Lend.com.au launches Australia’s most sophisticated broker platform
In the midst of a predicted boom and revolution in the SMEs finance market, Lend.com.au today announced the launch of its new Broker Platform to help finance brokers better source funding for SMEs (small to medium enterprises).
Co-Founder and CEO of Lend.com.au Bill Baker said their analysis indicates the alternative lending industry is on the verge of dramatic market consolidation. “Technology is changing the SME lending industry and the stars are now perfectly aligned for a major shakeup in the industry,” he said.
According to Lend, Australia’s $700 million alternative lending market is about to undergo a major transformation. “As SMEs increasingly turn to non-bank sources for loans, we predict the alternative lending market will grow to over $2 billion by the end of 2021, commission rates for brokers will fall and the industry will experience major consolidation due to technology transforming the marketplace.
The industry is on the verge of a seismic, tech-driven shift. Our vision is to capitalise on this trend and be the go-to platform for every finance broker in Australia,” Mr Baker said.
Currently, Lend estimates there are over 40 lenders servicing 2.1 million SME’s across Australia.
Lend.com.au launches Australia’s most sophisticated broker platform
Mr Baker said their new platform is the industry’s only complete solution for Australian SME finance brokers.
“The new technology is designed to free up time for brokers who are currently spending several hours per client, working with multiple lenders to find the best loans for SME clients. The Lend.com.au technology will instantly provide the finance broker with the most suitable lender for their client’s business based on its business profile. Our new Lend.com.au platform will also allow brokers to spend more time doing what they do best – servicing their client’s needs – while promising to unlock business potential and profitability,” he said.
Lend estimates a SME finance broker will save up to 4 hours per client using the Lend.com.au platform through features such as the single application facility, instant analysis of loan applications and best lender matching technology.
Lend estimates that 30% of the platform’s monthly volume is now attributed to broker partners.
LendScore – predictive modelling tool to determine loan success
Lend has also announced the launch of LendScore – an industry first tool exclusively available to brokers through the platform which provides brokers with a score on the likelihood of their client’s loan getting an approval from a lender.
Brokers simply upload their client’s bank statements into LendScore. The tool will instantly calculate a customer’s LendScore out of 100 using predictive modelling techniques. Lend estimates that a score of 65+ is usually an indication that a business has a strong chance of a loan being approved.
According to Mr Baker, “Lend.com.au is a truly broker-driven platform. Throughout the development of the platform, we regularly consulted with brokers for their insights and feedback. For instance, one of the key requirement from brokers, which has been built into the platform, was their desire to retain control over their client relationships. SME communications include the broker’s logo and brokers can control the lender options provided to their customers.”
“We will continue to undertake research on the best small business loans in the marketplace, keeping credit criteria up to date and onboarding new lenders. We will also continually invest in its platform technology to enhance the platform with strong input from brokers.”
