Search Result: capify

Dec
19

Thank You & Merry Christmas!

From the team at Australian FinTech, we’d like to say a massive THANK YOU to everyone who has supported us over the past 12 months.

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Sep
18

Australia’s first online small business lender launches new Affiliate Marketing Portal

Capify, Australia’s most experienced Fintech online business lender, has launched its new Affiliate Marketing portal this week.

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Jan
07

Top seven fintech business lenders compliant with new code of conduct

The seven largest online small business lenders have opened themselves to scrutiny by an independent oversight committee

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Sep
10

Raising the bar for SME lending

For those who work in the finance industry, there appears to be no shortage of lenders and loans in the marketplace. However, for those running Australia’s 2.1 million small and medium-sized enterprises, it can be difficult to see the wood for the trees. With the intention of addressing this, in July six fintechs signed the Code of Lending Practice, a document designed to bring transparency and clarity to the online balance sheet lending space. An initiative of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and FinTech Australia, key elements include the introduction of a pricing comparison tool allowing customers to compare the cost of unsecured loans from the signatories; […]

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Jul
25

OnDeck Australia secures $75m Credit Suisse loan

Small business lender OnDeck Australia has secured a $75 million funding line from Credit Suisse, the latest partnership between fintech players and established institutions. The subsidiary of the New York-listed OnDeck Capital said the asset-backed revolving credit facility would be used to refinance OnDeck Australia’s loan book and to fund new loans. The facility is due to mature in June 2020. On Deck Australia managing director Cameron Poolman said the lender was striving to lower its cost of funding, origination and to build a “leading credit model”. He said the online small business lending market is growing at a faster pace than it did in the US at a similar stage in […]

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Jul
01

Fintech business lenders sign code to lift transparency

Six fintech start-ups that lend to small business have signed a ”code of lending practice”, a move the small business ombudsman says will improve transparency and protect SMEs by requiring the online lenders to disclose standardised pricing and fairly resolve disputes. Prospa, which pulled an ASX float this month on concerns about its transparency, is a signatory to the code, along with Spotcap, Capify, GetCapital, Moula, OnDeck. They will be compliant by the end of the calendar year. The code will be enforced by an independent committee to be set up by the Australian Finance Industry Association. AFIA has helped write the code, alongside the Australian Small Business and Family […]

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Prospa raises $20m from Partners for Growth

Online business lender Prospa has raised $20 million from Silicon Valley-based Partners for Growth through a tailored debt facility that will allow it to ramp up loans and further develop its technology allowing credit assessments to be made in seconds. Prospa, which has lent more than $400 million to small businesses, up from $250 million in February after a strong fourth quarter, has deals with 4000 distribution partners, including finance brokers and cloud accounting platforms. It also has a referral partnership with Westpac Banking Corp. Prospa chief financial officer Ed Bigazzi said some of the new capital will be used for product development, including in invoice financing, and a stronger […]

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Mar
03

Global SME lender picks fight with P2P lenders

Global small business lender Capify claims peer-to-peer lenders will suffer more than most during a downturn because they lend to risky borrowers for too long, but P2P lenders say the evidence doesn’t stack up. New York-based Capify lends to small business in the US, Canada, Britain and Australia. It introduced so-called merchant cash advances to Australia in 2008 under the name AusVance, which involves a business giving up future credit card takings in return for credit. Founder David Goldin claims most marketplace or P2P lenders that have sprung up during a period of rock bottom interest rates and low funding costs will not survive a downturn, whereas Capify made it […]

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