How this fintech startup chief facilitated $50 million in Australian business loans without stepping foot in the country
Business loan marketplace Lending Express launched in Australia in 2016, and since then it’s facilitated $50 million in small business loans. But it was only last month that co-founder and chief executive Eden Amirav first set foot on Australian soil.
Now the Israeli startup has secured $US2.8 million ($3.7 million) in funding, Amirav has plans to further improve the artificial intelligence-enabled platform, and to get his message to even more Aussies.
Using artificial intelligence and machine learning, Lending Express connects small businesses seeking loans with alternative lenders. The business owner fills in an application via the online platform, and Lending Express runs an algorithm, immediately identifying the lenders that would be most likely to approve the loan.
Amirav says the team built the solution as a response to the alternative lending space, which has been “growing super quickly”, over the last 10 years.
“Suddenly you have so many options for businesses who couldn’t get money before,” he tells StartupSmart.
With so many alternative lenders, each focusing on different business sectors, Amirav says the opportunities were there for small business owners, but the lenders could be hard to find.
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