Business Loans

What’ll Waddle do with $4m injection?

Small business lender fintech start-up Waddle will step up its efforts to crack overseas markets and take a larger share of the big four bank’s local market share after closing a $4 million series A funding round. The funds, sourced from tech venture capital firm Allectus Capital, will be used to grow the fintech’s footprint in Australasia and push forward with its plans to integrate with overseas banks. “We are seeing strong demand from banks looking to digitise their working capital product offerings by partnering with fintechs with proven models,” said Simon Creighton, co-founder of Waddle. While it is the first major external venture-style funding round, co-founder Simon Creighton is […]

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Mar
18

Five ways to better manage cashflow for your business

Did you know, according to the Australian Securities and Investment Commission (ASIC), 46% of all company failures occurred due to inadequate cash flow in 2015/16? Cash flow is vital to a business, and management should be priority number 1. So how can you better manage cash flow in a business, whether you sell products, provide services, or do a bit of both? Here are five ways to better manage cash flow in your business 1. Look at your balance sheets and make a projection In business, like in sport, you need to keep score. Keeping score tells you whether you’re winning or losing. Balance sheets and profit and loss statements […]

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Mar
13

Prospa momentum continues as loan originations surpass $1 billion

Prospa, Australia’s number one online lender to small business, is pleased to announce its pro-forma results for H1 FY19. Total loan originations for H1 FY19 were $225 million, up 10% on the forecast of $204 million and up 44% on a pcp basis. Total loan originations for CY18 were $436 million, up 13% on the forecast of $386 million and up 51% on a pcp basis. Prospa’s total loan originations have now surpassed $1 billion comprising A$1 billion in Australia and NZ$10 million in New Zealand, delivered to over 19,000 small businesses as demand continues to grow. Revenue is ahead of forecast with H1 FY19 revenue $67.7 million, up 8% […]

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Mar
13

An accountant’s guide to comparing Fintech business loans

How can you objectively compare the loan pricing metrics between the different online business lenders and make the most informed decision possible? Assisting your small business clients with finance can be challenging with so many options out there from both banks and newer alternative finance providers. As traditional lenders have tightened their credit conditions and pulled back on SME lending, the rise of online, fintech lenders is providing small businesses with new opportunities to fund their growth. However, how can you objectively compare the loan pricing metrics between the different online business lenders and make the most informed decision possible? The answer is with SMART Box™. The SMART Box™ Loan […]

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Feb
19

SME fund legislation will “fill the void”

The government introduced the legislation last week to establish a $2bn securitisation fund to help small and medium businesses get better access to finance. The fund, which will allow for smaller banks and non-bank lenders to on-lend to SMEs on more competitive terms, was announced towards the end of last year. SMEs can find it difficult to obtain finance other than on a secured basis and can find it difficult to access additional funding once they have pledged all their real estate as collateral. The fund was developed to unlock a competitive funding source for those smaller lenders, allowing them to compete with the major banks. Wayne Morris, CEO of […]

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Feb
13

Big lending fall shows businesses need to investigate crowdfunding options

A significant drop in lending activity during December has illustrated the need for business owners to investigate other ways raise growth funds, including crowdfunding, according to a major Australian crowdfunding platform. According to Australian Bureau of Statistics (ABS) figures which were released today, the value of lending commitments to businesses fell by 9.7 per cent in seasonally adjusted terms in the month of December 2018. This included commercial finance commitments dropping by 9.8 per cent and lease finance falling by 5.7 per cent. The fall in business lending outstripped the reduction in household lending commitments, which went down 4.4 per cent. In the year to December 2018, business lending commitments […]

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Feb
07

Neo-lender Wisr sees increase in banking defectors amid Banking Royal Commission

Neo-lender Wisr (ASX:WZR) has launched a bold new campaign targeting disillusioned customers of big banks, following the Hayne Royal Commission handing down its findings into consumer lending practices. The ‘Australia’s Getting Wisr’ campaign taps into the prevailing sense of unfairness that Australians feel towards the big banks and how customers can make smarter choices when seeking personal loans. The campaign in the coming months will showcase the company’s personal loan, financial wellness programs and new smartphone application. It is the first brand campaign undertaken by Wisr since launching the brand in March 2018 and will appear nationally on television and online from this week. Earlier this week the Hayne Royal […]

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Jan
29

Prospa contributes $3.65 billion to Australian GDP

Prospa, Australia’s number one online lender to small business, today revealed new research into the economic impact of its lending to small business in Australia. Prospa undertook the economic impact assessment in partnership with RFi Group and the Centre for International Economics (CIE). The project considered the value of funds lent by Prospa over the period 2013 – 2018 and assessed how funds have benefited Prospa’s customers through increases in revenue and employment and the flow-on effects of these funds to the wider economy. The results of the research showed: For every $1m in lending by Prospa there is a corresponding $4m increase in GDP Since 2013, Prospa has contributed […]

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