GetCapital rebrands as Shift
With Australian businesses tackling cashflow and equipment purchases as two of their biggest challenges heading into 2022*, GetCapital today rebranded as Shift, a provider of credit and payment platforms to help businesses easily trade, pay and access funds.
According to Jamie Osborn, Chief Executive Officer of Shift, many Australian businesses are primed for growth and in some cases more resilient than ever due to the obstacles of the last two years.
In particular, Shift’s income index data shows categories such as transport, postal & warehousing maintaining strong performance throughout 2021 and construction making gains through September. However, industries including retail trade, accommodation and food services are still navigating their way to recovery.
Even with the national focus on economic recovery, businesses and brokers often cite cumbersome processes and lengthy delays as stress points when accessing financial products.
“Days can feel like years for businesses looking to access funds for growth, cashflow or to acquire assets, which is why we’re focused on giving businesses access to finance on-demand,” said Jamie.
“Streaming data plays a huge role in speeding up the process, working alongside our team that analyses business metrics to see how we can help by right-sizing our financial products for each individual business. Our aim is to give businesses swift, hassle-free access to a wide range of solutions that suit their financial situation now and down the track.”
With Shift, businesses register once and can then access a range of solutions, such as an overdraft for working capital, equipment payments options, capital for growth, or a trade account to pay suppliers.
“With our data showing that in some industries cashflow took a real hit this year, solutions such as Shift Trade, which lets businesses pay suppliers over a flexible period of time, are essential for sectors such as hospitality and construction that are working their way back to certainty,” said Jamie.
“This supports our view that financial solutions providers have a key role to play in supporting businesses through the economic recovery. More than ever before, businesses need financial solutions that are flexible and tailored to suit their size and needs, providing funds quickly and simply.”
*Source: Shift survey of 104 brokers, October 2021