Grapple delivers consecutive record-breaking quarters
Australian LendTech and SME financier Grapple has continued its exponential growth with a second consecutive record-breaking quarter, reporting increases across all key business metrics.
- A 50% quarter-on-quarter (QoQ) increase on facility limits
- A 112% QoQ increase in funds in use and record revenue (109% QoQ increase) for it’s B2B payments solutions – Grapple Pay and Grapple Now.
- Grapple’s core invoice financing business – Grapple Plus and Grapple Selective – also saw steady growth with funds in use increasing 32% QoQ and QoQ revenue increasing 28%.
The latest quarter continues a breakout year for the Sydney based FinTech whose low-admin, high-speed fully digital LendTech platform and technology, developed and built here in Australia, is underpinning increasing usage and interest among Australian SMEs.
“We’re seeing a spike in interest amongst Aussie SMEs for alternative financing solutions from non-bank lenders like Grapple. The current conditions, with falling property prices and rising interest rates, are making it harder for SMEs to secure business funding from banks and large financiers. Invoice financing is an increasingly attractive option to businesses looking to improve cashflow, increase working capital and accelerate their growth,” said Grapple CEO and Founder Stephen Dawson.
The take-up of Grapple’s new B2B payments solutions has outpaced expectations with appeal across a variety of sectors. Large retailers have used Grapple Pay for bulk stock purchases ahead of the busy Christmas period knowing they can pay overtime whilst small businesses have used Grapple Now to secure early payment of their invoices whilst their suppliers pay overtime. Small businesses using Grapple Now have also seen their customers spend more money with their business knowing they can pay overtime in interest free instalments.
“Aussie SMEs are continuing to struggle with their cashflow. Banks and large financiers simply can’t provide the financing solutions SMEs need with the flexibility they desire to keep pace with their business. Tackling that problem, Grapple’s LendTech platform provides a rolling line of credit that a business can access when and as they need it. Our pickup in Q3 indicates that businesses need it right now more than ever,” Dawson said.
On top of this explosive growth Grapple is also seeing strong interest in its LendTech which is being made available as a white label offering or an enterprise partnership for other financiers. “Our LendTech platform can enable financiers to greatly improve and digitise their customer’s experience. Through automation and third-party integrations, we’ve been able to reduce administration time and make compliance quicker and easier. Our system also integrates easily into SMEs existing accounting software like Xero and MYOB,” Dawson added.