Reckon Loans breaks $1Million milestone
Australian cloud accounting software provider Reckon (ASX:RKN) has announced its new Reckon Loans (powered by Prospa) platform has funded over $1million to small businesses, proving the online lending market is growing at an extraordinary pace.
In partnership with Prospa, Australia’s leading online lender to small businesses, Reckon Loans provides SME’s a fast and simple service with approvals and funding of loans from $5,000 to $250,000 available within one business day.
Reckon Group COO Dan Rabie said Reckon Loans is a disrupter in the fintech space, adding diversity and removing the red tape from the small-business loans market.
“This is a significant milestone for our business and clearly shows there’s a need for a faster and friendlier service than the banks are providing. We can access accounting data through the Reckon One platform to look at the overall health of a business, not just personal credit scores.
“There are 400,000 small businesses needing cashflow financing each year which is the highest ranked pain point that keeps small business owners up at night. This issue isn’t being served well by traditional lending sources, so we took a brave step to help the engine room of our economy thrive,” he said.
Beau Bertoli, Joint CEO of Prospa said the success of Reckon Loans was yet another proof point that small businesses want easy access to capital.
“Reckon Loans powered by Prospa is a partnership between two trusted brands. Together we’ve been able to offer business owners a customised approach to access working capital and grow their business.
“Customer feedback has been incredibly positive. To reach this figure in such a short space of time means we’re having a major impact.”
“We’re optimistic about the future. As the market leader, we’ll continue to invest heavily in developing deeper integrations to improve the partnership and customer journey,” Beau Bertoli said.
Owner of thriving WA day spa, Simply Beautiful Hair and Beauty, Suzanne Flanders, required cash flow to expand her business and after evaluating her options, she shunned the big banks and applied for a small business loan from Reckon Loans.
“I’m not a clairvoyant and don’t have the time to spend away from the business creating forecasts, and usually the banks ask you to reassess and re-submit all the paperwork. The Reckon process was a breeze and as a result of having quick access to finance I’ve been able to successfully grow,” she said.
In addition to the launch of Reckon Loans, the company has several high-growth opportunities that will move the needle of innovation forward, making it easier for SME’s to succeed.
“We’ve developed a smarter breed of online accounting software with the Reckon One platform that’s designed to disrupt high margin incumbents through a game-changing pricing model. Integrations with Reckon Loans within our core product will ensure we are providing our customers with the ultimate in responsive, agile lending,” said Rabie.