Business Loans

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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Dec
07

RateSetter awarded Canstar 5 star rating for second year

– Ben Milsom, RateSetter Australia We are thrilled to have been awarded Canstar’s coveted ‘5 Star’ rating for our low-rate personal loans. It’s the second year in a row that we’ve been awarded this prestigious rating and RateSetter is the only peer-to-peer lender to achieve such an award. In awarding the maximum five stars, Cantar highlighted the outstanding value RateSetter offers its loan customers, with the award judges noting: “RateSetter has built on its 2015 success, once again achieving a Canstar 5 star rating for outstanding value, for its fixed-rate unsecured personal loan. RateSetter only launched to the Australian public in late 2014; this is the second year that RateSetter’s […]

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Dec
05

Mortgage Choice joins forces with leading online lender Prospa

In a bid to better cater to the growing commercial needs of its customers, Mortgage Choice has added Australia’s leading online lender, Prospa, to its panel. “We are very excited to announce that we have partnered with Prospa to help us deliver a broader range of commercial lending and cash flow financing solutions to our customers,” said Mortgage Choice’s general manager of product Emma Dupont-Brown (pictured above with Prospa’s Matt Bauld). “Prospa is the leader in online small business lending, utilising their smart proprietary technology platform to quickly assess online applications for unsecured loans up to $250,000. “A significant proportion of our customers are small business owners who have very specific commercial […]

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Nov
10

How ASIC and the Australian government can kindle the fintech boom

Australia is beginning to enjoy the benefits of a fintech boom, but for this emerging industry to grow properly it needs infrastructure support. Without it, we’re at risk of seeing Aussie fintechs left behind as overseas players dominate the Australian and Asian landscape. There have been some welcome initiatives recently, like ASIC introducing a regulatory sandbox for start-ups to trial new ideas. But compared to other governments around the world, Australia doesn’t have the political support to turn this industry into a powerhouse. That’s a huge missed opportunity. Research from Frost & Sullivan predicts the Australian fintech market will add $1 billion in value by 2020. Missing out on this […]

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Prospa takes first place in Smart50 Awards

Prospa took out first place at the Smart50 Awards in Melbourne last night.   The Awards recognise Australia’s top 50 fastest growing SMEs and were dominated by fintechs and retailers. Prospa was awarded first place with incredible growth of more than 1000% over the past three years.   “We are thrilled to be named #1 in Australia,” said Beau Bertoli, Joint CEO of Prospa.   “Winning demonstrates that we understand the finance needs of small businesses. However this is just the beginning of our journey. We’ll continue to innovate and create ground breaking finance experiences to help Australian small businesses succeed.”   “We’re the leading online lender to small business […]

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Nov
03

EY FinTech Australia Census 2016

FinTech Australia and EY Sweeney release the most comprehensive analysis of Australia’s fintech ecosystem to date, the EY FinTech Australia Census 2016 FinTech Australia and EY Sweeney are today releasing the inaugural EY FinTech Australia Census 2016, the most comprehensive and detailed report on the Australian fintech industry to date. The research was formally launched in Melbourne today by EY’s Anita Kimber at FinTech Australia’s national summit, Collab/Collide 2016 in partnership with LaunchVic. This significant piece of research was commissioned by FinTech Australia as part of their efforts to foster a thriving fintech ecosystem in Australia. The report identifies important characteristics of the Australian fintech industry, and establishes a set […]

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Oct
31

Prospa reaches $200 million milestone

Australian leading fintech, Prospa, announced the company has hit $200 million in loan originations – cementing itself as the leading force in Australia’s non-bank finance sector.   The milestone announcement coincides with the company securing additional capital from a large local institutional funder for its latest financing round, taking total capital raised to over $100 million.   Beau Bertoli, Joint CEO of Prospa, said the additional $50 million debt capital raising is part of Prospa’s strategy to scale operations.   “This is a significant milestone for our business. It means we can meet increasing demand from small businesses for fast, easy access to finance. And it means we can continue […]

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Oct
17

Morgan Stanley’s Jeffrey McMillan says collaboration is key in fintech

It makes more sense for a global banking giant such as Morgan Stanley to collaborate with innovative fintech start-ups than to try to be innovative itself, according to the bank’s chief analytics and data officer, Jeffrey McMillan. “Probably 75 per cent of our technology that we build is coming from the fintech sector,” Mr McMillan told The Economist’s Finance Disrupted conference in New York. “We don’t really want to be innovators — that’s not what we’re really good at. “We have $US2 trillion ($2.8 trillion) of assets, 2.2 million ­customers, 16,000 advisers and that’s our intellectual capital. But we’re not known for being nimble and quick. ”But the bank wants […]

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