RateSetter Australia passes $50 million in record time
This month RateSetter achieved an important milestone – passing $50 million in funds matched between investors and creditworthy borrowers. This milestone was reached in record time for an Australian peer-to-peer lending platform. RateSetter Australia CEO, Daniel Foggo, commented: “From the start our objective has been to give Australian investors and borrowers a better, fairer deal. Our growth since launch shows the enthasiam with which Australians are embracing an alternative that offers them better value and real convenience compared with traditional financial institutions. “Combined with the success of RateSetter in the United Kingdom, this record-breaking growth makes the RateSetter group one of the largest and fastest growing online retail money markets […]
Moula ramps up for long-term growth
Australia’s leading data-driven lending platform for small businesses Moula, today announced the appointment of former Managing Director of Xero, Chris Ridd, to its board as it positions itself for significant growth. The announcement coincides with the release of findings from the Disruption Index, showing that the number of data-approved loan applicants has doubled over the past year. The Disruption Index is a Moula initiative designed to track the waves of disruption in Australia in the small business lending sector. Ridd’s appointment comes off the back of strong growth for Moula over the past twelve months, as Australian small businesses change the way they access loans. Business confidence among SMEs seeking […]
Online fintechs Prospa and Reckon bypass banks in new partnership
The partnership will allow Reckon customers to apply for small business loans through Prospa. As banks are entering new partnerships with smaller fintech companies seemingly every week, today online SME lender Prospa has announced a partnership with accounting group Reckon. The new product, Reckon Loans, will be facilitated by Prospa and allow Reckon’s customers to apply for loans of between $5,000 and $250,000. Reckon Group COO Dan Rabie said the aim was to leverage data to make the credit process easier. “Fintech disruption has changed the business lending game, with online entrants challenging the traditional providers of bank finance by introducing new cash-flow financing options for SMEs.” “Data from accounting software […]
Class partners with peer-to-peer lender
Cloud SMSF administration software provider, Class, has collaborated with peer-to-peer lender, RateSetter, to provide self-managed superannuation fund (SMSF) accountants and their clients with a direct-connect date feed. This would allow for automated data entry and transactions processing within Class. Class chief executive, Kevin Bungard, said the increase in digitisation in the finance sector was appealing to all ages and would allow for a streamlined execution of necessary tasks. “Some industry commentators have previously suggested that peer-to-peer lending may be more attractive to Gen Ys,” he said. “RateSetter experience has shown that a significant percentage of SMSFs, which typically comprise older age groups, are very much on board with the concept […]
Fintech lender launches unique broker portal
An alternative online lender has launched a free digital marketing portal for mortgage brokers as it looks to strengthen its relationships with the third-party channel. Small business lender Prospa recently launched the Prospa Uplift Marketing Portal (PUMP) an online marketing resource of its partners. PUMP enables brokers to download application forms and fact sheets, send customised email and direct mail to clients and download images to use for social media. “There are over 60 registered partners in the first week who took it on board and ran activities with it,” Prospa CEO Beau Bertoli told The Adviser. “It is an easy to use but very powerful online marketing platform that […]
The Invoice Market sees significant changes in the industry as having both positive and negative impacts
Peer-to-peer alternative financier, The Invoice Market (tim), reached a notable milestone recently, celebrating two years since it helped its first business client cash flow a batch of invoices to the value of $968,340. As one of the earlier entrants to offer flexible invoice funding, the company has seen significant changes, both positive and negative, in the industry over this time. “From funding our first client, a fresh produce supplier, tim has built a strong business supporting SMEs where the traditional funders are unwilling or unable to do so. And, in remaining focused on our core objective, we have now provided funding to over 100 Australian businesses, making tim a […]
Fintech startup Edstart launches platform to help parents pay for private school fees
Fintech startup Edstart launched a new lending platform last week to help Australian parents manage the cost of private school fees. The private school market is the first of many education sectors the company is looking to target, offering low-cost, customised loan packages to make paying education fees simple and easy. The loans help parents to spread out the cost of school fees over the period of tuition and beyond, allowing 6 years of high school to be paid over 10 years or more. Co-Founder and CEO Jack Stevens said the company’s focus from day one has been on solving for customer pain points. “Over 35% […]
What a peer-to-peer business loan looks like
RateSetter’s most recent release of its loan book data reveals the new age of business lending. In the one month since the launch of its business lending arm, peer-to-peer (P2P) lender RateSetter has funded nearly 100 business loans. The latest release of its loan book data, which includes every loan originated through RateSetter since its launch in later 2014, includes these business loans, and provides us with a snapshot of what alternative business finance looks like in Australia. Business owners have been embracing lenders outside of the Big Four and other more traditional lenders. According to a recent survey by eBroker, more than $1.1 billion worth of loan applications has […]
