able to seize growth opportunities with confidence,” he added.
The new funds and terms allow Moula to better compete with the major banks, and the lender is confident it can do so while maintaining the integrity and customer-mindedness encouraged by the royal commission.
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