Business Loans

Feb
03

Kate Carnell urges pressure on banks to change

Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]

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Feb
02

Fintech platforms disrupting business finance

The term ‘fintech’ covers a wide and ever-growing range of technologies. This article explores some of the biggest game-changers, and how they’re impacting the way businesses are managing their financial affairs. Treasurer Scott Morrison said of fintech in 2016: “It has the power to completely bring in a new environment of competition. For small businesses out there who find it difficult to attract capital, for large government agencies who are struggling with convoluted and difficult payment systems … to medium-sized businesses that are trying to bring their products up to date and to connect with their consumers in ways they haven’t before.” Then on his visit to a G20 Conference […]

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Jan
31

Fintech company Spotcap raises A$20million in funding from listed New Zealand bank

European-based online lender Spotcap today announces a partnership with NZX-listed New Zealand bank, Heartland, with the bank providing Spotcap’s Australian operations with A$20million of funding. At the same time, Spotcap today launches its New Zealand operations in Auckland, further cementing Asia Pacific as one of the fastest growing regions for global fintech. * Spotcap provides flexible and accessible funding solutions to small and medium-sized enterprises (SMEs) with unsecured credit lines and business loans of up to $250,000. Rather than basing credit decisions on historical financials, Spotcap has developed a unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound credit decisions. “We […]

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Jan
30

FinTech Retrospective: Tyro, RateSetter, Stockspot and Westpac on 2016 and the year ahead

Article by Matthew Parker, The Mitchellake Group.  “If we don’t get our act together and open up banking, the next-gen banking will not be here.” – Jost Stollmann, Tyro Over the past six months, I have been fortunate to work with many of the businesses and thought leaders that are shaping the future of FinTech in Australia. I recently stated my perspective of the FinTech ecosystem in Australia drawing contrasts to the growth I witnessed back home in the UK. This week, instead of spouting my own opinion, I was able to sit down with the leaders that I look up to; those that are pioneering FinTech in this country. […]

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Jan
13

FinTech: UK Vs Australia

by Matthew Parker, The MitchelLake Group Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin. I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast. The UK hit its stride at […]

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Dec
15

SocietyOne hits $200m milestone as growth accelerates

Total lending reaches $200 million since inception after record month in November Loan book up 315% in 2016 to $126 million Record quarter of lending in the three months to December 2016 New Chief Marketing Officer appointed SocietyOne, Australia’s leading and fastest-growing marketplace lender, has achieved another key milestone after breaking through the $200 million lending mark.   The last three months of the 2016 calendar year have witnessed the strongest growth in the company’s four-year history with an additional $50 million of lending made between the first weeks of September and mid-December. November saw a record month of more than $15.3 million in lending.   That took the total […]

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Dec
13

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 […]

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Dec
07

Mum and dad investors shift $45 million from banks into P2P loans: RateSetter

Thousands of retail investors are pumping cash into peer-to-peer lending, with RateSetter reporting about $45 million has been taken out of bank accounts and lent directly to borrowers. The online lending platform, the largest in Australia accepting money from retail investors, has recently hit the milestone of having 5000 investors, helped by the very low interest rates being paid by banks. While it took two years to sign up its first 5000 investors, RateSetter’s Australian arm expects this number to double in the next six months, as P2P lending tries to break into turf controlled by the banks. P2P lending is where individuals bypass banks by directly lending their money […]

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