Business Loans

Dec
03

APAC Alternative Finance report shows impressive growth

Australia is second only to China in market volume. The alternative finance industry continues to thrive according to the 3rd Asia Pacific Region Alternative Finance Industry Report by KPMG and the Cambridge Centre for Alternative Finance (CCAF) released this week. The global fintech sector has seen $117 billion invested in the last year, with $28 billion invested in Asia Pacific alone. Across the region, over 100,000 small- to medium-sized enterprises (SMEs) used alternative finance in 2017 and SMEs accounted for 61% of all alternative finance volume. The Australian market was 2nd only to China for the 3rd year running, raising over $1.14 billion in 2017, an increase of 88% on […]

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Nov
16

Prospa recognised in the Deloitte Technology Fast 50 Australia awards for Leadership

Prospa, Australia’s number one online small business lender, has ranked 5th for Leadership and 20th overall in the 2018 Deloitte Technology Fast 50 Australia Awards. The awards rank Australia’s fastest growing public or private technology companies based on their percentage revenue growth over the last three years (2016-18). To qualify, each company must have minimum cumulative revenues of $8m over the period. The Leadership category recognises those technology companies who have won a place in the Technology Fast 50 Australia list and whose strong track record of growth has generated cumulative operating revenues greater than $50 million. Beau Bertoli, joint CEO of Prospa said: “We’re delighted to be recognised as […]

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Nov
15

Lumi raises $31.5m to improve small business lending

Australian fintech company and alternative lender Lumi has announced it has raised $31.5 million in Series A funding as part of its plans to give small- and medium-sized enterprises easier access to finance. As a result of the funding, Lumi will become the first pre-revenue fintech business lender to offer a warehouse securitisation program in Australia. By combining its application programming interface (API) with traditional credit data and the applicant’s social impact, Lumi aims to streamline the loan application process for small business owners. Yanir Yakutiel, founder and CEO of Lumi, says the company is trying to solve the key issues of alternative lending for small businesses. “We saw a […]

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Nov
14

Morrison government fund offers $2b boost for SME loans

The Morrison government will inject $2 billion into the small business loan market in an unprecedented effort to boost lending to cash-starved firms which have complained of a worsening credit squeeze.The creation of a taxpayer-backed securitisation fund to invest in small and medium enterprise (SME) credit will also potentially expand an asset class for institutional investors such as superannuation funds to invest in. Treasurer Josh Frydenberg and Small Business Minister Michaelia Cash will announce the small business funding policy on Wednesday, promoting the soon-to-be-established Australian Business Securitisation Fund as a way to overcome banks typically only lending to the self-employed when they pledge their personal home as collateral. The government […]

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Oct
25

Westpac and 255 Finance backing of Octet Securitisation is a boon for SMEs

Digital “Bank Challenger” Fintech, Octet announces additional $100 million Plus facility for supply chain financing Australian fintech, supply chain technology provider and financier, Octet has closed a significant debt market deal with existing partner Westpac and new funder 255 Finance, asset-backed securitisation warehouse facility, north of $100m in size. This kind of funding fire power is a boon to Australian organisations in need of capital to succeed, grow and expand beyond our borders. Yet this announcement goes beyond funding opportunities for SMEs, as Octet aims to provide businesses with an alternative, digital business banking option. “This facility will allow Octet to grow its trade, supply chain and receivables finance book […]

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Oct
04

SME lender expands equipment finance

An online lender has expanded its offering of equipment finance, saying it is providing a solution for the “underserved” market of small business owners. OnDeck Capital Australia said it had received feedback from small businesses and brokers about the length of the loans. The lender found that a lot of equipment had useful lives longer than the length of repayments. Small businesses can also find it difficult to get funding from mainstream lenders. Cameron Poolman, Chief Executive Officer of OnDeck Australia, said brokers often speak to OnDeck about the challenges they encounter obtaining traditional finance solutions for nonprimary assets. He said, “These include assets such as catering equipment, gym equipment, […]

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Sep
27

Wisr shortlisted for two Optus My Business Awards

Australian neo-lender Wisr (ASX: WZR) is in the running to take out one of county’s longest-standing business awards after being shortlisted for the prestigious Optus My Business Awards. Wisr has been shortlisted as a finalist in two awards in the Fintech Of The Year and Business Leader of the Year categories at the 2018 Optus My Business Awards, the premier event of the year for SMEs. Founded in 2014, Wisr offers personal loans and financial wellness solutions using its unique neo-lending platform. The company recently announced it had increased annual revenue by 37% last financial year, on the back of a 409% increase in loan origination volume. The Optus My […]

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Sep
25

FinTech NewGen interviews – Daniel Foggo, RateSetter

Daniel Foggo is CEO of RateSetter Australia and a true Fintech pioneer. He introduced Australia to the marketplace lending (or peer to peer) model back in 2014, paving the way for Fintech to go mainstream. RateSetter turns 4 in October so it seemed like the perfect time for Daniel to reflect on his journey. Read on in this enlightening interview with Tier One People’s Dexter Cousins. For people who aren’t familiar with the marketplace lending model, can you explain how it works? Daniel: RateSetter provides a marketplace, much like a lot of other disruptive businesses (Uber as an example.) We provide investors with access to strong, stable investment returns via […]

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